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As mentioned earlier, the Noida real estate market lacks institutional players with a pan-India presence. This could be set to change with Godrej Properties announcing its plans for this market. A subsidiary of the reputed Godrej Group, Godrej Properties has made its name with many landmark residential as well as commercial projects in cities such as Mumbai, Chennai, Bangalore, Gurgaon, Hyderabad and Pune. Godrej Properties has built a reputation of delivering projects on time and with good quality. Godrej Properties has residential offerings ranging from 1 BHK to 4 BHK apartments, villas and row houses, which cover a large segment of home buyers and suit their budget. Their projects are also known to be environmentally friendly and come with plenty of green cover.

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Godrej Properties Frontier, New Gurgaon

Godrej Properties @Gurgaon – The Trackrecord

October 19, 2016

With Godrej Frontier at Sector 80, Gurgaon now delivered Godrej Properties, the flagship real estate developer, has set a firm footing in the vast NCR Real Estate Market. Godrej Properties which entered the region in the year 2010 through joint ventures has gone onto announce, construct and deliver a whole host of residential properties in the growth market of Gurgaon. These include Godrej – Aria, Icon, Frontier, Summit, 101 and Oasis. In Gurgaon’s property market Godrej is considered to be a formidable real estate developer on radars of end users, investors and even channel partners. Such is the brand strength that even in troubled times for the realty sector we learn from the company that the sales momentum has remained strong as customers gain comfort from execution at all its property sites. With Gurgaon bouquet of projects at different stages of construction, Godrej Properties is now set to enter Noida …

Godrej Properties Frontier, New Gurgaon

Godrej Properties @Gurgaon – The Trackrecord

With Godrej Frontier at Sector 80, Gurgaon now delivered Godrej Properties, the flagship real estate developer, has set a firm footing in the vast NCR Real Estate Market. Godrej Properties which entered the region in the year 2010 through joint ventures has gone onto announce, construct and deliver a whole host of residential properties in the growth market of Gurgaon. These include Godrej – Aria, Icon, Frontier, Summit, 101 and Oasis. In Gurgaon’s property market Godrej is considered to be a formidable real estate developer on radars of end users, investors and even channel partners. Such is the brand strength that even in troubled times for the realty sector we learn from the company that the sales momentum has remained strong as customers gain comfort from execution at all its property sites. With Gurgaon bouquet of projects at different stages of construction, Godrej Properties is now set to enter Noida and Greater Noida markets in a big way. In the year 2016 the developer has announced joint ventures in the fastest developing and most modern city of the state of Uttar Pradesh.

Godrej Properties : Major Projects in Gurgaon

Project Location Sizes USP
Godrej 101 Sector-79, Gurgaon 1383 – 2366 sqft Branded tie-ups with affiliations. 101 activities to choose from. Located at 5 minutes from NPR and SPR.
Godrej Icon Sector-89A, 88A, Gurgaon 1490 – 3008 sqft Skywalk@130 feet, Iconic tower with helipad, Low density development
Godrej Oasis Sector-88A Gurgaon 1307 – 2066 sqft 1.5 acres of central courtyard, exclusive club for 300 families. Fitted with Modular kitchen and split AC’s.
Godrej Summit Sector-104, Gurgaon 1816 – 2692 sqft Smartly designed structures, Modular kitchen, 80% open and green spaces.
Godrej Aria Sector 79, Gurgaon 1351- 2289 sqft Lavish floor plans, amenities, 80% open spaces
Godrej Frontier Sector – 80, Gurgaon 1812-4611 sqft On NH 8, large health club, tennis court, jogging track, high tech gym

 

Godrej Properties : Location of New Projects

A close look at the above under development projects suggests Godrej Properties’ focus on location, designs, amenities and mid to high end developments. From apartments starting at ~1300 sq ft to penthouses of upto ~4600 sq ft cater to a wide range of end users and investors. Further all these properties are located on new growth corridors – Dwarka Expressway, NH 8 and New Gurgaon. Moreover all of them have an immediate or easy access to these main roads. Icon, Oasis and Summit by virtue of them abutting the Dwarka Expressway will have a fast connectivity to Delhi. These stretches of the Dwarka Expressway are now nearly developed and one can reach them from various areas of Gurgaon. Moreover, with the road now declared a National Highway things are likely to be more favourable in coming years. There are plans for metro connectivity between Delhi and Gurgaon along this corridor which will further augment the connectivity.

