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Real Estate Boom in Noida Amidst Chaos

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Real Estate Boom in Noida Amidst Chaos

Last updated: September 28 2011
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  • Real Estate Boom in Noida Amidst Chaos

    Noida, on the outskirts Delhi, has witnessed phenomenal development in the last couple of years as more and more people from Delhi are choosing to live there, leading to a real estate boom.

    However, Noida, after all, remains a part of Uttar Pradesh and the problems in the rest of the state plague this suburb as well.

    Rajat Bhatia, a pilot with a domestic airline, now spends quality time with his family in his personal swimming pool in the penthouse he bought two years ago in Noida.

    "Better connectivity with Delhi, good roads, 100 per cent power back up make the stay here a good idea," said Bhatia.

    He is just one of the growing section of young well-to-do professionals shifting to Noida making it the highest income tax paying district in UP.

    Income tax collections have surpassed expectations and seen a jump of a whopping 600 per cent in the last year.

    But outside the protective gates of the premium high rises lies another reality.

    "There has been phenomenal growth but there has been no corresponding growth in the infrastructure. There is no power, there is no security," said Inderjit Sial, Manufacturer, Noida.

    Six flyovers were started by the previous UP governments only to be stalled as soon as Mulayam Singh Yadav became CM. The work restarted just weeks before the election.

    Civic sanitation

    The condition of civic sanitation became evident when the Nithari incident revealed that the drain hadn't been cleaned in 20 years.

    With no masterplan there have been no checks on the amount of land being sold to private enterprise.

    The Nithari serial murders and Adobe India CEO's son's kidnapping in the recent months has also dented the Noida feel good story.

    Preeti and Anurag Jain sold off their flat in Delhi to buy a house in sector 20. Their car was stolen in broad daylight within days of it being bought.

    "It was a shock when the police took Rs 250 and six days to register a case and even now they are asking for Rs 2,500 to give their final report," said Anurag Jain, resident, Noida.

    The nature of growth has clearly been driven by its proximity to Delhi. It's not manufacturing or the service sector but real estate that's made this region UP's highest revenue and investment earner.

    During the last year only, total money earned by sale of land has earned UP nearly Rs 4,500 crore.

    "Most people's perception is that they are part of the NCR, not as part of UP," said Sanjay Verma, real estate consultant.

    The disconnection with the rest of Uttar Pradesh is also reflected in the level of political participation in the recent Assembly elections.

    "How can we be involved when no UP CM has bothered to make even one appearance here in years and years?," asked Inderjit Sial, resident, Noida.

    Even though the state projects Noida as its development showpiece many of its residents feel it has grown in spite of being a part of Uttar Pradesh.
  • #2

    #2

    Re : Real Estate Boom in Noida Amidst Chaos

    Originally posted by Happy View Post
    Noida, on the outskirts Delhi, has witnessed phenomenal development in the last couple of years as more and more people from Delhi are choosing to live there, leading to a real estate boom.

    However, Noida, after all, remains a part of Uttar Pradesh and the problems in the rest of the state plague this suburb as well.

    Rajat Bhatia, a pilot with a domestic airline, now spends quality time with his family in his personal swimming pool in the penthouse he bought two years ago in Noida.

    "Better connectivity with Delhi, good roads, 100 per cent power back up make the stay here a good idea," said Bhatia.

    He is just one of the growing section of young well-to-do professionals shifting to Noida making it the highest income tax paying district in UP.

    Income tax collections have surpassed expectations and seen a jump of a whopping 600 per cent in the last year.

    But outside the protective gates of the premium high rises lies another reality.

    "There has been phenomenal growth but there has been no corresponding growth in the infrastructure. There is no power, there is no security," said Inderjit Sial, Manufacturer, Noida.

    Six flyovers were started by the previous UP governments only to be stalled as soon as Mulayam Singh Yadav became CM. The work restarted just weeks before the election.

    Civic sanitation

    The condition of civic sanitation became evident when the Nithari incident revealed that the drain hadn't been cleaned in 20 years.

    With no masterplan there have been no checks on the amount of land being sold to private enterprise.

    The Nithari serial murders and Adobe India CEO's son's kidnapping in the recent months has also dented the Noida feel good story.

    Preeti and Anurag Jain sold off their flat in Delhi to buy a house in sector 20. Their car was stolen in broad daylight within days of it being bought.

    "It was a shock when the police took Rs 250 and six days to register a case and even now they are asking for Rs 2,500 to give their final report," said Anurag Jain, resident, Noida.

    The nature of growth has clearly been driven by its proximity to Delhi. It's not manufacturing or the service sector but real estate that's made this region UP's highest revenue and investment earner.

    During the last year only, total money earned by sale of land has earned UP nearly Rs 4,500 crore.

    "Most people's perception is that they are part of the NCR, not as part of UP," said Sanjay Verma, real estate consultant.

    The disconnection with the rest of Uttar Pradesh is also reflected in the level of political participation in the recent Assembly elections.

    "How can we be involved when no UP CM has bothered to make even one appearance here in years and years?," asked Inderjit Sial, resident, Noida.

    Even though the state projects Noida as its development showpiece many of its residents feel it has grown in spite of being a part of Uttar Pradesh.
    After more then 4 years situation is still same. In the post its written that "With no masterplan there have been no checks on the amount of land being sold to private enterprise. " Now HC and SC is checking and will take another 4 years..

    Politics sucks everything..

    Comment

    • #3

      #3

      Re : Real Estate Boom in Noida Amidst Chaos

      God knows waht will happen after May 2012. New Govt.

      Comment

      • #4

        #4

        Re : Real Estate Boom in Noida Amidst Chaos

        Originally posted by VickyB View Post
        After more then 4 years situation is still same. In the post its written that "With no masterplan there have been no checks on the amount of land being sold to private enterprise. " Now HC and SC is checking and will take another 4 years..

        Politics sucks everything..

        Kya dhoond ke nikalaa hai post - maaaan gaye VickyB
        Profession kya hai waise? other than tpiref ?

        Comment

        • #5

          #5

          Re : Real Estate Boom in Noida Amidst Chaos

          Purani yaade taaza kar rahe the

          Comment

          • #6

            #6

            Re : Real Estate Boom in Noida Amidst Chaos

            Originally posted by thinker View Post
            Kya dhoond ke nikalaa hai post - maaaan gaye VickyB
            Profession kya hai waise? other than tpiref ?

            Are Thinker bhai...dhunda nahi actually i was curios ki noida forum mai last thread kaun sa hai..dekha to bechara ye thread nikla. aur tha bhi mast...

            Comment

            • #7

              #7

              Re : Real Estate Boom in Noida Amidst Chaos

              Originally posted by VickyB View Post
              Are Thinker bhai...dhunda nahi actually i was curios ki noida forum mai last thread kaun sa hai..dekha to bechara ye thread nikla. aur tha bhi mast...
              Oh Nooo .. first post is not by Manoja. I am disappointed!!

              Bapu ka bhi baap hain ..

              Comment

              • #8

                #8

                Re : Real Estate Boom in Noida Amidst Chaos

                Would like to see some die hard Noida fan views regarding this. Is it only real estate that is fueling noida? If infrastructure security etc is so bad in Noida why are rates moving up every day, why people are willing to buy...its very confusing...some real balanced and unbiased insights plz

                Comment

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