New Delhi: The real estate landscape in Greater Noida is undergoing a seismic shift with the approval of its second phase, causing land prices to surge dramatically. The recent green light from the governing board has set off a frenzy in the property market, as land rates soar to unprecedented levels. With plans to develop a sprawling new area spanning 40,000 hectares, Greater Noida is poised for a monumental transformation, attracting buyers from far and wide.
The rush to acquire land
Prominent business representatives are making their way to the affected villages, engaging in discussions about acquiring land. Simultaneously, others are wasting no time and have already begun building farmhouses and warehouses, securing their stake in the new region. The trend of early land acquisition has set off, with some individuals taking possession of their parcels.
Impact on villages
The ambitious expansion plan under Master Plan 2041 aims to extend Greater Noida’s boundaries, designating it as the “Greater Noida Phase 2” area. Covering an expansive 40,000 hectares, this upcoming area is predicted to be a hotbed of real estate activity. Villages affected by this expansion are experiencing a substantial hike in land prices, motivating many to explore real estate investment opportunities.
New Noida’s parallel
This surge in property interest mirrors the trends observed in New Noida’s development. Although New Noida’s master plan is still in the pipeline, there’s a rapid escalation in the number of buyers interested in acquiring land. Land prices are scaling new heights, with rates along the GT Road reaching a staggering 2.5 crore INR per acre. Prospective land buyers are surging in numbers, indicating a growing appetite for land investment among farmers.
Greater Noida Phase-2 development
Under the ambitious Greater Noida Phase-2 project, industrial development will take center stage. The area will witness extensive industrialization, with a major railway junction planned in Bodaki. The development plan is currently awaiting final approval from the authorities, after which the plan will be presented for clearance from the Delhi NCR authorities.
Transformation of villages
Notably, the new Noida city will include the amalgamation of 20 villages from Gautam Buddh Nagar’s Dadri tehsil and 67 villages from Bulandshahr district’s Sikandrabad tehsil. This union of 87 villages aims to establish the new Noida as a sprawling hub of growth and opportunity. The project, which received approval about a year ago, has already been backed by the Uttar Pradesh government and the governor.
As the new Noida, Greater Noida, and Bulandshahr interlink, a bustling center of industry and commerce is anticipated. This burgeoning city is expected to redefine the region’s economic landscape. With land purchase activities for the new Noida set to commence this year, the real estate scene in the area is poised for remarkable transformations. The detailed project reports and master plans for the new Noida are already in place, signaling the imminent launch of this transformative journey.