Godrej Properties Oasis, Gurgaon
Godrej Oasis, Gurgaon

About Gurgaon Godrej Properties

Whilst Aria, 101 and Frontier are in the New Gurgaon region which falls right in the middle of Gurgaon’s developed IT/ ITeS corridor and industrial hub of Manesar (Maruti, Honda and other factories exist here). Gurgaon property market has witnessed several grave issues in the recent past – ranging from misappropriation of funds by developers, delivery delays and quality of product. This is where a national player with a long track record of developing marquee properties brings comfort especially to the end buyer.

Godrej Properties Godrej 101
Godrej 101 – Status as on January 2016 (Source : Godrej Properties)

With property sector witnessing a slow down since early 2015, the end user is more selective before going ahead with investing his hard earned monies into real estate. Thus for those in the NCR region may find it easy to scan the growing portfolio of projects by Godrej Properties to assess the developers intent and focus. Precisely why we feel that Godrej Properties isn’t a newbie in this market but a strong contender to be amongst top developers here.

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The Noida Real Estate Paradox & Godrej Properties’ Venture into Noida

October 10, 2016

If one mentions the city of Noida in a conversation, a listener is likely to immediately think of the large malls housing the best brands, the expressways, golf courses and the reputed multinational companies which have set up shop here. If the topic of discussion, however, changes to the real estate market in Noida, the response is likely to be markedly different. Recent news reports regarding the realty sector in Noida, particularly over the last couple of years, have not been the most encouraging to prospective home buyers. In fact, there is significant cause for concern among them when it comes to looking for a good house for themselves, a primary need for any person. Issues ranging from developers running away, massive delays, legal and social issues have all contributed to this perception. A combination of factors at multiple levels has led to this sorry state of affairs. At the …

The Noida Real Estate Paradox & Godrej Properties’ Venture into Noida

If one mentions the city of Noida in a conversation, a listener is likely to immediately think of the large malls housing the best brands, the expressways, golf courses and the reputed multinational companies which have set up shop here. If the topic of discussion, however, changes to the real estate market in Noida, the response is likely to be markedly different.

Recent news reports regarding the realty sector in Noida, particularly over the last couple of years, have not been the most encouraging to prospective home buyers. In fact, there is significant cause for concern among them when it comes to looking for a good house for themselves, a primary need for any person. Issues ranging from developers running away, massive delays, legal and social issues have all contributed to this perception. A combination of factors at multiple levels has led to this sorry state of affairs.

At the same time, the attractiveness of Noida has not just endured these trying times, but continues to grow further. A leading national level developer, Godrej Properties, has recently entered the Noida realty market, promising to bring its brand value and project execution expertise to residents of this fast developing city. In this article, we assess the state of the Noida market and try to see how Godrej’s track record, particularly in the NCR region, offers signs of hope.

The Promise of Noida

Noida truly has a lot going in its favour. Its biggest positive is its excellent location, across the Yamuna River from the national capital Delhi. Noida and its twin city of Greater Noida are part of the National Capital Region (NCR) and receive plenty of investment from both governmental and private agencies, particularly on the infrastructural and amenities fronts.

Noida - Greater Noida Expressway (Image Source: Wikipedia)
Noida – Greater Noida Expressway (Image Source: Wikipedia)

Noida is extremely well-connected to Delhi and from there, to the rest of the country and the world. Greater Noida is the starting point of the Yamuna (Taj) Expressway, linking it to Agra. The twin cities are also connected by the Noida-Greater Noida expressway. Add to this, the Delhi Metro links the Noida City Centre to all areas of Delhi, offering a reliable commute to residents.

When it comes to amenities, Noida is second to none. Some of India’s biggest malls are located here. The city boasts of top class medical and educational institutions and with the cities of Delhi, Ghaziabad and Gurgaon next door, options are aplenty. The proposed Jewar Airport in Greater Noida is likely to make this area a major air travel hub and save residents the hassle of commuting to the Indira Gandhi Airport in Delhi.

