The housing prices in Noida and Greater Noida soared by 152 per cent and 121 per cent, respectively, in the past five years.
Noida and Greater Noida are fast emerging as premium real estate destinations amid massive infrastructure development, primarily the Noida International Airport, improving law and order situation, emergence of IT firms and branded developers, the state government’s investor-friendly policies and efforts to revive the stalled housing crisis. It led to an increase in demand and prices of real estate in the twin cities.
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According to a report by real estate data analytics form PropEquity, the housing prices in Noida and Greater Noida soared by 152 per cent and 121 per cent, respectively. The weighted average launch price in Noida has risen from Rs 5910 per sqft in 2019 to 14,946 per sqft in September 2024, while the same in Greater Noida has risen from Rs 3900 per sqft to Rs 8,601 per sqft during this period.
The commencement of work on Noida International Airport began during the pandemic in 2020-2021. It was during this period that the Indian economy witnessed a major shift in investment towards real estate as an asset class and homebuying sentiments were also on the rise. The property markets in Noida and Greater Noida also began to see renewed interest from both HNI/UHNI & NRI home seekers and developers.
Real estate supply in Noida and Greater Noida in 2019 and 2024 (year-to-date).
“It reflects the area’s impressive growth as a key investment destination. It highlights the rising demand and Noida’s transformation into a highly desirable hub for residential and commercial development. Future infrastructure projects, including the Jewar Airport, are expected to elevate the region’s appeal further, strengthening its long-term investment potential and reinforcing its standing as a dynamic real estate market within the NCR,” said Yash Garg, Director, M3M Noida.
The scarcity of land and the rising cost of construction have also led to spike in prices as developers look to increase their margins.
“This drive positions Noida for continued growth in the coming years, in line with this momentum, M3M India is also coming up with residential and commercial projects in Noida, adding to the region’s real estate expansion,” Garg added.
The considerable rise in leasing in Grade A offices and malls owing to the presence of IT companies and heightened retail activity is positively impacting the housing market. This is reflected in the total absorption exceeding total supply in both the markets during this period. While Noida accounted for 31,072 units of housing supply, the absorption stood at 45,466 units between 2019-Sept 2024. The same in Greater Noida stood at 54,782 units and 1,09,666 units respectively.
Developers attribute this growth and the twin city’s future potential to the upcoming Noida International Airport, which is expected to commence operations in April 2025.
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Kunal Rishi, chief operating officer of Paras Buildtech, said this unprecedented appreciation is largely due to transformative infrastructural developments, especially the upcoming Noida International Airport, expanded metro connectivity, and the Noida Expressway, which serves as a vital link to Delhi and other NCR hubs.
“As these infrastructure projects progress, the regions are expected to sustain this upward momentum, further establishing Noida and Greater Noida as premier real estate investment destinations,” Rishi added.
According to the PropEquity report, the Noida market has seen the number of units launched and absorbed reduce by half from 2019 levels and record high witnessed in 2021. However, In Greater Noida, supply increased and absorption fell during this period.
Vijay Harsh Jha, founder and CEO of property brokerage firm VS Realtors said, “Noida has traditionally been an end-user driven market but the swiftness with which housing prices have crossed the Rs 10,000 psqft threshold points to investors coming into play here. Both launches and absorptions seem to be stabilising from the highs witnessed in 2021.”
The data revealed that the new launch price of 3BHK units in Noida and Greater Noida have risen by 146 per cent and 134 per cent, respectively, between 2019-September 2024.”
He added that the average launch price of a 3BHK home stands at Rs 12,828 per sqft, while that in Greater Noida stands at Rs 8,595 per sqft as on September 2024. The unsold inventory has gone down significantly in both the markets.
“Noida has evolved as a premium real estate destination with not only a rise in demand for large spaces but also an increase in occupancy of residential units in certain pockets,” Jha added.
