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Property Prices in Noida Surge Over 100% in Last Five Years, Shifting Market Trends

Real Estate

Business Honor
08 November, 2024

Noida's real estate market sees rapid growth as prices double, driven by infrastructure upgrades.

The real estate market in Noida and Greater Noida has witnessed an extraordinary surge in property prices over the past five years. Once known for affordable housing, these regions have emerged as prime destinations for luxury properties, with prices more than doubling since 2019. Real estate data indicates that Noida’s property market has seen a weighted average price increase of 152% for new housing projects, while Greater Noida has experienced a similar rise of 121%.

In 2019, the weighted average price for new housing projects in Noida stood at around ₹5,910 per square foot (psf), but by 2024, this had surged to ₹14,946 psf. Similarly, the price for 2BHK units in Noida has jumped from ₹5,712 psf in 2019 to ₹16,000 psf, a remarkable 180% increase. The Greater Noida region, too, has seen a significant rise in prices, with the weighted average price for new launches rising from ₹3,900 psf in 2019 to ₹8,601 psf in 2024, marking an increase of over 120%.

This rapid price appreciation has been fueled by several factors, including major infrastructure projects, improved connectivity, and rising demand for premium real estate. The ongoing development of metro lines, expressways, and the upcoming Jewar Airport has significantly enhanced Noida’s appeal to both homebuyers and investors. As more high-end developers, such as Godrej Properties, Sobha Limited, and Prestige Group, enter the market, the demand for luxury homes has escalated.

Real estate experts attribute the boom to changes in buyer preferences post-pandemic. The demand for larger homes, better amenities, and green surroundings has attracted affluent buyers to Noida, driving up prices. Moreover, the area’s proximity to IT hubs, industrial zones, and major office spaces has made it a preferred choice for professionals and investors.

In addition to the residential growth, Noida has also seen an increase in commercial real estate activity. The presence of global tech giants like Microsoft and Infosys has led to a robust demand for office spaces, boosting the commercial property market by approximately 40% over the last five years.

With numerous infrastructure projects like the Delhi-Mumbai Industrial Corridor (DMIC) and the Film City project expected to further drive growth, Noida’s real estate market shows no signs of slowing down, positioning it as a key player in North India’s real estate landscape.