An Understanding On The Growing Real Estate In Greater Noida

The Greater Noida Industrial Development Authority has launched some plots in terms of commercial and industrial use. It could also be used for religious purposes. Greater Noida real estate has been witnessing an industrial growth with labour becoming easily available and with all amenities and residential places and complex available. In recent times, GNIDA has come with plans with which they would be selling plots. And, in meetings, lands for religious purposes has also be passed among the members.

There are two commercial places you would come across, the India Expo Centre and Mart. The places have been sanctioned by the government and many IT managements and industries have been inquiring about the plot scheme and when one could avail it to benefit from it. Many decisions were also taken in terms of solid water management and almost as close to six plots were sanctioned for religious causes.

What Is The Industrial Plot Scheme?

The GNIDA has launched plots which are larger than 2,100 square meters and could be used for industrial purposes and other causes. Industrialists who are interested in buying the plot has to fill-up the form which is readily available in selected banks. You could easily fill up the form, pay the service fee and submit the documents as mentioned in the norms and regulations. This helps in easily allotting the plots to the investors and the industrialists. GNIDA would evaluate all the documents before any plot is allotted. The request is given approval only after receiving a nod from the GNIDA board. The board is also allotting land to private firms so as to boost the economic growth after the pandemic has hit the whole world.

Greater Noida real estate is still developing and coming up with bee projects in sectors 152 and 156-159. Along the Noida expressway, it is gaining a lot of attention from investors and professionals alike.

Soon, the area would become an industrial hub with investors and companies pouring in. The board has also said yes to the new IT and institutional plot schemes.

Who Are Eligible?

Registered partnerships firms as well as private companies, all can fill and submit the form to selected banks. Again, existing Noida allotted could apply too if their previous space is functioning. After the pandemic, to smother the industrial growth, investors are looking forward to plots being allotted for major economic stability with institutional, commercial or industrial growth.

How Covid-19 Has Affected the Real Estate?

The real estate during the pandemic observed a massive downfall with enquiries, ongoing projects, launching of projects and work coming to a stop. During the time period of April-June 2020, there were no new projects, no calls for buying units and everything came to a halt. Even though enquiries came up again after the lockdown was lifted, it was 50-60% lower than what was observed during the pre-pandemic period.

Beating all the areas including Ghaziabad and other places, Noida was the only place where an uptime of property sales increased even if by an increase of 5%.

Housing construction was low key more so for the undergoing projects in Greater Noida, Noida as well as Ghaziabad. Again, registration took place in June and July for the housing units that were bought in January and February but was hampered due to the nationwide lockdown. Over 250 residential and commercial projects were impacted by this lockdown.

How Is The Real Estate Sector Holding Up?

The areas in and around Delhi NCR got massive hit when the real estate business failed to pick up during the lockdown and the rising Covid-19 cases. But, slowly and gradually, latent housing demands are being observed. Home buying cycles in recent months are predicted to observe a decrease while the negotiation market would be wide open.