Greater Noida is sitting on the threshold of one of the major infrastructure revolutions in its history. The city, which was created as the extension of Noida, will soon emerge not only as a tech hub but also as a one-place solution for varied industries and sectors.
Lets have a quick look at the four major projects that will very soon revolutionize Greater Noida real estate market like never before:
1. Data Centers- NTT India and Hiranandani Group’s Yotta
In the post pandemic times, owing to work-from-home (WFH) compulsions, online education, video-based medical consultations, a huge increase in ecommerce and business-related video conferencing and webinars, there has been an enhanced demand of data centers and Greater Noida will soon come up as the hub of the same.
Greater Noida Industrial Development Authority has alloted six acres in Techzone 4 to a Japanese firm, NTT India, to set up a data centre of 70 MW capacity. The project is expected to turn the area into an attractive data centre hub due to availability of infrastructure and help the business get decentralised from traditional Mumbai and Chennai strongholds.
NTT India would be the second data centre project in Greater Noida after Mumbai-based Hiranandani Group was given 20 acres in Knowledge Park 5 to set up a 200 MW data centre.
The two companies are expected to invest close to Rs. 8,000 crore and generate employment for around 1,500 people. Two more data centres may come up in the region, officials told Money Control.
The projects will create more jobs which will drive demand for residential real estate and in turn trigger demand for retail, entertainment, medical, academic and related sub-segments. The projects are also expected to open the doors for investors to buy residential real estate to rent out effectively boosting real estate demand in Noida and its peripheral areas.
2. Noida International Greenfield Airport:
The much-talked about Jewar airport which is officially named as Noida International Greenfield Airport is expected to bring in seismic changes in the real estate market of Greater Noida. The proposed Jewar airport is expected to be built in an area of around 1,334 hectares in Greater Noida.
The land for the project has already been acquired by the Yamuna Expressway Industrial Development Authority in Noida. The resettlement, as well as rehabilitation of over three thousand families who are getting displaced due to the airport project, is expected to be completed by May 2021.
Deemed as India’s largest surface area airport, Jewar International Airport in Noida, is expected to be built at a cost of USD 3.1 billion and is said to be a mega infrastructure greenfield project. Experts believe that the new airport will not only increase housing demand but also lead to a push in commercial developments like office spaces and retail. Office spaces which will eventually proliferate along the Yamuna Expressway and nearby regions are expected to have cheaper rentals than Gurgaon and Delhi.
The expected boost in the activity will eventually ease the load of unsold inventory which is as of now breaking the region’s developers’ back. The airport is expected to be launched by April 2023.
3. Film City:
UP Chief Minister Yogi Adityanath recently announced a film city to be built on a 1,000-acre plot located just about 6 km from the proposed Jewar International Airport. Out of the whole allotted land which is located in Sector 21, along the Yamuna Expressway in Gautam Budh Nagar, 780 acres of the land parcel is expected to be dedicated to the development of a film production hub while the remaining quantum will be used for commercial purposes.
Property consultant CBRE South Asia is selected for making the detailed project report (DPR) of the proposed film city while tenders to construct and develop the Film City are likely to be floated in April 2021.
The announcement of Film City has indeed created buzz in the queries in the property market. However, the real benefits in terms of price appreciation and increased infrastructure activity will only be witnessed once its construction gets underway and becomes visible.
4. Logistic Hub:
Greater Noida is expected to soon have a world-class multi-modal logistics and transport hub built at a cost of nearly Rs 7,725 crore. The process to complete the project, coming in around 750 acres of land near Dadri, has started and about 85 per cent of land for both the projects has been acquired. All facilities, including warehouse and cold storage, will be available for keeping the products. The entire area will be developed as a freight village with world-class facility where adequate storage and dedicated freight corridors will facilitate transportation of goods. Also, the freight companies and customers will get all facilities at the same point.
The projects are located close to the Eastern Peripheral Expressway, NH-91, Noida-Greater Noida Expressway, Yamuna Expressway and Western Dedicated Freight Corridors. The multi-modal transport hub project will have space for inter-state bus terminal, local bus terminal, Metro, hotels and open green space.