The real estate market of Noida and Greater Noida has witnessed tremendous growth during the quarter of July to September 2024. Due to increase in demand in mid-range and premium segments, there has been a huge increase in the sales of big and expensive apartments. According to experts, improvement in metro connectivity and proximity of the proposed international airport in Jewar have increased both demand and prices in this area. This is the reason why today it has become a center of attraction for investors.
What does the report say?
If we look at the reports of the Independent Registrar General (IGR) and Square Yards, many surprising figures will emerge. In this quarter, the sales of premium apartments between Rs 1 crore and Rs 2 crore have doubled as compared to last year. Sales of homes priced above Rs 1 crore have reached 20 percent in the second quarter of 2024, which is much higher than last year’s 11 percent share.
The demand for houses larger than 1,500 square feet has also increased in this quarter. According to the data, sales of such properties have reached 28 percent, which shows a significant increase compared to a year ago. This shows that home buyers’ preference is now shifting towards larger and more convenient homes, especially after the COVID-19 pandemic, when the need for more space was felt to balance work and personal life.
The beauty of Noida Extension
Noida and Noida Extension performed brilliantly in this quarter. These two sectors contributed 57 percent of the total home sales value. 2,985 units were sold in Noida Extension and 1,912 units in Noida. Apart from this, an increase was also recorded in the average selling price of properties. The average property price in Noida Expressway was Rs 1.23 crore and in Noida Central was Rs 94 lakh. This growth shows that the demand for premium properties is continuously increasing.
Between July and September 2024, a total of 8,128 properties were registered in Noida and Greater Noida. Of this, 14 per cent, i.e. 1,138 units, were in the price category of Rs 1 crore to Rs 2 crore. Only 616 such units were sold in the same period last year, which reflects the increasing demand for premium properties in this area.
Why are sales increasing?
The real estate market of Noida and Greater Noida is emerging rapidly due to the improvement in metro connectivity and the benefits of the international airport being built in Jewar. Both investors and home buyers are seeing immense potential in this area. Experts say that the demand for mid-range and premium segments in this region will continue to increase in the coming times. The trend towards larger homes, better connectivity, and the overall development of Noida-Greater Noida has made it a major real estate hub.
The real estate market of Noida and Greater Noida is currently emerging as an attractive option for investment. The demand for better infrastructure, premium amenities and bigger properties has taken it to a new high. In the coming years, the region will potentially attract even more investors and consolidate its position among India’s leading real estate hubs.