Last week, real-estate developer M3M outbid Gurgaon giant DLF for a 12.5-acre land parcel in Noida’s Sector 108, quoting around Rs 1,850 crore — more than twice the Noida Authority’s reserve price of Rs 835 crore.The bid has put the spotlight on Sector 108, one of the areas along the Noida-Greater Noida Expressway where developers are looking for space as older parts of Noida become saturated.According to an official of the Noida Authority, older sectors in the northern part of the city, including Sectors 19, 27, 28 and 30, have become saturated, leaving limited scope for new development. Sectors along the Expressway, meanwhile, are emerging as attractive locations for mixed-use projects, the official said.Sector 108, in particular, is surrounded by premium residential projects, commercial developments, institutional areas and green spaces.This concentration is also driving demand in the area, the official said.“The sectors between Sector 44 and the Expressway have several premium residential projects where property rates go up to Rs 9 crore… This generates a huge demand from high-end customers for commercial establishments to be set up in this area. There are also institutions such as Amity University located in Sector 125, also schools such as Lotus Valley,” the official said.The area also has private hospitals such as Felix and Yatharth within a radius of 6 km.Story continues below this adThe Sector 108 parcel has been sold for a mixed-use project, with a maximum of 40% residential and 60% commercial use.“This proportion is lucrative for builders, since there are many Grade A commercial spaces built for IT and IT-enabled services such as Advant Navis Business Park and SkymarkOne in Sector 98… Employees working here might look for residences nearby, of which Sector 108 could also be a choice. Here, there is a dedicated recreational green space and parks and playgrounds,” the official said.Expressway, airport add to the pullSector 108 is well located from key locations: it is a 14-minute drive (9.5 km) from the Delhi Noida Direct (DND) flyway and a 50-minute drive (52 km) to the Noida International Airport.The opening of Noida International Airport in Jewar has added another factor to its appeal.Story continues below this ad“For people travelling from Noida to the airport, the Expressway is currently the main road route. The airport’s freight operations could also generate demand for logistics parks and related commercial activity along the corridor,” the official said.The area is also well connected, the officer said, with e-buses regularly plying to the airport.“There is a metro line from Botanical Garden which goes till Sector 137… There are also proposals from the Noida Metro Rail Corporation (NMRC) to set up a line to boost connectivity from this sector,” the officer said.A broader shift along the ExpresswayThe interest in Sector 108 comes as developers increasingly compete for land along the Noida-Greater Noida Expressway.Story continues below this adReetesh Singh, Managing Partner, Realistic Advisory & Consultancy, said there is very limited land now available along the Expressway. “Now, big builders don’t want to lose a spot,” he said.The growing presence of large real-estate brands along the corridor is another sign of the competition, said Paras Satija, Founder & CEO, PlanWell Realty. “It is not just Sector 108 but the entire Noida Expressway is changing the dynamics of real estate in Noida and the country,” he said.According to Satija, Noida Expressway has seen many big real estate brands and branded residences coming up in the last one year. Due to this, he said prices have increased drastically — as high as four times.For instance, in Sector 105, adjacent to Sector 108, the price of land in 2016 was around Rs 1,50,000 per sqm but now it is Rs 3,70,000, he said.Story continues below this ad“So now we are seeing a bouquet of luxury and branded residences like Estate 128 by Max Estates just across Sector 108. This bid has also given tough competition to old and local real estate developers to perform in a market with brands like Godrej, Tata, Birla and now M3M. We’re even getting queries from builders from Hyderabad,” he said.—captions:1. The 12.5-acre land parcel in Noida’s Sector 108 (Express Photo by Drishti Jain)2. The plot is across the Parx Laureate, a luxury residential society, and has multiple amenities at a short distance. It also has broad two-lane connectivity. (Express Photo by Drishti Jain)