Office space leased in Noida in last 3 years almost same as between 2010-20

Around 10 million sq feet of office space was leased out in Noida between 2010 and 2020 while almost the same has happened within the last three years, real estate stakeholders said Friday, noting the city's growth in the sector.

Noida, they said, also has a chance to develop as a more sustainable city in terms of infrastructure as compared to Gurugram or Delhi while noting that the upcoming airport would also be a growth vector in western Uttar Pradesh region.

Politicians, realtors, property consultants and researchers shared their views at 'the Growth Story of Noida', an industry event organized at CRC The Flagship here.

"Between 2010 and 2020, the office leasing in Noida was around 10 million sq feet while since 2020 the region has seen nearly 9 million sq feet of total grade A leasing till September 2023 and the figure is likely to reach 10 million square feet by this year-end," Managing Director, North India, Colliers Bhupindra Singh said.

"This speaks volumes about the growth story of Noida in terms of office real estate and demand for office spaces," Singh said, and suggested developers should focus more on the quality of projects.

Vidhi Dheri, Director and Head of Research Operations at CBRE, said 35 per cent of the overall demand this year in Noida has come from premium housing, which was never seen before.

She also highlighted a changed trend among millenials, majority of whom preferred renting houses pre-Covid but want to buy their own homes post-pandemic.

Ashustosh Kumar Kashyap, the head for real estate at Zurich Airport (Developer of Noida airport), said the airport coming up along the Yamuna Expressway provides a vector that channelizes the growth of the urban conglomeration (Noida and Greater Noida).

Adidas, Director, Real Estate, Manik Dhodi said one point where Noida stands a chance out from other cities is if it can develop proper infrastructure keeping in mind the changing trends, particularly increased health consciousness among citizens after the COVID-19 pandemic.

"If we add health and fitness in the planning of a city from Noida to Greater Noida to the airport will be part of greater development... Maybe creating a dedicated road for health and fitness enthusiasts would be a massive infrastructure addition and people from Delhi and Gurugram would be tempted to come here," he said.

"I'm not competing with these cities but this is the opportunity that Noida has in creating a beautiful infrastructure especially after COVID lockdown," Dodhi said.

Collier's Singh said there is a collaboration required between the local authority, the developer and stakeholders like consultants with regular interactions and implementation on the ground of the feedback.