Noida-Greater Noida Expressway finds favour with MNCs
With its shorter travel time due to better approach-way and negligible traffic congestion, the Noida-Greater Noida Expressway has emerged as next ‘go to’ destination with a high annual growth of 15 per cent witnessed in 2011-12. Sectors 124 to 144 constitute Noida-Greater Noida Expressway.
In comparison, already established hubs of Sectors 15 to 18 and Sectors 58 to 63 witnessed a sharp fall in growth at 95 per cent and 61 per cent respectively.
On any given day, during the peak hours, it easily takes around one-and-half hours to reach Sector 62 from Connaught Place, Delhi, whereas it is just an hour’s drive from Connaught Place to Noida-Greater Noida Expressway.
According to DTZ research, a global real estate market research company, IT/ITES is the primary industry sector driving the demand in the region, contributing on an average of more than 70 per cent of the total take-up in the last three years. Multinationals based out of the U.S. and U.K. have dominated the take-up, together contributing more than 60 per cent of the total take-up in last four years with average deal size of 42,000 sq ft.
Although the rentals on Noida-Greater Noida Expressway are four to five per cent higher than those of Sectors 58 to 63, the availability of better quality infrastructure and shorter travel time, has generated a lot of interest for potential occupiers.