Luxury Home Demand Prevails In Noida

Noida, May 28, 2024: From Rs 1.24 crore in 2022 to Rs 1.68 crore in 2023, the average cost of luxury property in Noida is experiencing a massive tailwind. Apartments priced at ₹3.5 crore and above had a share of 23% in overall sales in Noida in 2023, as per a recent JLL report. So what accounts for the city’s rise from an affordable residential, commercial, and corporate destination to its emergence as NCR’s premium and luxury hub, which has witnessed considerable sales in the luxury segment in the last few years? 

Manoj Gaur, President, CREDAI NCR says – “Through strategic initiatives and policies at the state government level, there has been a concerted effort to foster an environment conducive to the region’s investment and economic growth. They have been instrumental in attracting reputed real estate developers to develop ultra-luxury residential projects, further enhancing Noida’s brand value. Today, Noida, along with Greater Noida, has accounted for around 61% of new launches in the luxury segment and lead in NCR”

Noida’s emergence as a premium city can be attributed to several key factors, including its strategic location, robust infrastructure, and conducive business environment. Noida’s rise to prominence is coterminous with Delhi’s congestion. To begin with, the city lured residents with its lush environment and pocket-friendly prices. As the sectors close to Delhi started filling up, Noida expanded eastwards and, in a decade or so, asserted its dominance. The rapid expansion in premium and luxury residential living spurred the acceleration of commercial infrastructure growth. 

Prateek Tiwari, MD, Prateek Group says – “State government policies, improved connectivity, construction of expressways, metro link extension, and the upcoming Airport have provided a big fillip to the realty landscape of the Noida-Greater Noida market. Besides, the evolving preferences of homebuyers have caused a dramatic shift in the housing segment leading to the increased demand for luxury homes. In the last couple of years, the sectors along Noida Expressway have increasingly come to be viewed as luxury habitation. The Noida-Greater Noida market has rapidly picked up with the luxury housing demand and emerged as one of the preferred locations for luxury living.”

Further, planners’ foresight while announcing a new future city, New Noida, as an extension of Noida and a fully integrated city complete in itself. Till the time New Noida is fully developed, the residents will flock to Noida to utilise its commercial infrastructure, which in turn will boost commercial realty in the city. 

Salil Kumar, Director, Sales & Marketing, CRC Group – “Over the next three decades, Noida is expected to witness continued growth and development across various sectors, including real estate, infrastructure, and technology. Key trends such as urbanisation, digitalisation, and sustainable development will shape the city’s evolution. Additionally, there is a growing emphasis on mixed-use developments offering a blend of retail and office spaces to meet the needs of residents and businesses alike. “

Vikas Bhasin, Chairman and Managing Director, Saya Group “The upcoming Jewar Airport further catalysed Noida’s industrial and business landscape by enhancing connectivity, attracting investment, and driving economic growth. Coupled with Noida’s existing strengths in real estate and industrial development, it has positioned the city as a prime destination for end-users and investors looking to capitalise on emerging opportunities.”

It is needless to say that despite Noida reaching the pinnacle of development, it still has huge untapped potential. The policies of the present government and their intention to transform the entire region into a commercial hub with projects such as Jewar Airport and the integrated rail terminal at Boraki will not only ensure Noida’s dominance in NCR but also make the present time the most opportune moment to invest in the city’s future.