Noida and Greater Noida witnessed a noticeable upswing in homebuyer interest in October-December 2023 (Q4 2023), recording 7,481 transactions amounting to Rs 3,179 crore, according to Square Yards Data Intelligence for property registered by the Inspector General of Registration (IGR), UP.
Nirala World led in terms of volume and units registered with 371 units amounting to Rs 203 crores followed by Ace Group recording 259 registrations totaling Rs 181 crores in the October-December quarter.
Gaurs Group and Gulshan Homes also experienced good uptake for their inventory this quarter which is evident in their property registrations and sale value.
Anupam Rastogi, co-founder and CBO-NRI of Square Yards, said, “Noida and Greater Noida have everything that epitomises a modern cosmopolitan city. Excellent road and metro connectivity, strong infrastructure, bustling business and IT hubs, and affordability have made the twin cities potential real estate hotspots.”
He added that the new Jewar International Airport has proved to be a shot in the arm for the region’s prospects, positioning it for a real estate boom. Moreover, there is a right mix of housing inventory catering to all walks of life, that has caught the attention of homebuyers, fostering strong demand and paving the way for future growth opportunities.
In terms of projects, the Greater Noida region exhibited the highest number of registrations in the current quarter. Nirala World and Ace Group stood out as dominant players in the project charts. Nirala Estate in Greater Noida recorded 377 units registered, accumulating Rs 206 crore in the fourth quarter, while Ace Divino followed closely with 274 registrations amounting to Rs 194 crore.
With Delhi having already reached a saturation point and homebuyers finding themselves priced out of the Gurugram real estate market, Noida and Greater Noida have emerged as value-oriented real estate destinations. Featuring competitive real estate prices and a variety of housing formats to choose from, the twin cities present a plethora of choices for discerning homebuyers.
However, Greater Noida scored a big edge over its counterpart in this quarter which is evident in 94 per cent of the transactions in this region. Greater Noida West and Noida Extension have witnessed the most transactions due to their ready-to-move, affordable and luxury apartments and good societies, less density, quieter environs and nearness to educational institutes, commercial hubs and office campuses.
Conversely, Noida’s micro-markets witnessed a decline in transactions attributed to a reduction in supply in the city and the availability of more premium yet affordable options in Noida’s peripheral areas and in Greater Noida.
In all, Noida and Greater Noida’s realty scenario has changed a lot due to its superior infrastructure than the rest of the suburbs of the national capital region. The cities’ expanding metro network, increasing business and IT hubs and good-quality residential projects renowned for delivering value-oriented returns have collectively positioned this region as a prominent realty hub in North India.
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