Noida Extension promises a bright future post land row
Aug 16, 2012, 06:45PM IST
Developers as well as buyers and investors who have put their hard earned money in Noida
Extension can breathe a sigh of relief as the impasse over the area is soon going to end. With
all required approvals from the Noida Authority in place, except for the final nod from the
NCR Planning Board (NCRPB), construction work in the area, that was stalled a year ago, is
set to resume. The final approval, according to market sources, should not take more than a
Major residential projects in the area that will resume construction soon include Supertech’s
Eco Village 1, 2 and 3; Amrapali’s Leisure Park, Leisure Valley, Dream Valley, Golf Homes
and Centurian Park; Gaur Promoters’ Gaur City 1 and 2, and Paramount Group’s Paramount
Emotion, among others. The various housing projects in the area offer a plethora of housing
options for every income group. Apartments in 1, 2, 3 and 4 BHK configurations and villas
Spread over nearly 3,635 hectares, Noida Extension is around 4-5 km from Sector 121,
Noida. The nomenclature being used for the area is Noida Extension. This is to differentiate
it from both Noida and Greater Noida, and also to make it clear to potential homebuyers
that it’s close to Noida.
Once a bustling hub of residential activity, Noida Extension had come under litigation in
2011 when the Supreme Court issued orders to hold up all construction work here owing to
protests from farmers, the original land holders.
Connectivity of any residential area is of utmost importance to the end user. Noida
Extension is no different. It is already well connected to Noida, Greater Noida and
Ghaziabad. “The area has its own geographical advantage as it is bordered by Noida on one
side, Greater Noida on the other and offers direct connectivity to NH 24,” explains Ashwini
Prakash, Executive Director, Paramount Group.
With the announcement for extending the existing City Centre Metro line to Noida
Extension, the connectivity of the area has received another boost. This route will come as
an extension of the Sector 71 line and will go up to Supertech’s Eco-Village III housing
The Faridadbad-Noida-Ghaziabad Expressway (FNG), which is presently under
construction, will also enhance the connectivity of the area. “Once completed, the
expressway will prove to be an important transport link. However, at present no updates are
available regarding the deadline for the project,” added Prakash.
The NH-24 is the only link road between Noida and Ghaziabad. Considering that vehicular
movement along this route is expected to increase due to residential and commercial
development along the Expressway and in Ghaziabad, the FNG expressway is expected to
ease traffic between the two cities.
In 2010, most of the housing projects here were launched at affordable rates, with a
developer even positioning its offers as ‘Roti, kapda aur makaan’ for the masses. The
average prices for most of these projects varied between Rs 1,700-2,000 per sq ft.
After a hiatus of one year, the bookings for these projects have again started. While those
buyers who have booked prior to the land row remain unaffected, the new homebuyers will
have to shell out a larger amount for the new bookings, as the property prices have shot up
in the last one year. The new booking rates vary between Rs 2,500-3,300 per sq ft for almost
all the projects.
In spite of the price rise, buyers are showing a keen interest in the locality as these prices are
still considered to be in the affordable range. “We have received tremendous response from
the buyers in the last one month,” says Shipriye, Executive Director, Amrapali. Similar
sentiments were voiced by other developers in the area. RK Arora, Chairman and Managing
Director, Supertech Group , said, “Bookings have started and we hope to resume
construction by next month. Only a final approval from the NCRPB is awaited; once it is
attained, prices will be revised again by 10-20 per cent.”
He added that in another 2-3 years, when these projects will be ready for possession, the
prices would have escalated by at least 30-40 per cent.
The realty market in Noida Extension promises a bright future post the ‘land row’ period.
With construction for all the major housing projects set to resume, the area is slated to
become the next big thing in real estate segment. Rakesh Kaul, CEO, Experion Developers
Pvt Ltd says, “Market dynamics in Noida Extension is changing. The worst in the stock
market and the rating sheet for India is over. Life can only move upwards from here. Invest
now and you will be glad about your decision in two years from now.” Reiterating this point,
Amit Gupta, Managing Director, Orris Infrastructures said, “The area did take a beating
with the land row case, but things are looking up now. There are offers for fresh booking
and the resale values have gone up. Things are on an upswing.”
Sruthi Kailas, MagicBricks.com Bureau