Noida property prices rise as demand for luxury apartments increases.
The Noida property market is expanding, with increased demand and record-breaking sales in 2023. According to a recent JLL survey, 14,822 units were sold in the city last year for a stunning Rs 24,944 million.
- Noida property’s growing infrastructure and foreign investment make it a desirable location for both businesses and inhabitants.
- Increased Value Investments Investor confidence is driving the real estate industry, resulting in more funding for new developments.
- Improved Job Opportunities such as Noida’s growing economy attract professionals and increase home demand.
- Developers are creating high-quality flats and condos in all segments to meet growing demand.
Price Rise and Shifting Preferences?
The average price of a flat in Noida has significantly increased, as the research also notes. Prices increased from Rs 1.24 crore in 2022 to Rs 1.68 crore in 2023, suggesting that buyers were becoming more interested in upscale real estate. The micro market along the Noida-Greater Noida Expressway, which has developed into a hub for renowned national developers releasing high-end projects, is where this tendency is most noticeable. Notably, ultra-luxury projects with a limited number of units have also been introduced in the Greater Noida submarket
Confidence in Under-Construction Projects?
The market received confidence from the government agencies’ rehabilitation of projects that had stopped and the continued involvement of real estate developers. Remarkably, 62% of 2023’s sales went toward projects that were still in the planning stages. This change implies that consumers are starting to trust the market’s rules and transparency again.
Luxury Segment on the Rise?
Demand for luxury flats has increased in Noida, a city long recognized for its mass-market and reasonably priced housing options. A substantial 23% of all sales in 2023 were made up of apartments costing Rs 3.5 crore or more. More proof that the area’s real estate prices are rising comes from the planned Noida International Airport.
Positive Outlook for the Future?
The projected influx of new developments and infrastructure projects, such as the Noida International Airport, in conjunction with the declining unsold inventory, bodes well for the future of the real estate market in Noida. Additional development and investment is anticipated to be attracted by this expansion, thereby reinforcing Noida’s status as a significant commercial and residential center.
