NOIDA: From being an affordable housing destination, Noida is slowly transforming into a hub of luxury and high-end projects to give a stiff competition to the neighboring city of Gurgaon in Haryana. The Noida and Greater Noida authorities have decided to brand the twin cities in the luxury segment with various developers coming up with high class residential and commercial towers in the region.
The chairman of the three authorities of Noida, Greater Noida and Yamuna Expressway, Rakesh Bahadur, said that till now Gurgaon was considered the costliest in Delhi-NCR despite the township lacking in terms of necessary infrastructure and facilities.
“Now, Gurgaon will have only one USP, which is close proximity to the airport. As builders are coming up with projects developed by world class agencies, in the next five years, Noida will beat Gurgaon in all respects,” Bahadur said.
Even developers are upbeat about the new tag being given to the region. CREDAI (western UP) vice-president and CMD of Supertech, RK Arora, said that this change was imminent as time demands it. “Considering the fact that Noida is much stronger than Gurgaon in terms of infrastructure, now high-end buyers are shifting base here. The Authority is also helping bring this change,” said Arora.
World renowned Italian couturier Giorgio Armani is likely to design an exclusive flat in the Supernova project and final talks are on with the developer group regarding this. “The cost of one designer flat with an area of 4,000-5,000 sq feet will be around Rs 10 crore. For starters, Raj Kundra has decided to purchase a flat for his wife, Shilpa Shetty, in Supernova,” Arora added. Also, Supertech has also tied up with Leela hotels group to open the first 7-star hotel in Noida.
Another project, Curio City, will be using extensive art styles in design with an amalgamation of several schools of art – Middle East, European and Contemporary. The township will have a mix of plotted development, villas, group housing, commercial establishments, club, institutions, hi-street and luxury retail, 5-star hotel, business hotel, etc. The cost of one flat in this project will start from Rs 1.5 crore. In addition, developers like Amrapali, Ajnara, ABA Corp and Prateek group are coming up with high-end luxury apartments costing between Rs 2-5 crore.
Real estate industry experts, however, fear that affordable housing may take a hit if the luxury housing segment is promoted more. “Greater Noida West was considered as an affordable housing destination, but even this region has witnessed price appreciation of around 50%,” said Amit Gupta, member Assocham and MD of Orris group.
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