Gurgaon was once the star of NCR in terms of real estate activities. However, all thanks to drastic policy changes by the UP government, the micro market of Noida Expressway stretch, especially in the commercial office spaces, have become strong and is giving a tough competition to the other markets of the country.
A recent Colliers study reports that NCR continues to be the 2nd largest commercial office market of the country with gross leasing absorption of nearly 10 million sq ft office space in 2018. Out of the total absorption, Noida’s share accounted for close to 3.9 million sq ft, a 65%-70% increase over 2017.
“Amongst these office markets, Noida-Greater Noida Expressway, the 19km-long signal free stretch from Sector 94 to Sector 153, has ready office stock of close to 13 million sq ft, including IT-ITeS, commercial, and SEZ space, with about 15%-18% vacancy,” Times Group quoted Vineet Anand, director (office services, NCR) of Colliers International India, as saying.
Within Noida, it is Noida-Greater Noida Expressway stretch that is leading the pack. The key commercial office micro markets in the area include Sector 16A, Sectors 1 to 10 and Sector 16, Sectors 57-63, Noida Expressway, and Greater Noida. In fact, these areas have contributed to 35%- 40% share of commercial leasing activity that happened in Noida in 2018.
Here are some of the factors that will continue to make Noida-Greater Noida Expressway the preferred destination amongst office occupiers in 2019 as well:
- Availability of good quality real estate projects like Windsor IT Park, Tech Boulevard, Advant Navis Business Park, Oxygen IT-ITeS SEZ by Blackstone,
- State-of-the-art retail amenities within projects,
- Robust road network and metro link,
- Larger contiguous floor plates as compared to other spots in NCR,
- Prospect of the proposed airport near Jewar in UP.
Developers, too, are equally bullish on the growth prospects of this region and are reportedly thankful to the state government for their recent efforts for the development of this region. Nearly 12-15 million sq ft of good quality Grade A supply is currently planned or is under construction in this region, and is likely to hit the market over the next 3-5 years.