Premium Home Sales Double in Noida and Greater Noida, July-September Data Reveals

2024-12-02 02:35:10

Noida and Greater Noida Housing Market Booms with Surging Demand for Premium Homes

The housing market in Noida and Greater Noida is witnessing a significant upswing, driven by rising demand for both mid-range and premium properties. Enhanced metro connectivity and the upcoming international airport in Jewar are key factors fueling this growth, according to real estate experts.

Between July and September, the market saw a notable shift in buyer preferences, with increased demand for larger and higher-priced apartments. Data from the Inspector General of Registration (IGR) and Square Yards reveals that sales of premium apartments priced between ₹1 crore and ₹2 crore nearly doubled compared to the same period last year.

Rising Demand for Larger Homes

Homebuyers' preference for spacious properties has grown significantly. Sales of apartments larger than 1,500 sq. ft. accounted for 28% of total transactions during this period, up from 21% a year ago. Properties between 1,000 and 1,500 sq. ft. made up 40% of total sales, while apartments over 3,000 sq. ft. contributed 6%.

Transactions for properties priced above ₹1 crore rose to 20% in Q2, up from 11% during the same quarter last year. Specifically, sales of apartments in the ₹1 crore to ₹2 crore range increased from 8% to 14%, with 1,138 units sold, compared to 616 units in the previous year.

Top-Performing Micro-Markets

Noida Extension and Central Noida emerged as the top-performing micro-markets, contributing 57% of the total sales value. Noida Extension led with 2,985 registered transactions, followed by Central Noida with 1,912. In terms of average property values, the Noida Expressway topped the list at ₹1.23 crore, with Central Noida close behind at ₹94 lakh.

Future Outlook and Developer Strategies

Real estate experts anticipate continued growth in Noida and Greater Noida's housing market, driven by a steady influx of professionals as more companies set up commercial spaces in the region. Upcoming projects like Noida Film City and developments along the Yamuna Expressway are expected to boost employment and housing demand further.

Himanshu Garg, Director of RG Group, highlighted a post-pandemic trend of increased demand for larger homes as buyers prioritize space to balance work and personal life. Avneesh Sood, Director of Eros Group, noted that regulatory changes such as the Insolvency and Bankruptcy Code (IBC) and the Real Estate (Regulation and Development) Act (RERA) have shifted the market towards organized players offering premium properties.

Rising land acquisition and construction costs are also driving prices upward for both residential and commercial properties, reinforcing the market's focus on spacious, high-end housing.