Noida's Luxury Real Estate Boom: What's Driving the Premium Surge?
Noida and Greater Noida have transformed into premium real estate hotspots, with infrastructure development, completion of stalled projects, and favourable policy changes driving the growth.
Luxury Real EstateNoidaGreater NoidaInfrastructure DevelopmentStalled ProjectsPolicy ChangesReal Estate NewsJun 16, 2024
Developers are now offering ultra-luxurious apartments and high-end studio apartments, with prices exceeding Rs 1 crore in the same sectors and on leftover land from earlier projects. According to a report by property consultant JLL, 14,822 flats worth Rs 24,944 crore were sold in Noida last year, with the average apartment price rising from Rs 1.24 crore in 2022 to Rs 1.68 crore in 2023.
Stakeholders believe that the completion of previously stalled projects has also contributed to the growth. The resurgence of these projects has not only rejuvenated the respective sectors but also driven demand and prices upward. Additionally, the state government's acceptance of the Amitabh Kant Committee's recommendations has allowed developers to deposit dues in installments and proceed with unit registrations, further enhancing the perception of Noida.
The perception of Noida has been further enhanced by the government's push for business and infrastructure development, with Fortune 500 companies in IT/ITeS, research, and consulting creating numerous job opportunities and attracting people seeking proximity to their workplaces. Post-pandemic, there is a drastic change in the image of properties and projects in Noida and Greater Noida, with promoters bringing limited units and towers, utilising latest construction technologies to avoid any compromise with quality and timeline.
Frequently Asked Questions
What is driving the premium real estate surge in Noida?
Infrastructure development, completion of stalled projects, and favourable policy changes are driving the growth.
How have property prices changed in Noida over the past year?
According to a 99acres report, prices in over 10 Noida areas have risen 23 per cent year-on-year, with the most substantial increases observed in sectors 108 (60 per cent) and 144 (51 per cent).
What kind of amenities are buyers looking for in Noida?
Buyers are looking for a lifestyle, not just a nice apartment, with luxurious entrances, opulent clubhouses, landscaping, and even facilities for visiting guests.
How have stalled projects contributed to the growth?
The completion of previously stalled projects has rejuvenated the respective sectors and driven demand and prices upward.
What is the current state of the real estate market in Noida?
The market is experiencing a drastic change, with promoters bringing limited units and towers, utilising latest construction technologies to avoid any compromise with quality and timeline.
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