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Greater Noida follows the office-cum-shop trend, but its commercial market is yet to develop. With its proximity to Noida and Delhi, and ample opportunities for employment, the elite settlement of Greater Noida now present a perfect mix for a new captive market of heavy spenders — both the young generations, and style conscious. Today, the emerging sub-city is fast transforming into an institutional, industrial and IT hub, with many MNCs and domestic blue-chip companies setting shop here every year. It has around 35 colleges, which helped boost demand for rental housing in the city. According to Real Estate Agents, “Sectors Alpha I, II and Beta I, II have their own local markets, which are doing good business. Jagat Farms is a successful shopping complex in the greater noida city. The rental values are approximately Rs 25,000 to Rs 50,000 per month.
Ansal Plaza is the only mall here and it is doing good business due to the presence of a large number of colleges in the city. On the other hand, construction work of some upcoming malls has been halted due to the poor market outlook. Capital values of these under-construction malls have dropped by 5-10% and rental values by 25%.”
 Commercial sector of greater noida is expected to do well during the last quarter of this fiscal year. With commissioning of Metro Rail, it is expected the property values in the city will rise and further help in boosting demand. Greater Noida is an upcoming locality, so commercial market will take around 4-5 years to reach a point where it can be counted among the prominent commercial hubs of the Delhi NCR.
GNIDA is all set to develop Greater Noida Phase 2 as a new integrated township on NH-24 and NH-91 under the Master Plan 2021. Land acquisition for this will soon be initiated. The master plan has been prepared on the basis of the projected population growth and also keeping in view the needs of future industrial development in Greater Noida. |
