Noida- A satellite city of Delhi and a thriving part of the National Capital Region (NCR), have emerged as a third most sought-after commercial destination in India followed by Bengaluru and Hyderabad. This has been revealed in a latest report by a real estate firm which stated that mushrooming start-up culture, lower rentals, well-developed infrastructure and improved supply of office space have geared up the commercial real estate in Noida.
According to the report by Colliers International, “Noida registered 100 percent growth in the office space absorption in H1 2018 as compared to 2017. Close to 2 million sq ft of office leasing was recorded during the period. However, the figure is expected to grow to 3.5 million sq ft by the year-end.”
The report also indicated that the technology sector remained the main occupier (42%), led by the engineering and manufacturing sector (23%) and Banking, Financial Services and Insurance Sector (BFSI) (15%). Also across all other sectors, the maximum office space leasing activity was recorded along the Noida-Greater Noida Expressway.
Let’s take a look at some other factors that have made Noida a sought-after commercial real estate destination in India:
According to the data, commercial properties along the Noida-Greater Noida Expressway is available at much fewer rentals are compared to others making it a preferred destination among many startups and IT/ITes companies.
On the other hand, sector-63, Noida is a hotspot amongst factories and warehouses due to lower rental values.
In today commercial real estate market, co-working has emerged as mushrooming culture preferred by many start-ups and small scale companies. Many global and renowned companies like CoWorks, IWG spaces, Let’s work are leasing office space in Noida to set up such kind of workstations. Real estate experts say that such type of culture is not only cost-effective but also ensures a professional, competitive and creative environment for young minds to grow and expand.
If we talk about Noida-Greater Noida Expressway, this stretch already has a thriving infrastructure with many renowned educational institutions and universities, healthcare services and many IT companies and MNCs.
In the same way, Sector-63 is also surrounded by numerous educational institutions, colleges, IT companies, healthcare as well as residential developments. Therefore, it is the most befitting commercial hub for small-scale and medium-scale setups.
Connectivity plays a major role, making a location a thriving real estate. Talking about the commercial real estate in Noida, the six-lane expressway offers smooth connectivity to both Noida and Greater Noida. Also, with the announcement of International Airport at Jewar, and the expansion of Metro, the connectivity to this area has increased more and hence more companies are looking to set up their base here.
Sector-63 in Noida also enjoys the same connectivity just like Noida-Greater Noida Expressway. The area is in close connectivity to National Highway-24. However, many new developments such as an underpass that segregates Ghaziabad’s vehicular traffic and an ongoing metro project that will run through Sector 63 have made this area a preferred commercial real estate destination among many companies.