Noida Expressway: The Rising Star of Retail Real Estate in India
Experts believe that Noida Expressway is becoming the most preferable destination for retail space supply boost
Real EstateNoida ExpresswayRetail SpaceCommercial PropertyIndiaReal EstateMay 28, 2024
Noida Expressway is becoming the most preferable destination for retail space supply boost, driven by rapid strides in infrastructural developments, connectivity, and population density. The underlying demand for diverse types of projects such as Shop-cum-Offices, mixed-use commercials, and high-street projects is increasing in the corridor as end-users view them as a nucleus of entertainment, recreation, and workspace, all rolled into one.
India's commercial real estate market is valued at USD 40.71 billion (2024) and is anticipated to grow at a CAGR of 21.10% to reach USD 106.05 billion by 2029, according to Mordor Intelligence's study. The Noida Expressway and Yamuna Expressway are becoming the eminent investment avenues for retail and commercial property expansions.
Connectivity is a critical aspect of the corridor, offering seamless connectivity between Noida and Greater Noida, as well as to Yamuna Expressway, which directly links it to many important cities of Uttar Pradesh and the upcoming Jewar Airport or Noida International Airport. Its proximity to Jewar Airport has transformed the entire belt, turning it into a hub for office expansions, data center set-ups, and an uptick in retail space leasing deals.
The industry forecasts for office and retail space leases reveal fascinating statistics. As per a joint study by FICCI & Colliers International, over 50% of office demand is most likely to come from domestic companies in 2024. While Grade-A office spaces will be at the top of the game, attracting plentiful investors, flex working spaces will also attract 15-20% of the overall leasing. The JLL report also captures similar interests in the case of retail, with the new supply of retail real estate space expected to rise by 45% from the current 91 mn sq ft across seven major cities by 2028.
In addition to confidence-boosting figures, the local environment also plays a dominant role in pulling crowds and attracting investors to a particular region. Noida Expressway is supported by a well-planned urban development, with wide roads, ample parking, and modern amenities, making it highly attractive for retail businesses. IT parks and business hubs have also witnessed a massive proliferation along the expressway, ensuring higher footfalls and investment alacrity.
Noida Expressway is a 24.53 km long, 8-lane expressway connecting Noida to Greater Noida in Uttar Pradesh, India. The expressway is designed to reduce traffic congestion and provide a faster way to travel between the two cities.
Orion One 32 is a leading real estate developer in India, known for its innovative and sustainable projects. With a focus on providing quality living spaces, the company has developed several residential and commercial projects in the NCR region.
Frequently Asked Questions
What is the current market size of India's commercial real estate market?
USD 40 71 billion (2024)
What is the expected CAGR of India's commercial real estate market by 2029?
21 10%
What is the expected rise in new supply of retail real estate space by 2028?
45% from the current 91 mn sq ft
What is the significance of Noida Expressway's proximity to Jewar Airport?
It has transformed the entire belt turning it into a hub for office expansions data center set-ups and an uptick in retail space leasing deals
What is the forecast for office demand in 2024?
Over 50% of office demand is most likely to come from domestic companies
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