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Why NOIDA?

By
Real Estate Agent with R.B.Eeal Estate

But what explains the scramble for this area in particular? "There is a great market potential for such centers as people do not have outlets where they can shop and enjoy and entertain themselves all at one place. Such centers provide them with a relaxed and enjoyable environment," explains Bhatia. Says another real estate consultant, "Both rentals and selling prices have definitely increased; however there is tremendous competition from the malls in terms of available retail space for the purpose of lease and purchase. Rented prime retail space will always command a high premium.''

The Success Story

"The success of the market has definitely jacked up real estate rates and not long ago, a 60-metre constructed land for showroom space was sold for Rs. 12,000 per sq. ft.," says Bhatia. While the prices for buying office space range between Rs. 12,000 and Rs. 18,000 per sq. ft., rents are Rs. 190 to Rs. 90 per sq. ft. for showrooms and offices respectively, he adds. "Basking in the glory of the first toll bridge and, more recently, the NOIDA-Greater NOIDA Expressway, the Sector 18 commercial complex has seen sales as well as rates increase by nearly 20 per cent," says Shyama Chugh of YD Properties. She is convinced that once the market hosts more commercial complexes like the Unitech multiplex as well as amusement and water parks, retail will definitely soar further in Sector 18 as space is a scarce commodity there. Adds Anand, "The strategic location of the trade sector has ensured and will continue to ensure the upward trend of this area. But those at the helm of affairs of NOIDA need to keep in mind that infrastructure is a serious issue in most retail markets and should be addressed at the earliest in order to maintain the attractiveness of the market for consumers. Only this will help the market grow." Sanjay Verma, executive director of Cushman & Wakefield says that retail in NOIDA has certainly seen a flux of large brands in the past 24 to 36 months. "A large number of retail outlets and restaurants are located in sector 18. The development of malls will further fill in the need for organized retailing." Adds a spokesperson for Radisson MBD Hotel, NOIDA: "These are significant advancements compared to an area like Gurgaon and NOIDA will soon bypass the developments that have taken place in Gurgaon. Additionally, location-wise, NOIDA is close to the South Delhi areas that have major purchasing power and may help in the development of the city particularly the retail hubs like sector 18."

                                                                                                        

                                                            Courtesy Realty Plus

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