Noida is all set to become the next destination for companies — both Indian and multinationals — which are looking for office and commercial space in the National Capital Region.
In the wake of the sealing drive against unauthorised commercial establishments in Delhi, the Noida Board on Thursday identified 225 acres on the Noida-Greater Noida Expressway to develop one of the largest offices and commercial spaces in the region. The scheme will be launched in January.
The land is in sector 94 and 124. On a built-up area of 13.5 lakh square metre, 6,000 offices, each of 100-200 square metre, will be accommodated.
A senior Delhi Development Authority (DDA) official said the proposed project will be three-and-a-half times the size of the Nehru Place district centre, one of the largest office and commercial spaces in Delhi.
Noida Authority CEO Sanjiv Saran informed reporters that the sealing operations in Delhi have increased the demand for office and commercial space. “We want MNCs and big corporate houses to expand their base in Noida.”
Real estate experts said the demand for commercial space in the suburbs, had already triggered phenomenal growth especially in Noida. This is mainly because of unavailability of land in Delhi. “After Delhi, the next good option in the suburb is either Noida or Gurgaon,” experts pointed out.
Noida scores over Gurgaon in having connectivity with Delhi, owing to the toll bridge and the expressway. “Future growth is in the suburbs,” said Sanjay Verma, joint managing director of real estate firm Cushman and Wakefield.
Sachin Gulati, senior manager, Trammel Crow Meghraj, agreed. “Noida will find a good market. Two things in its favour are its easy accessibility from Delhi and better social infrastructure compared to Gurgaon.”
The ongoing sealing drive has also sent prices of commercial space through the roof in Delhi. On December 7, the DDA sold a 7,232 square metre commercial plot in the Rohini twin district centres, sector 10, for an unprecedented Rs 231 crore. At Rs 1.25 lakh per square metre, DDA officials said, it was one of the most expensive land deals for a commercial plot in Delhi.