With record-breaking sales in 2023 and a spike in demand, the Noida real estate market is thriving. According to a recent analysis by real estate consulting firm JLL, 14,822 apartments in the city were sold for an astounding Rs 24,944 crore last year.
Factors Fueling Development
There are a number of reasons for this amazing increase, including:
- Promising Development Opportunities: Noida is becoming a more desirable place for businesses and residents to live as a result of significant foreign investments and infrastructure development.
- Increasing Confidence Among Investors: As the real estate industry gains traction, more money is being put into new developments.
- Better Job Prospects: Professionals are drawn to Noida by its booming economy, which also increases demand for property.
- High-quality Housing Options: In response to the increasing demand, developers are building high-quality homes and apartments in a range of price points.
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 has become more confident as a result of government agencies reviving projects that had stalled and real estate developers actively participating. It’s interesting to note that 62% of sales in 2023 went toward projects that were still under development. This change implies that consumers are starting to believe again in the openness and rules that control the market.
