Between July and September, the demand for premium homes in Noida and Greater Noida has significantly increased. Enhanced metro connectivity and the upcoming international airport in Jewar have greatly contributed to this growth, making these areas more attractive to buyers. The increase in demand is particularly evident in the mid-range and high-end property markets.
Strong Growth in Premium Home Sales
Recent reports show that the sale of premium homes, valued between Rs 1 crore and Rs 2 crore, has almost doubled from the previous year in Noida and Greater Noida. Between July and September, the number of units sold in this price range increased sharply, reflecting a broader trend in buyer preferences. Larger homes are also seeing a boost in demand, with homes over 1,500 square feet now making up 28% of all sales.
Rising Popularity of Bigger Homes
Homebuyers are increasingly opting for larger homes, as seen in recent sales data. Homes measuring over 1,500 square feet now represent a greater share of the market. During July-September, properties above 1,500 sq ft accounted for 28% of all home sales, compared to 21% last year. This shift towards bigger homes is consistent with the growing interest in more spacious, high-end properties in Noida and Greater Noida.
Continued Growth in Premium Property Transactions
In the last quarter, the share of transactions in the Rs 1 crore and above price bracket grew to 20%, up from 11% in the same period last year. The market for properties priced between Rs 1 crore and Rs 2 crore has nearly doubled, with this category accounting for 14% of sales, compared to 8% a year ago. This indicates strong and sustained demand for premium properties.
A Closer Look at Property Sales
Between July and September, 8,128 properties were registered in Noida and Greater Noida. Of these, 14% (1,138 units) were priced between Rs 1 crore and Rs 2 crore. This marks a significant increase from the previous year when only 616 units were sold in the same range. The increase highlights the growing popularity of high-end properties in these regions.
Micro-Markets Lead the Way
Noida Extension and Noida Central emerged as the top-performing micro-markets in terms of residential property sales. Together, these two areas accounted for 57% of the total home sales value in Noida and Greater Noida. Noida Extension recorded the highest number of registered transactions, with nearly 3,000 units sold, followed by Central Noida with over 1,900 transactions.
Noida Expressway and Central Noida Top the Charts
Noida Expressway and Central Noida led in terms of average sales values. Noida Expressway topped the list with an average property value of Rs 1.23 crore, followed by Central Noida at Rs 94 lakh. This demonstrates the continued demand for premium properties in these areas, driven by better infrastructure and increased connectivity.
Factors Fueling the Demand for Premium Homes
The surge in demand for premium homes is primarily driven by factors such as better metro connectivity and proximity to the upcoming international airport in Jewar. The ongoing development in these areas is making Noida and Greater Noida highly desirable to homebuyers looking for both luxury and convenience.
Post-Pandemic Demand for Larger Homes
The trend towards larger homes has also been amplified by the pandemic. Many homebuyers are seeking more space to accommodate work-from-home arrangements and maintain a healthy work-life balance. As a result, demand for larger, premium homes has surged, and many buyers are willing to pay a premium for additional space.
The Role of Legislation and Market Shifts
Real estate experts attribute the rise in demand for premium properties to several key legislative changes, including the implementation of the Insolvency and Bankruptcy Code and the Real Estate (Regulation and Development) Act. These changes have made the market more transparent, leading to a shift towards organized, high-end developments in Noida and Greater Noida.
Conclusion
The sale of premium homes in Noida and Greater Noida has seen substantial growth, especially in the high-end market segment. With improved infrastructure, including metro connectivity and the upcoming international airport, these areas are becoming increasingly attractive to buyers. As demand for larger, premium homes continues to rise, Noida and Greater Noida are set to remain key players in the NCR real estate market.
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