Noida, the satellite town of the National Capital, has immense potential for real estate growth, especially office leasing. Demand for office space in the city is on the rise, and about 10 million square feet (msf) of office space has been leased out so far since the year 2020, Bhupindra Singh, Managing Director (North) at Colliers India, a real estate consultancy, said.
He was speaking at a real estate event, “The Growth Story of Noida,” which was organised by CRC Group in partnership with real estate PR consulting firm ICCPL and CNBCTV18 at CRC The Flagship, Sector 140 A, Noida.
“Between 2010 and 2020, office leasing in Noida was around 10 msf, while a similar 10 msf space has been leased in just three years between 2020 and 2023 so far. This speaks volumes about the growth story of Noida in terms of office real estate and demand for office spaces,” Singh said.
He said that rentals of A Grade office spaces and IT/ITeS parks will go up in the coming years, and inventory will go down drastically. "Currently, office rentals in Noida range between Rs 40 and Rs 80 per square foot (psf). These rentals would go up in the coming years, and with rising demand, there will be no inventory left in the coming years,” Singh said.
Speaking at a panel discussion in the event on ‘How good urban planning is helping in sustainable growth of Noida’, Vidhi Dheri, Director-Real Estate at CBRE, a real estate consultancy, said that now many international corporate tenants are investing in Noida due to good quality infrastructure development.
“Unlike other NCR cities such as Gurugram, the development in Noida is authority-driven, which means that development authorities here created the required infrastructure and then the projects followed. This brought good-quality tenants, including retail and corporate, to Noida,” she said.
She added that the availability of land, good infrastructure, skilled manpower, and sub-dollar rentals are some of the key factors that have attracted investors to Noida.
Ashutosh Kumar Kashyap, Head-Real Estate, Noida International Airport, said that post the announcement of the airport in Jewar, the share of property leasing in Noida and Greater Noida, especially along the Noida-Greater Noida Expressway, has increased.
“Infrastructure precedes real estate development in Noida. We need good vectors to channelise growth, and for this, the Yamuna Expressway and the Noida Airport are ready. The upcoming airport will lead to further development of the region. Noida, Greater Noida, and Yamuna Expressway regions are set to become growth hotspots of the region as the airport will bring in more good-quality infrastructure, industries, and investment,” he said.
Speaking at the event, CRC Group founder and Chief Executive Officer (CEO), Kunal Bhalla, said that Noida has good quality infrastructure, especially road infrastructure, that has propelled the growth of the city. “More and more corporates are investing in Noida, especially along the Noida-Greater Noida Expressway. Last-mile connectivity and sustainability are the key factors to be focussed upon,” he said.
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He also highlighted that there has to be collaboration among the development Authority, the developers, and the corporates for better planning and economic growth in the city.
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