Noida and Greater Noida: The New Epicenters of Luxury Real Estate

Over the past five years, Noida and Greater Noida have transitioned from affordable housing hubs to prime locations for luxury real estate. The surge is driven by infrastructure development, completion of stalled projects, and favourable policies. Prices have seen significant appreciation, with developers offering high-end apartments, contributing to the region's booming market.

Noida and Greater Noida, previously known for affordable housing, have evolved into prime locations for luxury real estate over the last five years.

New property launches exceeding Rs 1 crore are now commonplace, signaling a shift in the market dynamics.

A JLL report highlights that 14,822 flats worth Rs 24,944 crore were sold in Noida last year, with a noticeable rise in average apartment prices from Rs 1.24 crore in 2022 to Rs 1.68 crore in 2023. Apartments priced at Rs 3.5 crore and above accounted for 23% of total sales in 2023. Key drivers of this transformation include infrastructure development, completed stalled projects, and favourable policy changes.

The region has witnessed a slew of infrastructure projects, including the construction of an international airport, dedicated industrial sectors, data centre land banks, and enhanced connectivity through roads, railways, and metro lines.

Developers such as Experion, M3M, Godrej, Ace, County Group, and Max are offering ultra-luxurious and high-end studio apartments in Central Noida. Prices have appreciated notably in the 7x and expressway sectors, with significant increases from 2019 to the present day.

Himanshu Garg, RG Group Director, emphasized the shifting buyer preferences towards lifestyle-centric properties, prompting developers to venture into the premium segment.

The completion of previously stalled projects, facilitated by SWAMIH funds and efforts by UP RERA, has revitalized the market. Large-scale infrastructure developments and government efforts to maintain law and order have significantly improved the public perception of the region, further driving demand and prices.

The state government's acceptance of the Amitabh Kant Committee's recommendations has also played a pivotal role in this growth, making the Noida and Greater Noida region an attractive hub for businesses and job seekers.

Stakeholders like Alakshendra Singh of Eros Group and Sarthi Goel of Civitech Group highlight the improved demand and prices, noting that upcoming projects will maintain high standards of quality and timelines while remaining relatively affordable compared to similar regions.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)