Noida Real Estate Market: Property Prices More Than Double Over the Past Five Years

2024-11-07 02:40:01

According to PropEquity data, the weighted average price of new launches in Noida has risen by approximately 152% to ₹14,946 per square foot in 2024 (as of September), compared to ₹5,910 per square foot in 2019.

Historically known for affordable and mid-range housing, Noida and Greater Noida have transformed over the past five years into prime destinations for premium real estate. Industry insights and data indicate that property prices in these areas have more than doubled since 2019.

Data shows that new launch prices in Noida and Greater Noida have surged by 152% and 121%, respectively, since pre-COVID times. The secondary market has also seen notable appreciation, with prices rising about 81% over the same period. 

Noida has emerged as a top choice for high-end residential projects among Delhi-NCR’s micro-markets, largely due to infrastructure upgrades, enhanced connectivity, economic growth, and strong buyer sentiment. The pandemic notably increased demand for larger spaces and better amenities, attracting prominent developers such as Prestige Group, Godrej Properties, and Sobha Limited, who are catering to the post-pandemic buyer.

Property Price Appreciation

PropEquity data shows new launch prices in Noida have climbed by around 152%, reaching ₹14,946 per square foot in 2024, up from ₹5,910 per square foot in 2019. The average price of a 2BHK unit in new projects has risen from ₹5,712 per square foot in 2019 to ₹16,000 in 2024, marking an increase of roughly 180%. However, few new projects in recent years have offered 2BHK units.

Likewise, the price for 3BHK units in Noida's new launches has grown by approximately 146%, reaching ₹12,828 per square foot in 2024 from ₹5,219 in 2019. In Greater Noida, the average price per square foot for new launches has risen from ₹3,900 in 2019 to ₹8,601 in 2024, a jump of over 120%.

Notably, the inventory of unsold housing in Noida has declined significantly, from 11,379 units in 2019 to 4,745 units in September 2024, with similar reductions observed in Greater Noida.

The secondary real estate market in Noida has also experienced considerable growth. Geetanjali Homestate data indicates that average prices for 2BHK units in Central Noida rose to ₹8,150 per square foot in 2024 from ₹4,500 in 2019, while 3BHK units saw a 77% increase, reaching ₹11,500 per square foot.

Greater Noida West has seen comparable growth. For example, the average price for 2BHK units increased from ₹3,500 in 2019 to ₹5,500 per square foot in 2024, a 57% rise.

Commercial Sector Growth

The demand for office spaces in Noida has soared, with companies like Infosys, Microsoft, and Samsung establishing operations in the area. This influx has contributed to a 40% growth in the commercial property market over the past five years, according to Vishal Raheja of InvestoXpert.

Driving Factors

The past five years have seen Noida and Greater Noida grow from emerging markets into mature real estate hubs, driven by major infrastructure projects and increasing demand. Improved connectivity through expanded metro lines and expressways has contributed significantly to this real estate boom.

Real estate experts note that Noida and Greater Noida, once primarily recognized for affordability and planning, are now appealing to upper-middle-class buyers due to proximity to projects like the upcoming Jewar Airport and the Film City project. The rise in property values and influx of corporate interest have further elevated the market status of Noida.

Future Outlook

With initiatives such as the Delhi-Mumbai Industrial Corridor (DMIC) and the anticipated Film City along the Yamuna Expressway, the area is poised to attract more commercial investments. The planned metro extension to Jewar Airport and over 100 ongoing residential and commercial projects indicate that Noida and Greater Noida will continue to be among the fastest-growing real estate markets in North India, with an estimated annual growth rate of 20% in new projects.

As the region matures into a major commercial and residential hub, Noida is set to cement its place as a significant real estate powerhouse in North India.