Increase in Property Prices in Noida
Noida property rates have seen a sharp rise over the past year. According to the latest PropIndex report by Magicbricks, the demand for properties in Noida has grown by 15.72%, while the supply has increased by 13.1%. As a result, residential property rates have surged by 46.2% year-on-year (YoY). On average, the cost of residential properties in Noida now stands at Rs 11,625 per square foot (psf).
Breakdown of Property Rates
The report highlights different property rates across various categories. For builder floors, the average price is Rs 3,800 psf. Multistorey apartments cost around Rs 10,100 psf, residential houses are priced at Rs 17,000 psf, and luxurious villas have an average rate of Rs 18,900 psf. These figures reflect the growing popularity and value of Noida property rates.
Most Searched Areas in Noida
The areas that have garnered the most attention from property buyers are Noida 7X, Noida Expressway South, and Dadri Main Road. In these locations, Noida property rates range between Rs 11,700 and Rs 15,300 psf. This shows the growing interest in these well-connected and developed neighborhoods.
Rising Demand for Under-Construction Properties
The demand for under-construction properties in Noida has risen significantly, causing a 69% jump in prices. In the third quarter of 2023, the average rate for these properties was Rs 7,547 psf, but by Q3 2024, the rate soared to Rs 12,758 psf. This trend further highlights the upward movement of Noida property rates.
Popular Property Types in Noida
In terms of buyer preferences, 3-bedroom apartments dominate the market, with an average price of Rs 11,300 psf, making up 64% of the total demand. Two-bedroom apartments are the second most popular choice, with an average price of Rs 8,400 psf and a 22% share of the demand. These figures reinforce the strength of Noida property rates, especially for larger apartments.
Why Noida Continues to Attract Buyers
Noida is a planned city in Uttar Pradesh, close to Delhi and part of the National Capital Region (NCR). Its location makes it an attractive choice for those working in the capital. With a well-developed infrastructure, Noida has numerous IT parks, educational institutions, and entertainment hubs. This ongoing urbanization and industrial growth have contributed to the continuous rise in Noida property rates.
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