Greater Noida To Be Next Manufacturing Hub In North India
With an intention to establish their manufacturing units in India at an expense of Rs 800 crores, five Chinese firms are looking for land parcels in Uttar Pradesh’s Greater Noida. Earlier, in September 2019, the state government officials had visited China to attract investments from some of the premium corporate houses.
The Greater Noida Industrial Development Authority has already received letters of intent of Holitech India Pvt ltd and its five other partner companies in this matter. Holitech has already invested Rs 400 crores, for setting up four units to manufacture camera, mobile screens, fingerprint scanners, flexible printed circuit in Gautam Buddh Nagar and is planning to invest another Rs 1,300 crores, to expand its operations.
According to the GNIDA officials, companies from Korea and Taiwan have also shown an interest towards investment in the region for setting up manufacturing units. The authority is still in process of creating a land bank for industrial set ups and according to an estimate, about 1,500 acres of land is expected to be made available for allotment, on which four sectors will be developed for industrial set ups.
Impact on real estate
Lack of job opportunities is one of the biggest challenge for the Greater Noida real estate market. While the housing options remains affordable in the area, residents have to still travel at least 15km to reach employment hubs based in Noida. Also, with more jobs, the amenities are expected to improve further which includes public transport options, shopping and entertainment options. With UP government approving metro connectivity to Greater Noida via Noida Extension and Gaur City, there are chances that property prices might increase in near future. This could come as a good news for property investors who have already made their purchase in the market and seeking returns for their investment.