Greater Noida to get connected via metro services in April
Noida’s property market has always enjoyed valuation premium over Greater Noida because of the latter’s poor connectivity. However, the gap may start closing when Greater Noida gets connected via metro services in April. Demand for property in Greater Noida is now likely to pick up, which would in turn put upward pressure on prices. As per industry estimates, on an average, land in Greater Noida fetches valuation of Rs 2,500 per square feet, lower than the average price of Rs 3,000 per square feet in Noida, says Zulquer Nain, director – New Modern Buildwell Pvt Ltd (NMBPL).
“As we know, it is because of metro connectivity that residents of Gurgaon, Faridabad and Delhi feel comfortable commuting to Noida for work and studies. Greater Noida may soon become another credible destination for those living in other parts of the NCR,” he said.
Those looking to invest in property may find Greater Noida as another lucrative investment option. Residents of the area will be able to breather cleaner air as commuters are likely to shift to metro from road, leading to a reduction in vehicular pollution, he adds.
Many people had bought property in Greater Noida in the hope that prices will go up sooner or later. However, lack of connectivity had kept rental depressed there as middle class families were hesitant about shifting to Greater Noida. That is going to change now.
The nearly 30 km-long Noida-Greater Noida Aqua line would start at Sector 71 in Noida and will connect with the Delhi Metro’s Blue Line. Keeping this in mind, the Dwarka-Noida City Centre blue line is being extended to Sector 62. The extended portion is expected to be ready by September.
Demand for residential, industrial and office space in Greater Noida too is likely to pick up on the back of metro connectivity. However, a lot will depend on how safe the place is seen by potential investors. Noida’s poor cousin has a lot of catching up to do on the law and order front. Quality of civic amenities too will have a bearing on the attractiveness of Greater Noida for property buyers.
The Goods and Services Tax (GST) Council has recognized Greater Noida Industrial Development Authority, which means many residents will not have to pay GST for many civic services, including sanitation and water.
As per Nain, institutional, commercial, industrial and group housing plot owners will have to pay GST as per rules. But industrial plot owners will not be required to pay GST on land cost. Non-business entities such as schools, medical colleges and religious buildings too will be exempted from paying GST for services provided by the authority.
