Noida Extension, also known as Greater Noida West, is swiftly becoming the preferred destination for tech professionals and first-time homebuyers. This area, situated in the National Capital Region (NCR), is gaining popularity due to its affordability, proximity to economic hubs, and well-maintained road infrastructure.
Ashutosh Singh, a 36-year-old IT employee, recently made the transition from his rented apartment in Noida’s Sector 50 to purchase a two-bedroom flat in Noida Extension. Singh’s decision was influenced by the area’s strategic location near his workplace, the presence of thriving commercial and retail hubs, such as shopping malls and high street markets, and competitive property prices.
Singh is just one example of the numerous tech professionals who are flocking to Noida Extension to either buy or rent homes. Real estate experts attribute this trend to Noida Extension’s status as a rapidly growing real estate micro-market, particularly since the onset of the pandemic. Its proximity to IT and manufacturing hubs, including a dedicated sector known as Techzone IV for tech companies, IT parks, and data centers, makes it an ideal choice for IT professionals.
Ashim Chowdhury, Vice President of Research at ANAROCK Group, highlighted that Noida Extension offers relatively affordable two- and three-bedroom units compared to other parts of the NCR. This affordability has attracted middle-class and first-time buyers, further fueling the demand for residential real estate in the area.
Priya Mishra, an IT professional, also endorsed the region for its accessibility and competitive property prices. While her office is situated along the Noida-Greater Noida Expressway, she found that properties there came with a higher price tag. In contrast, Noida Extension offered 2BHK units within the range of Rs 55-70 lakh, making it a more budget-friendly option for her.
Residential projects in Noida Extension feature a variety of unit sizes, including two, three, and four-bedroom options. Some prominent projects in the area include Heritage Skyward (Sector 1), Arihant One (Sector 1), Coco Country by ABA Corp. in Sector 10, Trident Embassy (Sector 1), Express Astra Phase 1 (Sector 1), Mahagun Mywoods (Gaur City Sector 16C), ATS Homecraft Happy Trails (Sector 10), and CRC Sublimis (Sector 1). Upcoming projects to watch out for include CRC Joyous (Techzone IV), Gulshan Avante in Sector 16B, Palm Olympia Phase-2 (Gaur City Sector 16C), Fusion Brooks, and Fusion Rivulet (Sector 12).
Property prices in Noida Extension have shown a steady increase since 2022, primarily due to the completion of infrastructure projects and rising demand. The average price per square foot in Greater Noida West is now estimated at Rs 5,400 as of Q2 2023, up from around Rs 4,600 per square foot a year ago.
Sunil Sisodiya, founder of Geetanjali Homestate, a real estate consultancy, explained that property prices in Noida Extension vary depending on factors such as sector, location, floor, and unit size. Prices typically range from Rs 4,200 to Rs 7,500 per square foot, with Sector 4 offering units at Rs 5,700 to Rs 6,000 per square foot and premium areas like Sectors 1 and 10 commanding rates of Rs 6,500 to Rs 7,500 per square foot. Affordable pockets can also be found, such as Sector 16B, where prices start as low as Rs 4,200 per square foot.
In the post-pandemic era, rental demand in Noida Extension has surged, particularly as many employees return to the office. Two-bedroom unit rentals range from Rs 10,000 to Rs 16,000 per month, while three-bedroom flats command rents between Rs 17,000 and Rs 22,000, depending on their size. One-bedroom homes, which also fetch good rental income, typically rent for Rs 6,000 to Rs 8,000 per month. The Saya Group and the Gaur Group have introduced one-bedroom business suites, which are particularly attractive to investors due to their potential for rental income of up to Rs 8,000 per month.
However, residents in Noida Extension do face some challenges, including traffic congestion and a lack of regular public transport. Juhi Kataria, a resident of Mahagun Mywoods, cited traffic jams during morning and evening rush hours as a major issue. To address this, proposed infrastructure projects like the metro corridor between Noida Sector 51 and Ek Murti Chowk and the planned underpass near Shahberi Crossing are expected to alleviate traffic woes in the area, making it an even more attractive choice for residents and professionals alike.