Greater Noida Extension Real Estate Market Set To Launch

There is positive news for homebuyers in Noida Extension. A statutory committee of the NCR Planning Board (NCRPB) on Thursday approved the draft Master Plan for Greater Noida-2021. Now, the draft plan will be considered by the NCRPB, whose approval will give the final go-ahead for the resumption of construction work in Noida Extension.
Government sources said the NCRPB, headed by Union urban development minister Kamal Nath, is now expected to meet within a fortnight to examine the Master Plan. Once the board approves it, work can resume in the housing projects of Greater Noida, particularly in the area popularly known as Noida Extension.
This will not only help realize the dreams of existing buyers to own a house in the region but will also pave the way for construction of thousands of other apartments in the affordable category in Noida Extension.
A go-head to the plan will not only bring huge relief to existing homebuyers, it will also put construction work back on track in the region. This will also have a huge impact on economic activities, besides employment generation.
However, because of the delay in the construction of the projects, developers have already decided to increase the price of projects, which are going to be launched now, bringing the current bracket between Rs 2,700 per sq feet and Rs 3,500 per sq feet. All the earlier apartments and independent houses, which were launched in 2010 and early 2011, sold between Rs 1,800 per sq feet and Rs 2,100 per sq feet. But now, the unsold units of projects launched earlier will also be sold at a minimum price of Rs 2,700 per sq feet.
Projects launched in Noida Extension are in the sizes of 700 sq feet for one-bedroom studio apartment, 900 sq feet to 1,300 sq feet for two-bedroom and around 1,600 sq ft for three-bedroom units.
Earlier, one could buy a studio apartment for Rs 12.50 lakh, a two-bedroom apartment for around Rs 18 lakh and a three-bedroom unit for Rs 25 lakh. But, now, prices will jump by 50% in the area. Even after this, prices of apartments in Noida Extension will be the lowest in the NCR region. In the other parts of Noida, prices of apartments have gone up to Rs 4,500 per sq feet.
Not only this, the resumption of construction of projects in Noida Extension will also have a salutary impact in controlling the prices in other parts of the NCR, particularly in Noida. Therefore, the sooner that construction of projects resumes in Noida Extension, the better will it be for homebuyers in the NCR.
In fact, many developers feel that the start of work in the Noida Extension will also help in regaining the momentum in the real estate sector, which is witnessing a slowdown.
Following the Allahabad high court order, the statutory committee of the NCRPB wanted to ascertain if the draft Master Plan of Greater Noida is in conformity with the NCRPB regional plan. “The committee wanted to ascertain whether the master plan is in conformity with the NCRPB’s regional plan 2021, which was the court’s direction. After seeking certain modifications in the plan, we have decided to recommend it to the board for further approval,” a senior NCRPB official said.
Officials said the proposed modifications aimed at a greener, more socially inclusive but also denser development in the area. The NCRPB had asked the Greater Noida authority to incorporate changes in its earlier plan so that at least 16% of the total proposed urbanizable area is under green cover, the officials said.
The Greater Noida Industrial Development Authority (GNIDA) will earmark 20-25% of the housing for the Economically Weaker Sections while preparing sector layout plans, NCRPB said in a statement.
Other modifications which the NCRPB had asked to be carried out in the draft master plan was the creation of infrastructural provisions like water supply, sewerage, drainage, power, solid waste management, as per its norms.
Senior officials said the environmental management plan being prepared by the GNIDA would be an integral part of the Greater Noida master plan.
In 2007, the GNIDA had acquired 3,000 hectares of land for industrial use. Later it carved 2,500 hectares out it for ‘Noida Extension’, a residential area. This led to farmers from around 40 villages approaching the courts for better compensation for their land.
“We found that development in Greater Noida is better planned than in other cities in the NCR, like Gurgaon and Faridabad. The existing green belt will be conserved by the authority and we have kept stringent conditions that there will be no conversion or shifting of the green belt by the authority,” said an official who attended the meeting.
Urban development authorities across the country have encroached upon green belts mercilessly. Most urban authorities take advantage of provisions allowing for compensatory forestation in other areas, which has no positive impact on the affected region. No such provision exists in the Master Plan of Greater Noida-2021.
As per the plan, the GNIDA will only allow industries with non-polluting clean technology in this region. The environmental management plan being prepared by the authority will be an integral part of the master plan.
Source-TOI

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