Uttar Pradesh Last week, the government approved the development of a new city near Greater Noida. This city of Noida will be known as New Noida. This decision of the UP government is expected to bring a tremendous boom in the real estate sector and infrastructure in NCR. Which will have a direct impact on the real estate market of NCR. According to Mint News, this city will be developed in different phases over the next 15 years.
New Noida will be developed in 4 different stages
In the new Noida project, special attention will be given to Dadri, Noida and Ghaziabad. This project will be completed by Noida Authority, for which land will be purchased on a large scale in villages located around Gautam Buddha Nagar and Bulandshahr district. According to the report, New Noida City will be developed in 4 different stages and the first stage will be completed in the next 4 years. 6 lakh houses will be built in this city.
What kind of facilities can be expected in the new Noida?
There are many things included in the government’s plan regarding new Noida. According to the report, apart from housing, New Noida will have facilities such as an industrial and logistics centre, business offices and a hospital. Apart from this, an industrial city is also being considered to be developed here, where apart from affordable housing, adequate facilities will be provided to the workers working in the factories. Furthermore, an Olympic city will be built here. The development of Korean City and Japanese City in this new city is also being considered, which will mainly be an industrial center.
How will this affect the NCR real estate market?
First, the Noida International Airport being built in Jewar and now the New Noida project has once again created a buzz in the real estate market in Greater Noida as well as Yamuna Expressway. In these places, the large-scale land purchase process has begun again, which is why a sharp increase in land prices is also being observed. Property prices in Noida have already increased by 20-25 per cent in the last 2-3 years. Experts believe that New Noida will have more impact on the Greater Noida market. Thanks to New Noida, New Noida will be more attractive for businesses and investors compared to Noida.
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