Office space in Noida

Office complexes are making a mark in Noida. A number of state-of-the-art complexes along Noida Expressway are expected to stabilize falling rental values in office spaces, says
Brix Research
As Metro sped into Noida, it brought about a silent transformation into the city. Noida, which was originally planned as an industrial city, was home to some of the best software and corporate campuses in the world. But when it came to competing with Gurgaon, it fell short on large-format Grade A office spaces, which were in great demand from corporate lessees. This mismatch allowed Gurgaon to steal a march on Noida, despite Noida having better transport facilities and other basic infrastructure.
Two events changed all this - first, the newer sectors built along a Master Plan allowed private developers to create commercial spaces as part of integrated townships. Second, with Metro connectivity becoming a reality, it is convenient for offices to shift to sectors near the Metro stations.
A majority of development in commercial sector is being witnessed in sectors adjoining Noida Expressway, owing to their accessibility. According to S C Jaisimha, MD of AsiaPac International India, "Sectors 99, 125, 127, 132, 142, 135, 136 and 137 have seen much development. This includes the proposed and ongoing commercial projects of Jaypee Group, BPTP, Corporate Park by Ansals, NPX by Orbitech, ETT by Baba Buildwell and Advant by the Buniyaad Group. This is apart from a commercial district being developed by Noida authority in Sector 135 and a SEZ being developed by Unitech in Sector 137." He adds that Sector 62 Institutional Area and Sector 63 commercial district are the upcoming localities.
Noida's commercial market has picked up post-September 2009, with a number of end users showing interest. According to Jaisimha, "Rental values have remained almost stagnant for last one year, and in some locations, have even dropped by about 10% to 20%. For example, rental values on the expressway in Sectors 125 and 127 are hovering between Rs 50 and Rs 60 per sq ft per month for IT projects, while it ranges between Rs 100 and Rs 125 per sq ft per month for partially furnished commercial projects like IHDP. Rental values for some upcoming sectors like Sectors 135, 136, 137 and 142 are hovering between Rs 35 and Rs 45 per sq ft per month. Rental value in the institutional Sector 62 is in the range of Rs 40 to Rs 50 per sq ft per month."
The given rental values are for a warm-shell facility, which includes centralized air conditioning and 100% power backup. Jaisimha further says, "The capital values in commercial buildings in Sector 142 are between Rs 4,500 and Rs 4,750 per sq ft. In this sector, we understand that the authorities have allowed for strata sale of units in buildings."
Moreover, it has been observed that size of average floor plate has increased as far as upcoming commercial projects are concerned. Colonel Monga, a local realtor, attributes this to increasing demand for large-sized office spaces from increasing number of MNCs, which have shifted base to Noida.
According to Jaisimha, "The floor plate always depends on size of the plot and the permissible FSI and ground coverage. Typically, an average floor plate in IT projects is about 25,000 sq ft, while in commercial projects in a commercial district it ranges from 1,000 sq ft to 2,000 sq ft, depending on plot size. Here, the buildings are typically basement + 2 floors."
The Advant Navis Business Park is a major development in commercial segment in Sector 142 on Noida Expressway. This project comprises two interconnected buildings, which are connected by sky-bridges on all the floors to provide very large contiguous floor plates ranging from 30,000 sq ft to 62,000 sq ft. Advant Navis is being promoted as a LEED Gold Certified Green Building with significant quantifiable savings achieved as compared to an ordinary office building.
According to Jaisimha, "Noida authority is augmenting its infrastructure by way of laying f new roads, improving existing roads, development of green areas (large parks), introducing new public transport systems like the Metro, and bus facility all over Noida, including the Noida-Greater Noida connectivity. Recently, a number of infrastructure projects have been planned and approved by authorities, which include a number of flyovers and underpasses at busy intersections to ease traffic bottlenecks and address accessibility issues. The entire Noida area is witness to continuous improvement in its infrastructure and is definitely gearing up as a destination for the upcoming October 2012 Commonwealth Games."

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Courtesy:- Times Property dtd:- 06-02-2009