The pandemic left the country’s economy dwindling last year, however, we quickly picked up and there is a sharp rise in demand for office space in Noida. Real estate builders have been coming up with commercial destinations that offer great value to buyers and investors in the swelling commercial real estate market.
Going by the CBRE report, India is the second-largest market after China for flexible workspaces. When it comes to choosing a perfect office space in and around Delhi-NCR, Noida presents some wonderful opportunities. Not just the IT industry, but even MNCs and the firms offering BPO and KPO solutions in every domain are preferring to locate their office in Noida. Attributed as a well-planned city, it has grown into a world-class metropolitan quite quickly.
After the news that Microsoft signed a lease deal for nearly 150,000 square feet of premium office space at KP Tower in Noida through a coworking operator, Noida has become a more popular coworking destination as compared to Gurgaon. Shared office space in Noida is available in sectors 4, 5, 16, and along the Noida-Greater Noida expressway.
Some reasons why Noida is being loved as a commercial destination and has a bright future in 2021 are:
- Shuttling is a cakewalk
- No budget stretching
- Relaxed rules by the government
- Great infrastructure makes it a sensible investment destination
Noida has great roadway networks through DND Flyway, Yamuna Expressway, as well as NH24, making the commute fast and easy. It is also convenient to commute via metro (blue line, magenta line, and aqua line) from any point in Delhi NCR. Faridabad Gurgaon Noida (FNG Expressway) is in the pipeline.
An Economic Times report revealed that even as commercial transactions dipped across India owing to the ongoing Covid-19 pandemic, Noida touched a decadal high in office space leasing during the first half of 2020, outpacing Gurgaon for the first time. Compared to Gurgaon or any other adjoining NCR region, Noida has lower rentals, which instantly makes it a lucrative option for setting up an office. Cheap rentals also ensure reduced workstation costs. Besides, leasing out spaces for commercial use is also beneficial in Noida (8-10% annually) in comparison to residential spaces that give a meager yield of 2-3% annually. At the same time, running businesses and hiring manpower is easy and affordable for business owners too.
It is also feasible to do business in Noida because of lenient government policies. When you open an office in a prime location, it enhances the reputation of your business and helps you develop stronger bonds with your clients. Noida is considered as leading industrial and commercial hub that opens the gates of new business opportunities.
The recent announcement of The Haryana State Employment of Local Candidates Bill 2020 which states that private companies must reserve 75% of all jobs with a monthly salary of up to INR 50,000 for local candidates has further pushed companies away from Gurugram, making Noida the next best option. The UP government does not have any such reservation rules.
Noida is lately capturing the interest of property builders and buyers, owing to the developing academic spots (universities and schools), entertainment zones, industries, renowned healthcare institutes that make it tremendously popular and a sensible option to put in money.
Spread over more than 20,000 hectares, it emerges amongst Asia’s largest industrial townships, Noida is complete with world-class schools, colleges, educational institutions, universities, corporate hubs, multispecialty hospitals, etc. Also, since it is close to the capital city and yet away from the pollution and congestion, Noida is certainly becoming a sought-after destination for living as well as working.