Greater Noida is in the spotlight for all the right reasons. Political stability, Better connectivity to development corridors and focus on public infrastructure like metro rail, Airport & connected the web of state & national highways and well establish residential area are key factors in making Greater Noida an emerging real estate investment destination.
The growth in the real estate investment cycle in the commercial sector will soon see revival, with the advent of MOX(Mobile open Cluster) and a string of regulations under Real Estate Regulatory Authority (RERA) to improve the sentiments in the real estate sector.
Noida is known to be one of the largest planned industrial townships of Asia and its no more a stereotype industrial area, but the hub of India’s growth as an economic superpower. The city was one of the early movers in tapping the potential of the technology sector in India, and the IT/ITeS sectors took off with the initiative of making Noida special Economy Zone. In the last decade Noida attracted large interest from IT/ITeS and hospitality sectors, especially BPOs, KPOs and retail food chains. This helped Noida became the highest tax-paying district in UP. Real Estate and hospitality sector bigwigs have invested heavily in Noida. Many prominent name in both domestic and international software, hospitality and commercial real estate sector have shifted or created Noida and Greater Noida as their new base. The list includes HCL Technologies, Tata Consulting Services, Tech Mahindra, Adobe, Wipro, Infogain, Global Logic, ITC, Radisson, Crown Plaza and global leader in Trade and Business, World Trade Center.
The Government at centre and state level is definitely focused on developing Noida and Greater Noida as one of the global destination for manufacturing and research and it seems to be going the Gurgram way. Supportive government policies, investor incentives like investor submit and strong political stability is working in favour of the region. The icing on the cake is a series of reforms and the announcement of MOX (Mobile open Cluster) for developing Noida as global electronic manufacturing city.
India as well as global manufacturing corporate houses have started scouting for commercial properties. It seems Noida and Greater Noida have right ingredient to circulate and sustain long term investments: excellent manpower, state-of-the-art office spaces, physical and social infrastructure etc. Taking advantage of the above factors, the region’s commercial real estate market will witness exponential and sustained growth for coming years.
While its relatively more developed counterpart, Gurugram, is significantly dependent on IT/ITeS corporates to sustain current occupancy and demand. Noida’s demand is driven not just by IT, but by electronics, mobile, research, defense and BFSI sectors, resulting in a promising and stable commercial market.
Next-gen office spaces
In the last five year the region has welcomed approximately 268 global and domestic electronics manufactures under the “Make In India” initiative. To cater to the rising need region has witnessed the launch of several new-age office spaces by prominent regional/ international developers. These developments are technologically advanced and use energy-efficient concepts. In addition, these spaces are loaded with amenities meeting international standards and this has resulted in occupiers pre-committing space for expansion and consolidation. A majority of these projects have been launched near the Yamuna expressway. One such project is WTC NOIDA. Which enjoys a 100% occupancy rate with a series of global client like VIVO as their tenets. WTC Noida offers multiple categories of office and institutional spaces like Self use office ( Lockable, Portfolio) Spaces, Non-Lockable offices (Adapt-to-suit) & Built to suit Towers & Floors, Shops, Food Courts, Recreational and Residential spaces.
Supply vs Demand
Apart from traditional office space occupiers such as tech and IT/ITeS the region will witness a huge demand from mobile and electronic manufacturing, research, defence, and consulting services. New-age occupiers such as e-commerce and global-in-house centers ( GIC’s ) will play a key role in creating overall demand. Emerging sectors such as Co-working will further augment the demand.
The developers with global repute will be crucial in helping the region balance the demand and supply gap. Consistent demand from the global players will result in rental appreciation, higher occupancy and long term lease. Occupiers might pre-commit space to hedge the rental risk.