Author: Mr. Sarthak Gaur, Director, Gaurs Group
History has shown that real estate development has been the catalyst world over in the development of any region. Real estate development has been the core theme around which megacity or regions have seen natural accretion and growth. There has been high-quality real estate development in Gautam Budh Nagar, especially the Yamuna Expressway, which has helped the region has its own vibrant ecosystem. The region today draws its strength not just as a suburb of National Capital Delhi but as a robust industrial and cultural powerhouse. The lightning speed of the development of trade and commerce in the region has been ably matched by the building of convention centers, theatres, food courts, banquet halls, and other cultural landmarks.
The real estate developers, on one hand, have provided international class commercial and residential buildings. The government, on the other hand, has matched up with various infrastructure projects like roads, highways, metro train connectivity, etc. This attracted a lot of MNCs and Indian corporates which set up their headquarters, regional offices and even R&D centers. The region around Yamuna Expressway has the best offices and industrial properties. There are many large international companies that have either already established their presence or are in the process of setting up their offices here. This has also resulted in the best workforce from around the county coming and settling down in this region.
Realty Preempting Growth
The real estate development in other big cities of the country happened with hindsight and was almost always catching up with the expansion of the commercial and residential real estate demand. However, the real estate developers in this region have been preempting the growth in the city. The MNCs moved to the city because of the availability of high-quality commercial properties having all the necessary features and meeting global standards.
Even Indian companies saw value in choosing Noida over other cities for similar reasons. The home buyers found the best of features like earthquake-resistant buildings, superior fire fighting systems, state-of-the-art security systems, pro-environment features, and LEED certification are now commonplace in the projects here, apart from affordability and accessibility.
The recent international events and geo-political happenings have caused whole lot of global companies to shift their manufacturing bases to India. These companies have been effectively lured by the states of Uttar Pradesh and they are coming and choosing the vicinity of Yamuna Expressway for setting up their manufacturing units. There are several multi-crore investments happening in this region by international companies and this region is going to be a big hub for exports out of the country. This will take the GDP of the city of Gautam Budh Nagar even higher. The GDP of the city is already biggest share of the GDP of the large state of Uttar Pradesh and also has its highest per capita income.
Jewar Airport: Shot in the Arm
Now that the largest airport in Asia, Jewar Airport coming up in close proximity to the region, there will be a direct impact on the real estate market. International connectivity will not only help the corporates but will compel a lot of other people who are connected with the airport and aviation business to settle down here. The development of such a large world-class infrastructure project is providing a new kind of dynamism to the region. Such dynamism is resulting in even better shopping malls, offices, condos, and even studio apartments in the region. There will be a big boost to the hospitality sector in the region as international travelers will look for staying options near the airport, just like in any other global city.
Another project that will further provide vivaciousness to the region will be the new Electronic City cleared by the state government recently. The 700-acre project will result in the region and the state as a whole become a major hub of electronics design and manufacturing. This will also drive innovation and foreign investment in the field of electronics in the state. The electronics manufacturing units will act as the main source of products for the logistics hub and multiple freight corridors that are planned near Dadri. The electronic city, together with the logistics hub, will drive the demand for industrial properties.
Needless to say, these industries will also attract professionals who would like to work and live here and help create this region an even stronger pool of young, talented, and cosmopolitan workforce.
One of the biggest film cities in the country is now coming up next to Yamuna Expressway which will not only drive economic activity but also prove to be an important milestone in making the city a hub for entertainment and culture. There has already been a flurry of investment in the 1,000-acre project which is proving to be a huge money-spinner for all the related industries. This is also driving the demand for good residential projects, apart from other things. This film city will prove to be a money-spinner for a lot of associated sectors and artists. This will help in employment generation further in the region.
All these industries have been supported by the real estate sector in the past and will continue to be buttressed by it in the future. There is a quest for the adoption of new technology among the developers who are able to come up with more secure projects, keeping the affordability factor intact. The projects here compare with the best in the world when it comes to structural safety, amenities, and even façade. The developers here have been able to offer the entire bouquet of residential options to the home buyers including studio apartments, villas, condos, apartments, bungalows, etc. There are even integrated townships to choose from. With constant innovations by the developers, this bouquet can only be expected to get better in the future.