Author: Ashok Gupta, CMD – Ajnara India Limited
Price is the king for affordable housing segment. It is a sole factor driving buyers to come out from rental struggles and claim property ownership. The graph of urban population over the years has been rising incessantly. As per a report released by UN in 2019, the speculation for the year 2050 suggests the urban-rural division to be 52.8% and 47.2% with a difference of 5.6 per cent. The urban rate has undoubtedly overpowered the total population growth rate over the last seventy years. This trend is set to continue for the upcoming 30 years as well.
In order to meet this growth in urbanization, robust infrastructure and better living conditions are the primary needs for even the median and lower income households of the society. Affordable housing is an effort by the government and developers’ community to address the housing needs of all. Delhi NCR being one of the most populated corporate and industrial regions in the North India becomes the prime choice for development of such projects.
Here, the area of Greater Noida West comes equipped with all requisites of better living that has, in fact, made it come out as the realty hotspot for affordable housing.
Located in close proximity to employment hubs like NSEZ, Noida Phase 2, Ecotech II and Ecotech III, this area came into prominence in 2007. From the onset, it was marketed as the hub for affordable housing and over the years it has lived up to its image. Though there are all segments of properties available in the area, majority of the projects cater to the middle class and fulfil their dreams of owning a home.
Major factors that worked towards making a hub of affordable housing are:
Favorable Prices
The region of Noida and Greater Noida offers competitive price bracket in affordable housing category when compared to other newly developed parts of NCR like New Gurugram. Also, Gurugram being the hub of industries, commercial spaces and MNCs has higher cost of living as compared to Noida & Greater Noida. The traffic management, infrastructure and drainage are also better in Noida when compared to Gurugram.
Connectivity
It is situated 26 km from the nearest railway station and 40 km from the airport. Key schools & hospitals here include Ryan International, Delhi World Public School, Vrindavan Hospital, Max Hospital, etc. It also offers smooth connectivity via Noida-Greater Noida Link Road, Vikas Marg and NH-24. UP Government in a meeting held in January this year has approved the construction of the ₹2,682 crore Aqua Line extension to areas of Greater Noida West and Greater Noida Knowledge Park–V.
Presence of good developers
Reputed developers have already started creating affordable projects that will be at par with mid-segment societies in terms of amenities offered, engineering design and comes with flexible payment plans that do not put strain on the savings of an affordable buyer. In a span of another4-5 years, Greater Noida West will be able to offer variety of housing units for all income groups, especially affordable.
Commercial to support residential
Jewar International Airport and the proposed Inter State Bus Terminal are upcoming infrastructural developments that would further increase the value of this region in manifold. Malls like DLF Mall of India, Great India Palace Mall, Gaur City Mall also provide ample of entertainment and recreational choices to the residents.
The region is ideal for end-users looking to invest in affordable housing with a horizon of 5-6 years in terms of getting possession. Around 800 IT/ITes firms already operate in the nearby regions, the demand for affordable housing remains inevitable. The State Government on the other hand is relentlessly working with an ambitious target-to grow the state’s economy past the $1 trillion mark by 2024.
US technology giant Microsoft is slated to open its third centre in Noida with 4000+ employees. Samsung is all set to begin India’s first smart phone display manufacturing unit in India with investments of more than Rs. 3500 crore rupees. The UP government also has a plan to set up an electronic manufacturing park near the proposed international airport at Jewar (Greater Noida) and is expecting to attract big-ticket investments in the future.All these establishments will be acting as employment drivers attracting professionals from nook and corner of the nation, leading to the need of well-planned societies that are available on reasonable price and can provide comfortable and secure lifestyle to its inmates.