Noida and Greater Noida Real Estate Markets See Significant Growth
The combined registered home sales value for Noida and Greater Noida has risen to ₹6,328 crore, marking a 34% year-on-year (YoY) growth, according to data provided by Square Yards. The region saw a 6% increase in property registrations during the July-Sep
Noida Real EstateGreater Noida Real EstateProperty RegistrationsHome Sales ValueReal Estate GrowthReal EstateNov 18, 2024
As many as 8,128 properties were registered in Noida and Greater Noida, a notable rise from the 7,693 units registered in the same period last year. Greater Noida accounted for 62% of these transactions, underscoring its leading role in the market.
Specifically, Noida saw a 15% increase in home registrations, from 2,720 units to 3,127 units. In contrast, Greater Noida experienced a marginal 1% increase, from 4,973 units to 5,001 units. Despite the smaller increase in transaction volume, Greater Noida's home sales value grew by 13%, while Noida's sales value surged by 62%.
This higher growth in sales value, relative to transaction volume, has led to a notable rise in average home values. Noida’s average home sales value has crossed the ₹1 crore mark, increasing by 41% year-on-year to ₹1.05 crore. Meanwhile, the average sales value in Greater Noida reached ₹61 lakh.
According to Ravi Nirwal, Sales Director and Principal Partner at Square Yards, the sustained growth in Noida and Greater Noida's residential market is driven by several factors, including infrastructure advancements. The upcoming Jewar International Airport is a significant catalyst, enhancing both commercial and residential sectors.
In the September 2024 quarter, both cities recorded double-digit growth in home sales value and registered transactions. The demand for mid-range and premium housing segments has been particularly strong. The growing preference for high-end apartments has pushed average sales values, with Noida's property value crossing the ₹1 crore mark.
Recent initiatives, such as allowing sales agreements to commence with just 10% of the property value, have further boosted buyer confidence. The expansion of the metro and tech infrastructure is also enhancing connectivity and liveability in the region, fueling residential demand even more.
Square Yards, a leading real estate consultant, has been instrumental in providing valuable insights and analytics to stakeholders in the market. Their data and analysis are crucial for understanding trends and making informed decisions in the real estate sector.
This positive trajectory in the Noida and Greater Noida real estate markets is expected to continue, driven by ongoing infrastructure developments and a robust demand for quality housing.
Frequently Asked Questions
What is the combined registered home sales value for Noida and Greater Noida in the July-September quarter of 2024?
The combined registered home sales value for Noida and Greater Noida in the July-September quarter of 2024 is ₹6,328 crore, marking a 34% year-on-year growth.
How many properties were registered in Noida and Greater Noida during the July-September period?
A total of 8,128 properties were registered in Noida and Greater Noida during the July-September period, representing a 6% increase from the previous year.
What factors are driving the growth in the Noida and Greater Noida real estate markets?
The growth in the Noida and Greater Noida real estate markets is driven by infrastructure advancements, such as the upcoming Jewar International Airport, and initiatives like allowing sales agreements to commence with 10% of the property value. Enhanced connectivity and liveability are also significant factors.
What is the average home sales value in Noida and Greater Noida as of the September 2024 quarter?
As of the September 2024 quarter, the average home sales value in Noida is ₹1.05 crore, and in Greater Noida, it is ₹61 lakh.
Which city in the region saw a higher growth in home sales value?
Noida saw a higher growth in home sales value, with a 62% year-on-year increase, compared to a 13% increase in Greater Noida.
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