In recent years, Noida has earned itself a tag of a commercial as well as a residential city. Given its location, connectivity to national capital Delhi or mushrooming infrastructural projects, Noida is presently seen as a cheaper and reasonable area for homebuyers as well as investors. It is reported that one out of every six launches of residential projects is happening in Noida.
Talking about the residential demand, the eastern part of Noida i.e. sectors 70-79 and sectors 118-121 are registering a healthy growth. However, from an underdeveloped area to a developing residential hub, Sector 118 has seen robust growth. We analyse what is driving the growth.
No commuting worries
Noida Expressway makes Sector 118 accessible which is an important factor for investors as well as homebuyers interested in the property. Through NH24, Noida Sector 118 connects the FNG Expressway. The public transport facilities from Delhi and UP State Transport Corporations are also in good shape. The Noida City Centre Metro Station and other stations on the line are hugely popular with the office crowd from Delhi, Gurgaon, and Faridabad.
The Magenta Line connecting Botanical Garden with South Delhi has already reduced the travel.
Growing rental scene
The presence of major IT companies across the Noida-Greater Noida Expressway has driven the demand for rental properties. Since the improvement in the employment rates in the vicinity, there are reasonable leasing rates and lesser tax rates compared to Gurgaon. With companies such as NTPC, Adobe Systems, Tech Mahindra, and Flex Factory located in the vicinity, property owners can yield high rental incomes in the near future.
Sector 118 is touted as a residential hub because of the mushrooming educational institutions and other day-to-day facilities. From Noida International Public School, Sanfort Play School, ZTPL Academy, Millennium School, and Broadways International School to healthcare institutes like Shai hospital, Intercity Hospital and Nagar Hospital all are within the Sector. Prominent banks like State Bank of India and ICICI are also located within the locality.
When it comes to competitive pricing, Sector 118 fares better and costs less than adjacent sectors such as Sector 110, 117 and 119. Developers such as Supertech and Ajnara have established names in the area.
At present, connecting through Faridabad via NH24 and NH2 and FNG Expressway, Sector 118 enjoys smooth connectivity to Delhi. Unlike sectors 63 and 76, Sector 118 has more scope. The upcoming Jewar Airport will further increase property price in the sector. Experts suggest that the sector will see a 10 % appreciation in the property price value.