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Noida Extension, also referred to as Greater Noida West, is rapidly gaining popularity as a preferred destination for IT professionals and first-time homebuyers. This surge in interest can be attributed to its affordability, proximity to economic hubs, and well-developed infrastructure.
Many IT employees, like Ashutosh Singh, are choosing Noida Extension due to its advantages over central Noida and the Noida-Greater Noida Expressway. These advantages include its proximity to offices, the presence of commercial and retail hubs, such as malls and high street markets, and relatively affordable property prices.
Real estate experts highlight Noida Extension's emergence as one of the fastest-growing real estate micro-markets in the National Capital Region (NCR) post-pandemic. It is strategically located near IT hubs and manufacturing units, making it an attractive choice for professionals, especially those in the tech industry.
The area boasts a dedicated sector called Techzone IV, designed for tech companies, IT parks, and data centers. This sector, along with excellent connectivity to IT hubs along the Noida-Greater Noida Expressway, makes Noida Extension particularly appealing to IT professionals.
Noida Extension offers various residential projects, including two, three, and four-bedroom units. Prominent projects such as Heritage Skyward, Arihant One, and Coco Country have contributed to the area's growth. Property prices in Noida Extension have been steadily rising since 2022, following the completion of infrastructure projects. Prices have increased by almost 17% over the past year, with the average price estimated at Rs 5,400 per sq. ft in Q2 2023.
As professionals return to office work post-pandemic, there is also a surge in rental demand in Noida Extension. Rental rates for two-bedroom units range from Rs 10,000 to Rs 16,000 per month, while three-bedroom flats command Rs 17,000 to Rs 22,000 per month, depending on size. One-bedroom homes also generate interest due to their good rental yields, with rates reaching up to Rs 8,000 per month.
Despite its many advantages, Noida Extension faces challenges such as traffic congestion and limited public transport options. Commuters often experience significant delays during peak hours, with traffic jams stretching from Ek Murti Chowk to Gaur Chowk. Currently, residents rely on autos or personal vehicles for transportation. However, planned developments, such as the proposed metro corridor and underpass, aim to alleviate these issues and improve the area's overall connectivity.
In summary, Noida Extension's rise as a preferred residential destination is driven by its affordability, proximity to economic hubs, and well-connected infrastructure. It has become particularly appealing to IT professionals and first-time homebuyers seeking affordable housing options within the NCR. While some challenges persist, planned infrastructure projects are expected to enhance the area's overall liveability.
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