The Uttar Pradesh government’s recent approval for the development of ‘New Noida’ near Greater Noida is set to unleash a wave of excitement and activity in the National Capital Region (NCR) real estate market. This ambitious project, expected to be developed over 15 years in phases, holds the promise of transforming the region into a vibrant hub of industrial, commercial, and residential growth.
What is the New Noida city plan?
‘New Noida’ is envisioned as a meticulously planned city spanning the Dadri-Noida-Ghaziabad region. The project, spearheaded by the Noida Authority, involves acquiring extensive land parcels from surrounding villages in Gautam Buddh Nagar and Bulandshahr districts. The state government has also approved a master plan for the development of 55 villages in Bulandshahr, to be executed by the Yamuna Expressway Industrial Development Authority.
The city is designed to accommodate a population of 600,000 and will be built in four phases, with the first phase expected to be completed within four years. The project’s scope is vast, encompassing a diverse mix of industrial and logistics hubs, residential neighborhoods, commercial offices and retail spaces, and hospitals. This holistic approach emphasizes the creation of integrated industrial townships, with affordable housing options and comprehensive living facilities for industrial workers.
Beyond the immediate development, New Noida boasts an ambitious long-term vision, encompassing:
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Olympic City:
A dedicated space dedicated to promoting sports and athletic excellence.*
Korean City:
A dedicated industrial hub fostering partnerships and collaborations with South Korean companies.*
Japanese City:
A similar dedicated industrial hub designed to attract Japanese investments and expertise.How will New Noida Impact the NCR Property Market?
The emergence of New Noida, coupled with the imminent opening of the Noida International Airport in Jewar, is already driving significant changes in the NCR real estate landscape. The airport, scheduled to become operational in April 2024, is serving as a major catalyst for real estate and industrial activity. The government’s plans to acquire land near the airport have resulted in a dramatic surge in land prices, which have tripled since 2018 when construction began.
The combined impact of the airport and New Noida is evident in the rising land transactions and escalating prices in Greater Noida and the Yamuna Expressway region. Noida property prices have witnessed a remarkable 20-25% increase in the past two to three years. Experts predict that New Noida will have the most profound impact on Greater Noida, transforming it into a magnet for investment and development. The improved connectivity and infrastructure, combined with the influx of capital, will attract office spaces, retail ventures, and data centers, shifting the focus from Noida and Gurugram to Greater Noida.
A Glimpse into the Future of New Noida
While the vision for New Noida is grand, tangible progress is already visible. Several housing, hotel, and retail projects are underway in the region. Developers are actively launching projects near the new airport, with completion expected within three to four years. The opening of the Jewar airport next year is anticipated to further accelerate real estate activity, fueling demand for homes, offices, and commercial spaces. The creation of jobs, economic opportunities, and social infrastructure will further boost the demand for real estate in New Noida. The recent purchase of nine plots for a massive ₹1,034 crore by developers for premium housing projects near the airport through an e-auction is a testament to the confidence and investment flowing into the region.
In Conclusion
The New Noida project signifies a bold vision to transform the NCR into a vibrant hub of growth, innovation, and economic prosperity. With its focus on integrated development, affordable housing, and world-class infrastructure, New Noida is poised to attract investment, generate employment opportunities, and create a vibrant community. The project is a powerful testament to the dynamic transformation happening within the NCR and is set to reshape the region’s economic and social landscape for years to come.