Noida and Indirapuram as Office and Residential Hubs

Noida has become a hub for IT Parks and Hi Tech Industries in the recent times along with SEZs. The hubs are now taking urban turns as well known property developers are offering residential property in Noida along with social infrastructure close by. One such area is the Noida Special Economic Zone or NSEZ which was built by the central government. The area is located between Sectors 81 and 106 and is hardly located 3kms from the Noida Extension. Properties of various budgets have been made available here and there is ample supply of residential property in Noida here. Because of the area’s proximity to the Noida Extension, demand from mid income or middle class professionals is quite high. This class of people prefer to stay near their office. A lot of the demand is generated by those working in the SEZ.

Most people have the objective of living close to their offices so that they do not have to travel too much and can also get good facilities Connectivity to other areas is also important so that travelling far is not a big problem. The search for improving livelihood and work opportunities has brought this area to attention of a lot of people. Many people migrate to the NCR for work opportunities. Because of the increased housing demand, developers have come forward with residential properties near work areas. As housing demand rises in a locality, the demand for social infrastructure has also risen. Availability of a wide variety of products such as affordable ones to luxury ones has brought professionals to this place for buying property.

Buyers’ attention has been drawn mostly by areas which are near IT Parks, MNCs and SEZs and have good social infrastructure. Buyers prefer to have schools, shops, public transport and their office close to their home, preferably at a walking distance. All these criteria are met by the office areas of Noida.

Connectivity and Infrastructure

The NSEZ is still developing unlike the Sector 62 although the area has rich social fabric such as banks, hospitals, markets and schools. Most professionals working in the NSEZ own a mode of transport. However, autos and bus services are available for those wanting affordable commute options. The Expressway Highway is directly connected to Delhi whereas Dadri Main Road offers connectivity to Ghaziabad and Indirapuram.

One of the most established areas of Noida is Sector 62 and it has a combination of residential and commercial spaces. Malls have been built near the Sector 62 and Sector 63’s commercial area is also quite near this locality. Hospitals, Schools and the busy market of Sector 18 are also located quite close to this area.

Price of Apartments

The median price of 3BHK flats in Sector 62 is between Rs 45 lakhs and Rs 1.5 crores. These flats are sized between 1200 sq. ft. and 2400 sq. ft. The price value of a 2BHK apartment in this area is between Rs 30 lakhs and Rs 1 crore and their sizes range between 900 sq. ft. and 1420 sq. ft.

The Noida Extension too has quite a few options for residential property in Noida. Those working in the NSEZ and wanting a 3BHK apartment of carpet area 1360 sq. ft. to 2400 sq. ft. would have to pay between Rs 40 lakhs and Rs 86 lakhs. For a 2BHK flat, you would have to pay at least Rs 30 lakhs.

Those working outside Noida would prefer to live in Indirapuram. It is one of the most preferred areas of Ghaziabad for rent and sale according to property indices for the first quarter of 2014. Located by the NH 24, the locality is close to both Delhi and Noida. There are a number of MNCs and IT hubs in the area. Noida’s Sector 62 is located only 10 minutes from here and this has attracted a lot of attention from buyers. Because the area is close to work places, it has increased demand from those wanting to rent apartments and capital values have been pushed up as well. Connectivity via the Metro Railway is good in Indirapuram and the area also has very good connectivity via roads. South Extension and Nehru Place along with the central business area of Connaught Place are only 25 minutes away from here by car. Other areas of the NCR region are easily accessible through local transport, metro and road.

The area is an alternative of Noida which is why many people prefer to buy or rent flats here. A lot of projects in neighbouring areas and Noida Extension are stuck in legal problems which is why they have been postponed or delayed. However, in Indirapuram, apartments which are ready to be moved into are available.

Numerous private educational institutes and universities are located across highways and this has also brought in demand for rented flats from students. Indirapuram is a prime location to live in because of closeness to offices and educational institutes. Even though Kaushambi, Vasundhara and Vaishali are close by and similar kinds of property options are available there also in a similar budget, they are not much preferred. The bad road connectivity and less developed social infrastructure of these areas make them less coveted. Going to these areas in peak hours is quite difficult here.

Indirapuram and the area surrounding it have a number of commercial sports, malls and hospitals on offer. A lot of development plans for infrastructure are also there in pipeline, which includes widening of the NH24 to an eight lane road from a four lane one for easing traffic congestion.

Opportunities for Investment

For a semi furnished or furnished 2BHK flat measuring between 500 sq. ft. and 1300 sq. ft. in Indirapuram, you would have to pay between Rs 20 lakhs and Rs 90 lakhs. Those looking for 3BHK flats whose sizes vary between 1400 sq. f.t and 3200 sq. ft. would have to pay at least Rs 50 lakhs.

Options for Rent

To rent a 2BHK flat between 900 sq. ft. and 1500 sq. f.t, you would have to pay between Rs 12000 to Rs 25,000 in a month. For a 3BHK flat whose size varies between 1200 sq. ft. and 1980 sq. ft., the rent is between Rs 15,000 to Rs 30,000 in a month.

Therefore, if you are thinking of buying a residential flat or renting a home, you may consider Indirapuram.