NOIDA, which is among the few planned industrial townships in Asia, is known for its commercial buoyancy. Besides, the industrial use as much as 20 per cent of the total space is earmarked as the commercial space in NOIDA (New Okhla Industrial Development Authority), and the development is staggering.
Commercial real estate in NOIDA is basically spread across various sectors and not clustered in one particular area. Sector 1 to 6, 10, 16, 16A (Film City) 18, 51, 52 and 57 to 62 have some commercial zones while a lot of commercial avenues have also come up in sector 21, 28, 29, and 37.
According to MagicBricks.com report, the resale rate of commercial property in NOIDA (both offices and retail outlets) in NOIDA ranges from Rs 2,500 to Rs 18,000 Sq. Ft and the rental values range from Rs 75 to Rs 300 per Sq. Ft.
Gauging the demand of the market several Grade A buildings are being developed such as the Express Tower (Sector-16A), Express Tower (in pipeline), and Logix Park which is under construction at Sector 16.
High-quality retail space in NOIDA basically concentrates around Centerstage (Sector-18), Shopprex mall (Sector-61), Centerstage (Sector-18) and Spice in Sector-24. A huge project is coming up as Corunthum Building in Sector 62, which can accommodate as many as 300-400 shops.
Prime commercial complexes in NOIDA such as Ocean Complex, Ocean Plaza, Ocean Heights, Vishal Chamber, JOP Plaza, Ansal Fortune, Krishna Apra Plaza etc. are all located in Sector.18. The first and second floors are usually occupied by banks, insurance companies, real estate builders and agents and offices of professionals such as lawyers and chartered accountants. However, price being location-sensitive, varies considerably.
The MagicBicks.com research points out that the capital rates for Grade A building or premium commercial property in NOIDA varies from Rs. 8,000 to Rs. 17,000 per sq ft. and rental value varies from Rs. 80 to Rs. 150 per sq ft. Property values for Grade B buildings, like JOP place (Sec-18), Ansal Fortune Arcade, commercial plazas and all local offices, etc vary from Rs 8,000 to Rs 15,000 per sq ft for purchase and Rs. 80 to 120 per sq ft for rent.
However, there is considerable variation in prices depending upon the floor, location profile and availability.
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