Noida and Greater Noida Housing Market Hits New Highs with Sales Value Up 34%

Noida and Greater Noida are becoming major players in Delhi-NCR’s real estate market. Both cities have shown strong growth in Q3 2024. Improved infrastructure, rising demand for mid-range, premium housing options, and greater investors have fueled this growth. Square Yards, a top real estate platform, has been tracking this rise and highlighted a 34% year-on-year increase in home sales value. 

Ravi Nirwal, Sales Director and Principal Partner at Square Yards, also shared his thoughts on Noida’s growth. He says:

“In the September 2024 quarter, both cities posted notable double-digit growth in home sales value and registered transactions—a surge driven by robust demand across mid-range and premium housing segments. The growing preference for high-end apartments has notably pushed average sales values, with average property value crossing the Rs 1-crore mark in Noida”.

Q3 Progress in Sales and Registrations

The residential market in Noida has seen impressive growth, with the average home sales value crossing the Rs 1 crore mark (reflecting a 41% year-on-year increase). According to Square Yards, the total registered home sales value in Noida reached Rs 3,291 crore during the July-September 2024 quarter, marking a 62% growth.

On the other hand, Greater Noida recorded an average home sales value of Rs 54 lakh to Rs 61 lakh (a 13% rise from last year). While the growth in average home values was more modest, Greater Noida led in transaction volumes. The total home sales value in Noida and Greater Noida combined reached Rs 6,328 crore, up 34% from the previous year. This growth was driven by strong demand across the mid-range and premium housing segments.

Statistics of Premium Properties 

Demand for larger homes increased in the July-September 2024 period. Apartments between 1,500 and 3,000 sq. ft. now comprise 28% of total transactions, up from 21% last year. The share of properties priced above Rs 1 crore also nearly doubled, showing a growing interest in premium properties.

Square Yards has observed a significant uptick in higher-value properties. With several luxury projects listings, large homes take a larger portion of the market. This shift is likely influenced by factors linked with upcoming infrastructural growth. Developers like ABA County Group and ATS have constructed premium residential options to be instrumental in this trend.

Micro-Market Performance

Noida Extension and Noida Central’s micro-market performance collectively contributed 57% of the total home sales value in the region. Noida Extension recorded the highest number of registered transactions, with 2,985 units sold, while Noida Central accounted for 1,912 transactions.

The average sales value of properties in the Noida Expressway area reached Rs 1.23 crore, showcasing a continued demand for high-end apartments. Other regions, such as Noida Central, also saw significant activity. With average property values of Rs 94 lakh, Noida reflected a steady interest in premium developments.

Future Growth of Real Estate 

Infrastructure projects are key to growing Noida’s residential markets and Greater Noida. Upcoming developments like Jewar International Airport, metro extensions, and Noida Film City are planned to attract more crowds to the city. Also, the expansion of the Noida-Greater Noida Expressway will make travel between these cities and Delhi much easier.

Read more through the links below to uncover the key trends and market leaders driving this growth:

Hindustan Times – https://bit.ly/3CAnW9b
Business Standard – https://bit.ly/4hW5Dvk
ET NOW – https://bit.ly/4fS61cg
Zee Business – https://bit.ly/4ggaJkD
News18 India – https://bit.ly/4i0eFrm
moneycontrol.com – https://bit.ly/4fUzuCA
Realty & More – https://bit.ly/3AIbqUG
Dev Discourse – https://bit.ly/3AGBoId
The Week – https://bit.ly/40S1e6A
Rediff.com – https://bit.ly/4fBqvGI
Press Trust of India – PTI – https://bit.ly/3AU7CzE