New Okhla Industrial Development Area or NOIDA, as it is popularly known falls in the National Capital Region (NCR). It is one of the fastest growing cities with a booming IT and real estate sector. The city is considered to be one of the more modern suburbs of Delhi.
The real estate scenario has been booming in the last few years. This can be attributed to the fast economic and commercial development in the city. The residential and commercial property prices are thus witnessing a phenomenal rise.Real Estate Prices in Noida
Residential Areas There are a number of localities and sectors in NOIDA that have high real estate rates. Sector 15A tops the chart by having the highest per sq.mt rate of land and constructed plots. The price ranging between Rs 65000/- to Rs 70000/- per sqmts
Other posh localities are: Sector 26 - Centrally located, the property price in this sector range between 27000/- to Rs 31000 per sq.mt. It also has high rentals due to being a well built sector and central location.
Sector 27 - One of the oldest and fully developed sectors, this is also located in the heart of NOIDA. With good infrastructural facility, the price ranges between Rs 30000/- to Rs 35000/- per sqmts.
Sector30 - Another centrally located sector, it has well built infrastructure, market, hospital and school, and the price ranges between Rs 30000/- to Rs 35000/- per sq.mt.
Sector21, 25, 28 and 29 - These are centrally located sectors with two bedroom and three bedroom flats.
Sector 51, 52, 53, 55, 56, 61, 62, 71, 82 - These are other significant residential sectors with varying real estate prices.
Commercial Areas Sector 18: It is the costliest commercial place in the city with most modern designer malls, exclusive showrooms of foreign brands, entertainment park. It is host to almost all eating and shopping joints. The rental of office and commercial space is also very high and vary from Rs 100/- to Rs 130 per sqft per month. In the year 2006, the real estate sector witnessed a new record for land rates with a plot being sold at an astronomical price of Rs. 650,000 per square meter. This can easily be compared with the highest rates of real estate across the major cities of the world including New York, Tokyo, Singapore and Hong Kong.
Sector1 to sector 16- These sectors are also located in the centre of the city and are host to small, medium and large scale organizations.
Sector 57, 58, 62 - These sectors are the upcoming sectors that are host to a number of IT and outsourcing companies.
Reasons of Rising Real Estate Prices Growth of Industry: In the last few years, the city has become a hub for multinational companies, manufacturing firms & IT and outsourcing firms. Large number of International and small Software companies have opened their offices in the city. This has lead to a rise in the demand for office space and commercial property.
Proximity to Delhi: Another reason that has escalated the real estate prices is the proximity of the city to the National Capital-Delhi. Large number of companies have thus opened branch office in the city, which has also increased the demand for office space.
Development of Infrastructure: NOIDA has seen phenomenal and fast infrastructural development. Shopping centres, entertainment parks, Metro construction, airport construction in Greater Noida have led to an increase in the real estate prices.