Noida, previously considered an affordable and popular housing market, has recorded significant sales in the luxury segment. (Representative image)
The revival of stalled projects by government agencies and the active participation of developers further increased confidence in the market.
Noida's residential sector continues its strong momentum with record sales in 2023. A total of 14,822 apartments were sold, valued at a significant amount of Rs ~ 24,944 crore, according to a new analysis by the real estate firm. JLL.
JLL said factors including promising development opportunities, increased investment, improving job prospects and the availability of high-quality housing options have all contributed to this impressive growth.
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Notably, the average cost of an apartment in Noida has increased significantly from Rs 124 crore in 2022 to Rs 168 crore in 2023. This surge in prices further highlights the attractiveness of Noida's residential market, JLL added.
The Noida-Greater Noida Expressway micro market has emerged as a key venue for major national developers to introduce their projects. Additionally, ultra-luxury projects with a limited number of units have been introduced in the Greater Noida submarket.
The revival of suspended projects by government agencies and the active participation of real estate developers further increased trust in the market.
“Apartment sales of 14,822 units in 2023 were the highest since 2016, reflecting a resurgence in the housing market driven by high-quality supply and stable economic conditions,” said Dr. Samantak Das, Chief Economist and Chief Research Officer, REIS, JLL, India. He said.
Das added that 62% of sales came from construction projects. This depicts the restoration of buyer confidence in construction projects as the market matures in terms of transparency and regulation, Das said.
Noida, previously considered an affordable and popular housing market, has recorded significant sales in the luxury segment. Apartments priced above Rs 3.5 crore accounted for 23% of total sales in Noida in 2023.
“The upcoming Noida International Airport is expected to play a significant role in the surge in the housing market,” Das said.
“Noida housing market shows resilience and growth in both demand and supply parameters. High-quality supply has entered the market, with more than 5,900 apartments launched in 2023. Despite the increase in new launches, unsold inventory in Noida has fallen to the lowest level since 2009. It was down 16% year-on-year to 45,306 units, indicating robust demand from both investors and end-users,” Manish said. Aggarwal, Managing Director, JLL North and East India.
The promising outlook for the market has been further strengthened by the decline in unsold inventory along with new planned supply and infrastructure developments, including the Noida International Airport.