The real estate markets in Noida and Greater Noida are thriving, fueled by rising demand for both mid-range and premium housing. Improved metro connectivity and the proximity of the upcoming Jewar Airport are key factors contributing to this growth.
Expanding Real Estate Market in Noida and Greater Noida
Noida and Greater Noida have solidified their positions as leading residential markets in the Delhi-NCR region, closely following Gurugram. According to data from Square Yards, 8,128 property transactions were recorded in these areas during the July-September 2024 quarter, reflecting a 6% year-over-year (YoY) growth. Greater Noida led the way, accounting for 62% of these transactions.
The total value of registered home sales in both cities rose to ₹6,328 crore, marking a significant 34% YoY increase. Noida outperformed with a 62% YoY growth in sales value, compared to Greater Noida’s 13% rise. This surge in sales value has driven up the average property price in Noida to ₹1.05 crore, while Greater Noida’s average stands at ₹61 lakh.
Infrastructure Advancements Driving Growth
Experts attribute the sustained growth in Noida and Greater Noida’s housing markets to developments like the Jewar International Airport. Ravi Nirwal, Sales Director at Square Yards, highlighted how these advancements have strengthened both residential and commercial sectors.
Similarly, Vishal Raheja, founder of InvestoXpert, emphasized that the shift toward integrated urban living is reshaping buyer preferences. Increasing demand for larger homes with modern amenities has spurred interest in mid-segment and premium projects, supported by competitive pricing and timely project completions. Raheja also noted that the growth reflects macroeconomic improvements and rising job opportunities, which are expected to sustain the upward trend.
Noida and Greater Noida as Premium Real Estate Hubs
Gaurav K. Singh of the Womeki Group described Noida and Greater Noida as emerging hotspots for premium real estate. Factors such as the Noida-Greater Noida Expressway, metro network expansion, and the Jewar Airport have made the region increasingly attractive to both buyers and investors. The ongoing development of commercial and retail projects, coupled with new employment opportunities, has further boosted the demand for housing. This upward trend in property price in Noida and Greater Noida underscores the region’s growing potential.
Demand for Larger and High-Value Properties
In the July-September 2024 quarter, preferences shifted towards larger and more expensive apartments. Units ranging from 1,000 to 1,500 sq. ft. made up 40% of transactions, while demand for apartments between 1,500 and 3,000 sq. ft. grew from 21% to 28%. Properties priced above ₹1 crore accounted for 20% of total transactions, compared to 11% in the same period last year. Additionally, sales of homes in the ₹1–2 crore range nearly doubled to 14%.
Key Residential Areas and Micro-Market Trends
Noida Extension and Noida Central emerged as the top-performing micro-markets, contributing 57% of the total home sales value. Noida Extension led with 2,985 transactions, followed by Noida Central with 1,912. The Noida Expressway commanded the highest average property price in Noida at ₹1.23 crore, reflecting a strong demand for luxury apartments.
Resilient Market Growth
Industry experts like Aman Trehan of Trehan Iris believe the 34% rise in sales value and a 6% increase in transaction volume highlight the confidence of homebuyers. By prioritizing innovative design, sustainability, and customer-centric approaches, developers aim to maintain long-term growth in the property market.
As Noida and Greater Noida continue to attract homebuyers and investors, the upward trend in property prices in Noida reflects the area’s growing appeal as a prime residential destination.
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