In a bid to fast-track the development of the Dadri-Noida-Ghaziabad Investment Region (DNGIR), the Noida Authority has decided to expedite the work on the New Noida project. In recent development, the Phase-II of the New Noida Project has received clearance from the authorities.
The decision came a day after a team of Noida Authority had a meeting to develop Master Plan 2041. In a board meeting held on August 13, 2023, the master plan was examined in detail with plans to discuss projects in further sessions.
What is ‘New Noida’ Project?
Under this project, Greater Noida is set to undergo a significant expansion as part of Master Plan 2041's ambitious growth strategy, designated as ‘Greater Noida Phase 2’ or ‘New Noida’. In Phase-I, about 31,000 hectares of the area will be developed, and in Phase-II, about 40,000 hectares will be developed, adding up to 71,000 hectares.
With the go-ahead of the Phase-II of the New Noida Project, the real estate market of Greater Noida has spiked up, leading to an increased trend of early land acquisition. Business firms are also visiting the area to set up their operations. The New Noida city will combine 67 villages from the Sikandrabad subdivision of the Bulandshahar district and 20 villages from the Dadri subdivision of Gautam Buddh Nagar. The area will be developed in four phases over the next 20 years.
New Noida is planned to be developed as an industrial and logistic hub, with designated green spaces. Apart from an integrated township, it will have a skill development centre as well as knowledge centres and universities. A multi-modal transit hub is also a part of upcoming developments.
As per Lokesh M, CEO, Noida Authority, about 40 percent area will be reserved for industries, while 13 percent for residential developments. In addition, 18 percent of the land will be for recreational purposes and green spaces. The remaining land will be marked for institutional and mixed-land use.
New Noida is being planned as a smart city, similar to the townships under the National Industrial Corridor Development Programme. The authority has also allocated Rs 1,000 crore in its Budget 2023-24 for land acquisition and internal development works. With this project, Greater Noida will be expanded till the borders of Hapur and Bulandshahar.
New Noida Project: Impact on the real estate market
With the ongoing development of New Noida, there is a growing enthusiasm for real estate investments. Even though the master plan of New Noida is still being developed, there has been a notable upswing in the number of potential buyers expressing interest in land acquisition.
In fact, the price of land has soared to unprecedented levels, with rates along the GT Road surpassing Rs 2.5 per acre. The hike in land prices underscores a growing eagerness among buyers to invest in land.
Who attended the meeting of the New Noida Project?
The board meeting was held on August 13, 2023, in order to understand the current market scenario. The meeting was headed by Manoj Kumar Singh, Uttar Pradesh's additional chief secretary, the State infrastructure and industrial development commissioner, and also the Chairman of the authority. The agenda also included a discussion of the recommendations of the Amitabh Kant committee on stuck housing projects.
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What are the key decisions taken so far for the New Noida project?
The primary objective of the meetings held so far for the New Noida Project was to discuss the resources, accessibility, and benefits of investment. The availability of land parcels in commercial, industrial, and group housing categories has been discussed along with the procedure to apply for the plots.
Other key decisions include the following:
- Allocation of shops in Biodiversity Park, Shaheed Bhagat Singh Park and Expressway View Park
- Plans to allocate the ground floor of the city bus terminal in Sector-82 Noida to UPSRTC Noida
- Cancellation of the plots which are in violation of bylaws
- Conduct e-tender of lands for residential, industrial and group housing projects
This expansive new region, covering an impressive 40,000 hectares, is poised to become a thriving centre for real estate development. The notable surge in land values within the villages affected by this development has piqued the interest of many individuals exploring investment opportunities in the real estate sector.
