Click to play videoNoida: The rush of IT companies to set shop around the capital city, Delhi is showing no signs of slowing down.
However with very little land available in Delhi and over heated land prices in Noida making it unviable to set up large campuses, IT firms are increasingly looking towards Greater Nodia.
“Some of the major IT companies like Wipro have taken up huge campus space in Greater Noida. The infrastructure being put in place in greater Noida is far more superior than many of the cities that have been built,” says MD, Trammell Crow Meghraj, Anuj Puri.
The increasing demand for land from IT companies coupled with the eight-lane Noida-Greater Noida Expressway has led to a reality boom in the satellite township.
In less than two years, land prices along the Expressway have jumped from Rs 15,000 square yard to between Rs 22,000 to Rs 32,000 a square yard today.
The jump marks an increase of 80 per cent.
At the same time the built up presidential prices too have gone up by 80 per cent - from Rs 1,600 square foot to Rs 2,900 square foot.
“Seeing the infrastructure in place and also the with the talks of the development of the second airport, so people who cannot afford Gurgaon and Noida will go to Greater Noida,” says Director, Ansal API, Pranav Ansal.
The region has witnessed some record deals, among the country’s largets land transaction and little wonder then a number of developers are vying to set projects in Greater Noida.
The Greater Noida Development Authority recently auctioned 290 acres for a whopping Rs 1640 crore and UNITECH bagged the development of the 320 acre Express City for Rs 1583 crore earlier this year.
However, currently real estate in Greater Noida seems to be largely investor driven with 90 per cent of the residential projects sold out though end users are yet to move in in a big way.
(With Shiril Mani in Mumbai)
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