In a recent report by a Read Estate company, the real estate landscape in Greater Noida West is undergoing a significant transformation, with property prices witnessing an impressive 21.6% year-on-year (YoY) increase. This surge, coupled with a notable 13.15% YoY rise in rentals, positions Greater Noida West as a focal point for Affordable Residential investments.
Growing Demand for Spacious Homes
The report highlights an interesting trend among Homebuyers, with a preference for apartment sizes exceeding 1,250 sq ft. This category accounts for a substantial 54.5% of the total demand. Furthermore, more than 50% of prospective homeowners are actively seeking properties in the price range of Rs 5,000-7,500 per sq ft.
Supply Growth Propels Demand
Greater Noida West has outpaced other localities in Greater Noida, boasting the highest supply growth of 8.62% YoY. This robust supply surge has played a pivotal role in stimulating demand within the area.
Diverse Homebuyer Profile
The appeal of Greater Noida West extends beyond domestic Homebuyers, as it attracts interest from both local and international markets. Residents from Delhi, Ghaziabad, Noida, and Mumbai constitute a significant 90% of domestic demand. Meanwhile, NRIs from the United States, Canada, United Kingdom, and UAE contribute to an impressive 85% of the international demand for real estate in Greater Noida West.
CEO Insights
Sudhir Pai, CEO of a Real Estate company, noted, “This year has witnessed a noticeable inclination towards spacious residences, fuelling a surge in demand for properties in peripheral regions like Greater Noida West. Boasting reasonably priced housing options, rapid infrastructure enhancements, and close proximity to employment hubs, Greater Noida West has swiftly ascended as a highly sought-after locale within the NCR.
Wrapping it Up
In conclusion, the Greater Noida West real estate market is experiencing a dynamic shift, marked by substantial price appreciation, growing demand for larger living spaces, and a diverse demographic appeal. With its strategic location, affordability, and burgeoning infrastructure, Greater Noida West stands out as a promising destination for both local and international real estate investors.