Poll Boost to Noida Realty

The ongoing Uttar Pradesh polls have come as a boon for the real estate, housing and infrastructure development in the state, particularly benefitting the high potential Noida, Greater Noida, Ghaziabad area, falling in the Delhi- NCR part of Uttar Pradesh.

Vinod Behl

Months ahead of the Uttar Pradesh elections, the Centre and Uttar Pradesh government to step up efforts to provide a boost to urban development , fast tracking several flagship infrastructure projects including those falling in the Noida-Greater Noida corridor , the show window for the global investors.

The work on the prestigious Jewar Greenfield International Airport in Greater Noida was put on fast track to ensure operationalisation of its first phase in next two years, before the upcoming general elections in 2024. Projects like Meerut-Delhi Expressway, Meerut-Ghaziabad-Delhi Rapid Rail Transport System (RRTS) , extension of Greater Noida Metro among others ,have been given a big push towards speedy execution.

Uttar Pradesh government has been specially focusing on ease of doing business to promote its investor- friendly policies. With its pro active   approach , the state government managed to catapult Uttar Pradesh to second position in the country in the ease of doing business, up from 14th position. As a direct result of this over 1500 prominent national and international investors are setting up industrial units in Greater Noida at an investment of Rs 16000 crore. This area is set to emerge as a big production hub of mobile phones and their accessories. With Handicraft Park, Apparel Park, MSME Park, Toy City and Multimodal Logistics and Transport Hub already planned here, alternate asset classes of industrial real estate and warehousing are set for a big growth in this region.

Clearly, the Uttar Pradesh government’s focus has been on both fast tracking and wrapping up infra projects. The analysis of the project tracking database of the Centre for Monitoring Indian Economy reveals that UP completed more than Rs 53000 crore worth of infrastructure projects, amounting to one fourth of the projects across India in the October-December 2021 quarter, a four fold jump over September quarter.

In order to provide connectivity boost to real estate and housing, the focus has been on highways and metro. Today, close to 65000 crore National Highway stretches are under construction at an investment of 104 lakh crore as of November 30, 2021 and Uttar Pradesh has the largest share (4384 km) costing Rs 91332 crore, only next to Maharashtra. On the Metro front one big project that got a poll push , is the construction of a high speed metro corridor between Jewar Airport and New Delhi Railway Station Metro. This 36 km long metro track will be coming up in two phases and its construction will be completed by 2024. The first phase comprises laying of metro track between Jewar Airport and Knowledge Park. The second phase will involve construction of a metro line between Knowledge Park and New Delhi Railway Station . This will be further connected to IGIA Metro line and Delhi-Mumbai Expressway, giving a big boost to real estate in the region.

All this, together with Rs 5250 crore Medical Device Park, 9000 acre Heritage City, Film City , already under implementation, will catapult Noida and Greater Noida into future-ready , investor-friendly real estate destinations.