Noida Real Estate Market: Property Prices Double in Five Years
According to PropEquity data, the weighted average price of new launch projects in Noida surged by around 152 percent to Rs 14,946 per square foot in 2024, from Rs 5,910 per square foot in 2019.
Noida Real EstateProperty PricesNoida DevelopmentGreater NoidaReal Estate MarketReal EstateNov 06, 2024
According to PropEquity, the weighted average prices of new launch housing projects in Noida surged by 152 percent to Rs 14,946 per square foot in 2024, from Rs 5,910 per square foot in 2019. Similarly, the price appreciation in the secondary housing market has been significant, with an 81 percent increase in the last five years.
The Noida region has become a sought-after destination for high-end residential projects, driven by infrastructure upgrades, improved connectivity, increased economic activity, and strong buyer sentiment. The pandemic has played a crucial role in this shift, driving up demand for larger spaces, better amenities, and green surroundings. This has attracted premium and high-end developers from other regions to Noida and the National Capital Region (NCR).
Property Price Appreciation
The weighted average price of newly launched projects in Noida has surged by around 152 percent to Rs 14,946 per square foot in 2024, from Rs 5,910 per square foot in 2019. The weighted average price of 2BHK new launches in Noida soared from Rs 5,712 per square foot in 2019 to Rs 16,000 per square foot in 2024, a growth of around 180 percent. Similarly, the price of 3BHK new launches increased by 146 percent to Rs 12,828 per square foot in 2024, from Rs 5,219 per square foot in 2019.
In Greater Noida, the weighted average price of new launch projects surged from Rs 3,900 per square foot in 2019 to Rs 8,601 per square foot in 2024, a jump of over 120 percent. The average price of a 2BHK unit in new launch projects in Greater Noida appreciated by 122 percent to Rs 7,849 per square foot in 2024, from Rs 3,537 per square foot in 2019. The price of a 3BHK unit also saw a 134 percent increase, rising to Rs 8,595 per square foot in 2024, from Rs 3,673 per square foot in 2019.
Unsold Inventory and Secondary Market
Data shows that unsold housing inventory in Noida has dropped significantly to 4,745 units in 2024 from 11,379 units in 2019. Similarly, in Greater Noida, unsold inventory has decreased to 9,953 units in 2024 from 30,924 units in 2019. The secondary real estate market in Noida has also seen significant growth. The average price of 2BHK units in Central Noida increased to Rs 8,150 per square foot in 2024 from Rs 4,500 per square foot in 2019, while the price of 3BHK units grew by 77 percent to Rs 11,500 per square foot in 2024 from Rs 6,500 per square foot in 2019.
Commercial Property Market
The commercial property market in Noida has witnessed a robust increase in demand, with tech giants and multinational corporations setting up bases in the city. The presence of major players like Infosys, Microsoft, and Samsung in sectors along the Noida-Greater Noida Expressway and Sector 62 has boosted office occupancy rates, pushing the commercial property market growth by about 40 percent in the past five years.
Driving Factors
Real estate experts attribute the rapid growth in Noida and Greater Noida to a blend of strategic infrastructure projects and rising demand. The improved connectivity via expanded metro lines and expressways has played a crucial role in the real estate boom. Sunil Sisodiya of Geetanjali Homestate notes that before the pandemic, Noida and Greater Noida were primarily known for their affordable housing and planned infrastructure. However, the region has transformed into bustling urban centers, catering to both end-users and investors.
Future Outlook
Projects such as the Delhi-Mumbai Industrial Corridor (DMIC) and the anticipated Film City along the Yamuna Expressway are expected to further position the region as a major entertainment and business hub. The Noida-Greater Noida Metro Aqua Line and plans for extending the metro to Jewar Airport are anticipated to enhance the appeal of these cities. With over 100 new housing and commercial projects in various stages of development, Noida and Greater Noida offer immense potential for future growth, with an estimated 20 percent annual increase in new residential and commercial projects over the next few years.
Frequently Asked Questions
What is the current average price of new launch projects in Noida?
The current average price of new launch projects in Noida is around Rs 14,946 per square foot.
How much have property prices in Noida increased in the last five years?
Property prices in Noida have surged by around 152 percent in the last five years.
What factors have contributed to the growth of Noida's real estate market?
The growth of Noida's real estate market is attributed to infrastructure upgrades, improved connectivity, increased economic activity, and strong buyer sentiment, particularly post-pandemic.
Have unsold housing inventories in Noida and Greater Noida decreased?
Yes, unsold housing inventory in Noida has dropped to 4,745 units in 2024 from 11,379 units in 2019, and in Greater Noida, it has decreased to 9,953 units in 2024 from 30,924 units in 2019.
What are some upcoming projects in Noida and Greater Noida?
Upcoming projects include the Delhi-Mumbai Industrial Corridor (DMIC), the Noida-Greater Noida Metro Aqua Line, and the anticipated Film City along the Yamuna Expressway.
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