Established four decades ago New Okhla Industrial Development Authority (Noida), according to surveys Noida is said to be the most livable city in the NCR and one of the widest industrial townships in Asia. Noida has more green spaces and wide roads if we compare with other Indian cities. As the population in Delhi has grown, spreading out to its satellite cities, real estate in Noida has become a commonly used option. Noida is also one of India’s important commercial, industrial and IT hubs. Noida is connected to Delhi through the metro line, connecting some important areas of Noida to the capital.
Noida is well-connected to New Delhi, Faridabad and Ghaziabad through transportation networks including metro and buses. Delhi Metro, however, does not extend beyond Noida City Centre. Yamuna Expressway, a six-lane 165 kilometer expressway connects Greater Noida with Agra. The Noida authority has decided to build CNG plants across the city, with CNG being provided to every sector in Noida. The Noida and Greater Noida authority have decided to make all educational institutions, hotels, malls and business enterprises Wi-Fi enabled, too.
Homes and Living
Since its establishment in 1976, Noida has quickly emerged as a major real estate destination, especially in the recent past. Many people prefer to live in Noida because it is believed to have many advantages of Delhi while being more livable. But, in the recent past, there have not been many new launches in Noida because of the slow growth in the real estate sector. Property in Noida, however, has been witnessing a rise in demand. Greater real estate activity is likely to happen in the future, especially in commercial real estate. Many major IT companies have offices in Noida, partly because of easier availability of land, and partly because of norms that allow greater real estate development, like lower degree of land disputes and higher FSI. This has led to greater migration of skilled professionals.
Real Estate and Construction
The floor space index (FSI or the ratio between the floor area constructed in a building to the area of the plot.) in Noida is much higher than Delhi and higher than that of other parts of NCR, though the FSI varies from region to region. Noida authority may soon make all relevant details on commercial, industrial and residential properties available online. Stamp duty and registration charges on residential properties are 12.5 per cent of the transaction value and two per cent of the transaction value, respectively. You can pay property tax online. Property tax in Noida depends on the locality in which the property is situated, and the type of property you own, including the age of the property. Property tax is paid annually.
Industry and Employment
Masterplans of Noida were intended to promote small scale industries. Many Information Technology (IT), Business Process Outsourcing (BPO) and IT-enabled services firms have offices in Noida. The sectors, which absorb the largest number of employees, are industries, commercial enterprises, transport and communication sector, and the construction industry. There are many automobile ancillary units in Noida, too. Many energy and power utility companies, too, have offices in Noida. As Noida still does not have a dominant central business district, jobs and commercial activity is not clustered in an area where people commute to shop or meet. Noidas better land use policy has led to greater industrial development while comparable infrastructure is yet to emerge. Noida has more business friendly norms which urged companies to build offices here. This includes special economic zone where TCS, Accenture and GENPACT have offices. Most industries in Noida are, however, small-scale industries.
Noida has some reputed educational institutions including Institute Of Management Studies, Amity Business School, Galgotias College Of Engineering and Technology. BIT Mesra and IIM Lucknow have extension campuses in Noida. For shopaholics, Noida has two of the largest malls in India, Great India Place and DLFs Mall Of India in Sector 18. Other prominent malls here include Garden Galleria, Great India Place, Shopprix Mall, Spice World Mall and Centrestage Mall. Nightlife in Noida is excellent too, as it has many good restaurants, bars and pubs. Noida also has good hotels including Fortune Inn Grazia, Park Plaza, Radisson Blu in Greater Noida, Grand Hyatt and Park Ascent. Noida also has a well-known golf course, a cricket stadium and Buddh International Formula 1 circuit.
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