Noida is home to a number of major multinational companies such as Adobe, IBM, Fujitsu, Honda as well as home grown biggies such as TCS and HCL, among others. The city has large IT parks and auto ancillary units.

Adobe India Headquarters in Noida (Image Source: Scoopwhoop.com)
Adobe India Headquarters in Noida (Image Source: Scoopwhoop.com)

Another big positive is that land prices and hence, property prices in Noida are lower than those in Delhi or Gurgaon. This attracts plenty of spillover demand from these cities as well as those from elsewhere. For real estate investors, Noida offers plenty of promise with newer infrastructure projects offering the possibility of good returns.

The Concerns of Noida’s Real Estate Buyers

Noida is of extremely recent origin, having been incorporated only in 1976, and has seen most of its growth since the turn of the millennium, which has been so rapid as to leave behind other cities in Uttar Pradesh. This growth also saw a boom in the real estate market here. However, this is where the problems began.

The Noida realty sector has been dominated by local players. Aided by generous land lease policies of the Noida authority and vast tracts of land being provided by the state Government at throwaway prices, many developers emerged overnight, some looking to make a quick buck. As a result, construction quality suffered and residents, who had invested early, bore the brunt. Buyers also saw a mismatch between the large apartments promised and the smaller ones actually delivered.

Some developers launched too many projects in a hurry and ran into severe financial issues as a result, which led to backlogs and massive delays. Protests by farmers over land acquisition for housing complexes delayed matters further. An order by the National Green Tribunal (NGT) in 2013 (later rescinded), stopping grant of permission to any projects within a 10 km radius of the Okhla Wildlife Sanctuary, further added to the delays and pushed up the cost of construction and purchase. Developers also faced issues clearing their land dues to local authorities and hence, could not procure the mandatory occupancy certificate.

The entry of Godrej Properties into Noida

As mentioned earlier, the Noida real estate market lacks institutional players with a pan-India presence. This could be set to change with Godrej Properties announcing its plans for this market. A subsidiary of the reputed Godrej Group, Godrej Properties has made its name with many landmark residential as well as commercial projects in cities such as Mumbai, Chennai, Bangalore, Gurgaon, Hyderabad and Pune.

Godrej Properties has built a reputation of delivering projects on time and with good quality. Godrej Properties has residential offerings ranging from 1 BHK to 4 BHK apartments, villas and row houses, which cover a large segment of home buyers and suit their budget. Their projects are also known to be environmentally friendly and come with plenty of green cover.

Godrej’s forays into Gurgaon bear this out. Godrej has six current projects in this city. Godrej Frontier comprises of 3 and 4 BHK apartments and penthouses, targeting the premium segment. Godrej Summit has 2, 3 and 4 BHK apartments with large green spaces, appealing to the premium and mid-level segments. Godrej Icon is slightly grander with apartments ranging from 2.5 BHK to 4.5 BHK, with a sky lounge and garden being the standout feature.

Indicative image of Godrej Icon in Gurgaon, once completed (Image source: Godrejproperties.com)
Indicative image of Godrej Icon in Gurgaon, once completed (Image source: Godrejproperties.com)

Godrej Aria targets the mid-level segment, with a combination of 2, 2.5, 3 and 3.5 BHK homes, as does the award-winning Godrej Oasis project. Godrej 101 too offers top quality apartments with 2, 2.5 and 3.5 BHK configurations.

Indicative Image of Godrej Oasis in Gurgaon, once complete (Image source: Godrejproperties.com)
Indicative Image of Godrej Oasis in Gurgaon, once complete (Image source: Godrejproperties.com)

Conclusion

Noida retains its promise as a land of multiple opportunities and is likely to continue to attract prospective residents. With the entry of Godrej Properties in this market, such residents have a reputed name, which carries a reputation for quality and trust, to look to, which is sorely needed here. While Godrej’s detailed plans are as yet under wraps, its past record and offerings give customers reason for hope and excitement.

