It has now become the day of past when Noida was a strange place for the Indians residing other than the northern part. The fact is, a mere discussion of Noida is more than enough to alive the investing potential in this region of Uttar Pradesh.
All thanks to the recent investment made by the South Korean giant, Samsung to expand its current factory in Sector 81, Noida.
But, what makes this event so special? Well, after its expansion, Noida will become the home for the world’s largest mobile phone production unit in terms of number of mobile devices manufactured every month.
Noida, as we see it today, was far more different before the investors started funding this untouched land. But, as soon as its popularity grows, people also begin to look after it as an option to stay in the residential sectors.
However, the last few years were not something that one can call good years for the real estate sector of Noida. Be it residential or commercial, both have seen a bit of downfall in the market.
But, the question of discussion here is Will Samsung prove to be a boon for Noida’s realty??? Well, let’s find it in this post.
What Samsung Actually Did?
Samsung established its manufacturing unit in 2007 in Sector 81, Noida. In the year 2016, it again acquired 30 acres of the land to expand the current 45 acres facility. Last year in the month of June, Samsun announced that to increase its functional capacity, it would invest ₹4915 crores. Prime Minister Narendra Modi and South Korean President Moon Jae-in along with Uttar Pradesh CM Yogi Adityanath came to Samsung factory on July 9 to inaugurate it.
What it Brings for Noida?
It is not less than a moment of immense pride for the residents that Noida will now be known globally for being home to the largest mobile manufacturing plant in the world.
Not just Samsung, in fact, other Chinese giants, such as Xiaomi and Oppo are also thinking of expanding their plant’s capacity. This will automatically make Noida, a leading mobile manufacturing state in the country.
It is also speculated that this will attract investment of over ₹10000 crores to Noida and will create 3 lakh jobs in the next 3 years.
How it will Impact Noida’s Real Estate Market?
Real estate, as well as life, runs on a simple rule, which says, closer the workplace closer the people would stay.
In the coming years, when these companies would also expand their manufacturing units and create more employment, people would also look to stay places closer to their offices.
Because of this fact, real estate developers would be able to clear their unsold inventory which is waiting to see the ray of light for a long time now.
This would also bring funds to developers to complete their under-construction or struck projects in the stipulated time period. Hence, experts believe that these futuristic investments would blow a new life to Noida’s real estate market.