Yamuna Expressway Industrial Development Authority (YEIDA), after the upcoming Jewar international airport there will be good news coming up yet again. Yogi Adityanath, Chief Minister (Uttar Pradesh) has recently announced to allot a 1,000 acre plot that is located at just 6 kms from the Jewar Airport as film city.
This new development is expected to bring revolutionary change in the fates of Noida, Greater Noida and Yamuna Expressway real estate market. After the COVID-19 pandemic hit, realty market took a back step but now as per the real estate experts the real benefits will hit soon. There will be price appreciation and increases infrastructural activity once the construction for the same begins.
Further experts said that the residential category which will witness growth is the luxury segment wherein the commercial segment is expected to see a push in demand.
Santosh Kumar, vice chairman, Anarock Property Consultants told Moneycontrol, “Similar to any mega infrastructure project, proposed film city too will help in reviving the property market in nearby areas like Noida, Greater Noida and Yamuna Expressway. However, the ‘real’ benefits - in terms of price appreciation and heightened real estate activity in residential, commercial and retail will be seen only once the project sees visible signs of construction activity or nears completion.”
To look at as an example, in 2019 when the SC announced the verdict for Ayodhya case the property prices shot up to almost 25%-30% and now when the ‘poojan’ took place in August this year the prices got doubled.
Similarly, when some activity or progress would take place here in the case of film city. “Likewise, even while the film city project has been announced and the area for it has also been identified, we need to see some ground activity for property prices to scale up significantly. Those having land parcels nearby or even the investors will be in a wait and watch mode,” he explained.
The proposed Noida Film City Address is located at Sector 21, Gautam Budh Nagar that is along the Yamuna Expressway. It will just be an hour drive from the capital city Delhi. According to the proposal, 220 acres of the total 1000 acres is kept aside for the commercial activity.
On September 22, 2020, Yogi Adityanath Chief Minister (Uttar Pradesh) said that, “The site is also located close to the proposed logistic hub in Noida, the proposed dry port and freight corridor, thus providing all facilities of transport and movement.”
In the coming years the region would also show up as an international electronics city and a global financial hub.
The expected functional date of Jewar International airport is by 2023. Wherein there is no official date that states the film city project completion. But according to the sources it could be ready by 2023 as well.
The land allotted for the project was among three proposals submitted by the Noida, Greater Noida and Yamuna Expressway Industrial Development Authorities.
Will it help in minimizing the impact of COVID-19 pandemic?
Prior to this announcement, there was a steady increase in the real estate activity in NCR region. In Gurgaon the housing enquiries reached almost the same as it was before the pandemic. Whereas in Noida and Greater Noida the housing enquiries are back at more than 80%. Kumar added, “It will be the progress of the project that will determine its impact on the property market and the trends therein.”
In the adjoining areas Noida, Greater Noida and Yamuna Expressway it is quite expected that the investment sentiments will boost because of the proposed Film City.
Dhruv Agarwala, Group CEO, Housing.com said, “This bodes well for the real estate sector and it is likely to have a positive impact on demand for both residential as well as commercial properties. Along with upcoming Jewar Airport, the proposed Noida Film City is expected to provide a new lease of life to existing projects and will boost new project offerings immensely.”
This proposed Film City is located near to the Gaur Yamuna City by Gaurs Group which is an integrated township. Manoj Gaur, MD, Gaurs Group said, “Such developments will bring positive momentum in developments and investments. This announcement would be a boon for the region both in terms of residential and commercial development. Post Jewar Airport, this is the biggest announcement for the region and we hope that the work starts soon.”
Some experts say that the initiative is bound to improve economic activity in the region and have a major “economic multiplier effect on the local economy,” said Amit Modi, Director ABA Corp & President (elect), CREDAI Western UP.
“It will not only attract the best talent involved in the filmmaking process, but also millions of support staff and workers, who will be looking for accommodation in the region. We feel it will have a huge impact in owned, rental, office and commercial real estate in the regions where national production houses will also be opening their satellite offices to support the filmmaking process. It is indeed a welcome step and will open gates of opportunities for the regional real estate market,” said Modi.
He further added to it and said there lies a possibility that once the Noida Film City is running in full force, a lot of celebrities would want to invest in and around the region for the want of easy access and reach.
As per Gulshan Homz director Deepak Kapoor, Noida will be the most sturdy luxury real estate destination once the film city gets working.
He added, the wellness homes will now observe demand and the demand for customized penthouses, villas, and farmhouses in the region is likely to go up.
As said by Ashish Bhutani, CEO- Bhutani Infra, the recent plan by UP Govt. development of Film City in Sector-21 of Yamuna Expressway is going to be a great step in making the region of Noida the biggest entertainment and business hub of North India.
Adding to it further, “It will go a long way in creating job opportunities and also transform the face and scale of real estate developments planned in the area.”
Will this power Noida to finally overtake Gurgaon?
Some real estate experts say that Gurgaon and Noida property markets are entirely different and independent and there is nothing like Noida will overtake Gurgaon or vice versa.
The property prices of Noida and Greater Noida are far more affordable than Gurgaon. There are high hopes and more scope of growth. As per ANAROCK research, Kumar says:
· The average property prices in Noida are around Rs 4,795 per sq. ft.
· In Greater Noida it is Rs 3,350 per sq. ft.
· As for Gurgaon, the average prices hover at Rs 6,100 per sq. ft.
According to the earlier report by Knight Frank in this first half of the year, Gurugram faced a drastic impact because of pandemic and was pushed down to 2nd place. It was for the first time in last 7 years in office leasing activity and more office space was leased in Noida in January-June as supply was available at much lower rentals in the satellite city. In first six months of 2020, 0.92 million Sq.ft office space was leased in Gurugram in comparison to 1.08 million Sq.ft in Noida.
Noida became the highest contributor to gross leasing in NCR market, posting a year-on-year increase of 86 percent and also outshined Gurugram in overall transactions. This came on the heels of a 45 percent decline in gross leasing by area in the NCR in the first six months of 2020.
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The Knight Frank report had said,“Demand for office spaces has been growing in Noida mainly due to relatively high rentals in Gurugram’s established office space locations such as DLF Cyber City, Golf Course Road, MG Road and Udyog Vihar.”
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