Summary 

  • Noida is promising, with excellent amenities, connectivity to Delhi, efficient expressways, proposed Jewar airport and presence of multinational companies.
  • Noida is dominated by local players who lower the quality of construction, and deliver apartments smaller in size than expected.
  • Developers also faced problems due to launching their projects too early thus causing backlogs and delays, protests by farmers over land acquisition, and not being able to secure right documents.
  • Godrej Properties has built its reputation with many notable residential as well as commercial projects in cities such as Mumbai, Chennai, Bangalore, Gurgaon, Hyderabad and Pune.
  • Godrej  brings in brand value and project execution expertise to Noida where there are issues of developers running away, delays and legal and social issues.

 

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Godrej Properties - Greater Noida, Noida

Reasons For Godrej Properties To Enter Noida And Greater Noida Market

October 3, 2016

Since its inception in 1976, Noida and later its twin Greater Noida have a come a long way. Offering a perfect blend of diverse economic framework led by IT/ITeS development, the city emerged as a cost-effective alternative to Gurgaon in the NCR. However, with constant infrastructure upgrades coupled with several pro-development policies, Noida no longer holds the tag of just an alternative in NCR, but is a dominant manufacturing, commercial, retail, and IT hub. With these positive factors at play, the real estate dynamics of Noida region are constantly being rewritten. Being touted as the next growth driver in the NCR, it has emerged as a global city. What works really well for Noida is its seamless connectivity to the Delhi NCT via roads, highways and metro. DND Flyway – Connects Delhi NCT To Noida-Greater Noida Buoyed by these factors, with 119-year-old legacy, Godrej Properties is foraying into these prominent …

Godrej Properties - Greater Noida, Noida

Reasons For Godrej Properties To Enter Noida And Greater Noida Market

Since its inception in 1976, Noida and later its twin Greater Noida have a come a long way. Offering a perfect blend of diverse economic framework led by IT/ITeS development, the city emerged as a cost-effective alternative to Gurgaon in the NCR. However, with constant infrastructure upgrades coupled with several pro-development policies, Noida no longer holds the tag of just an alternative in NCR, but is a dominant manufacturing, commercial, retail, and IT hub.

With these positive factors at play, the real estate dynamics of Noida region are constantly being rewritten. Being touted as the next growth driver in the NCR, it has emerged as a global city. What works really well for Noida is its seamless connectivity to the Delhi NCT via roads, highways and metro.

DND Flyway - Connects Delhi NCT To Noida-Greater Noida

DND Flyway – Connects Delhi NCT To Noida-Greater Noida

Buoyed by these factors, with 119-year-old legacy, Godrej Properties is foraying into these prominent twin cities in the NCR through residential ventures. One of the few real estate companies with a truly national footprint Godrej Properties is planning to target wider budget ranges with differentiated products at Noida-Greater Noida region. Thus, here are five factors that are primarily catalysing realty growth in the region –

Noida: City of Opportunities!

Owing to its strategic location and developed infrastructure, Noida region has been constantly climbing the liveability index ladder. The twin cities boasts of excellent connectivity to Delhi via Delhi-Noida-Direct Flyway (DND) and is connected to Agra via Yamuna Expressway. Another area where Noida-Greater Noida have an edge over other cities is the planned development with clear demarcations of residential and commercial sectors. That’s not all, from eminent educational institutions to hospitals to avenues of entertainment, Noida does not disappoint on any front.

The city, today, is abuzz with employment opportunities and has grabbed the eyeballs of several multinational firms such as IBM, AON Hewitt, Fujitsu, CSC, TCS, HCL, Adobe, DELL, to name a few.

Entry roads under development at Sector 150 Noida. Godrej will be developing a project here
Entry roads under development at Sector 150 Noida. Godrej will be developing a project here

Presence of large IT parks like Logix Cyber Park, DLF IT Park and Stellar IT Park have just added more glamour to its appeal. The proactive Noida authority has allotted land of upto 3 lakh sq mt for further IT/ ITeS firms along the Noida-Greater Noida Expressway. Of this 1 lakh sq mt has been given to Infosys which is likely to employ nearly 25,000 people here. And for the media professionals, Film City is ‘the’ place.

