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Despite setbacks, Noida still holds promise

Noida has emerged as a major real estate hub over the years. The factors favouring this growth are manifold: proximity to Delhi, good infrastructure, accessibility to numerous retail and mall developments and relatively cheaper prices than other metros are among them. Today, however, Noida has been in the news of late for all the wrong reasons.

The recent spate of events could have been avoided had the government given adequate compensation to the farmers while acquiring the land. The recent events serve as an eye opener to all the concerned parties — the government, the developers and the end users. The government needs to protect the interest of the farmers and the developers will need to be more transparent about land and the buyers need to be more cautious regarding the status of the land on which projects they are buying into, stand.

These events, however, will not have a negative impact on real estate development in the region, and the demand for housing continues to be strong in Noida and Greater Noida.

Moreover, Noida is now seeing the establishment of some of India's biggest sports infrastructure in readiness for the Formula One world championships. Infrastructure development has always got a boost in cities where major international sports championships have been held. This has been a trend and was witnessed in the case of the recently held Commonwealth Games. Delhi was given a face lift and many quality real estate developments have come up in and around the city.

The government generates impetus to such events by providing international standard infrastructure and this development of infrastructure, in turn, boosts the real estate development of the region.

This is also applicable to Noida — the upcoming sports infrastructure will accelerate real estate development in the region and may also result in increased real estate prices, as the demand for areas surrounding the proposed development will grow.

There is every reason to look beyond the current negative climate and instead look at Noida's long-term potential as one of the promising real estate growth corridors in Delhi NCR.

By vayaM CS