To further enhance the liveability quotient, several infra projects are in the advance stages of development. These include extension of Dwarka-Noida City Centre metro line to Pari Chowk, elevated road from Sector 63 to NH-24, IT Knowledge Park on Yamuna Expressway, and the much-talked about Jewar Airport , among others. In September 2016 the Aviation Secretary of India, R N Choubey asked for location maps as the next requirement for approvals. The Metro development is happening at a breakneck speed and is for one to see.

Noida region is probably the most economically forward and modern regions of the largest state of India (in terms of population), Uttar Pradesh, precisely the reason that authorities are always focused at providing best environment for development in this belt.

Lack of Credible Institutional Real Estate Developers

Metro development work along side Noida Greater Noida Expressway
Metro development work along side Noida Greater Noida Expressway

With employment opportunities galore, housing demand has significantly scaled new heights in the last couple of years. However, the epithet of ‘affordable destination’ did not really help Noida in attracting many leading names in the industry. Until few years ago, Gurgaon, now Gurugram, used to be the hot destination for luxury properties primarily due to the presence of several MNCs and proximity to international airport. But gone are those days! Noida region today has has become a popular destination for premium and luxury housing due to supportive social and economic factors.

The development in this segment mainly comes from the increasing number of HNIs from the established IT/ITeS firms and high-ranking government servants, bureaucrats, and defence personnel. Moreover, as pointed out above the affluence of Noida attracts whos who from all northern states states to think of an address in this fast growing belt of NCR. Thus, all these factors have compelled some of the leading names in the industry like Godrej Properties to foray in this market which gives a win-win proposition to them as well as the residents in this belt of NCR.

Twin Cities: Noida-Greater Noida

Strategic location, excellent inter and intra-city connectivity and lavish open and green space- this is twin cities of Noida and Greater Noida for the starters. If the former scores high on the presence of IT/ITeS hubs, the latter is establishing itself as a manufacturing hub . It is a global destination for MNCs such as Escort Yamaha Motors, Honda-SIEL, Denso, Graziano Transmission, Honda Power Products Ltd, ST Micro etc.

Thrown open to public in 2011, the Buddh International Circuit placed Greater Noida on the global map. And with realistic property rates and several infra projects on the anvil, these twin cities have carved a niche for themselves in the realty map of the Delhi NCR.

With the presence of several educational institutions and IT/ITeS companies, the twin cities are today popularly known as the education-cum-employment hub. And icing on the cake is the expressway connecting these cities to other part of the NCR.

Increased Leasing Activity

As per the latest market reports, Noida recorded a healthy office leasing activity in the first half of 2016. In fact, if we were to go by the reports, the secondary business district like Nehru Place, Saket, etc witnessed a decline in transaction activity as occupiers found cost-effective options of better quality in the peripheral markets of Noida and Greater Noida. Few of the notable developments include Zensar Technologies leasing around 12,800 sq. ft. in Green Boulevard and 1E leasing around 13,000 sq. ft. at Advant Navis Business Park.

Noida region’s realty market is also anticipating a shot in the arm with the planned industrial township in Gulistanpur under the DMIC project. This will further encourage industrial development and strengthen regions’ tag of a manufacturing city.

Pro-Development Policies

Noida and Greater Noida, probably, are the the only two regions in NCR with an array of pro-development policies. The authorities have been on its foot to make sure that fair treatment is meted out to home buyers.

No completion certificates to builders flouting layout plans and setting up a panel to check construction quality of the project were two notable announcements last year. The authority has been equally considerate for the builder fraternity as well. In May this year, the authority decided to give NOCs to builders on pro-data basis. Lastly, the latest exit policy that allow builders to surrender their surplus land and get the deposit back is a great move. With more cash in hand, developers can use the money to complete their existing projects.

For a player such as Godrej Properties which comes with a long history of delivery, quality and assurance, Noida the twin cities offer is both a challenge and an opportunity, for the city has had plethora of issues pertaining to project delays and violation of building norms amongst others. This is where Godrej Properties with its processes, systems and consumer focus can create a lasting impact.

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