Noida and Greater Noida Transactions Hit Rs. 6,013 Crore in Sales Value, Recording a 59% YoY

Noida and Greater Noida have once again proved that they are Uttar Pradesh’s key real estate players. These two cities increased their registered property numbers by 29% within a year, followed by Lucknow and Ghaziabad. Experts have attributed this jump to multiple ongoing infrastructural developments, including the rising metro connectivity and the construction of Jewar International Airport.

The recently announced investment worth Rs. 60 crore by the Greater Noida Authority will also greatly impact the city’s livability status and improve the overall water supply and street lighting. According to Square Yards, the number of registered properties in Noida and Greater Noida crossed a benchmark of 8,200 listings in the second quarter of 2024, per IGR records. Their combined sales value has reached Rs. 6,013 crore for the cities, boasting a massive 59% year-on-year surge and even outpacing the jump in transaction value.

Noida and Greater Noida contributed 47% and 53%, respectively, in this record-breaking sales value, while the latter makes up for 61% of the transaction value recorded in Q2 2024. Noida’s average sales value per home was significantly higher at INR 88 Lakh, compared to Greater Noida’s INR 63 Lakh. According to Ravi Nirwal, the Sales Director and Principal Partner of Square Yards, the residential market of both cities has shown a “consistent upward trend over the past few years.” 

He also commented that,  

“A slew of infrastructure projects has been crucial in driving this growth, significantly boosting office space absorption. This trend, in turn, is attracting more professionals and driving a substantial increase in demand for residential properties.” 

Ravi Nirwal praised how the Amitabh Kant committee’s recommendations helped homebuyers looking for ways to exit stalled property projects. This also contributed to double-digit growth in registered property transactions in both cities and boosted the average sales, indicating a rapid shift from “mid-segment” to “amenity-rich premium properties,” particularly in Noida.

He added that the outlook for both of these cities’ residential real estate markets was “very optimistic” and further remarked, 

“The much-anticipated completion of the Jewar airport is a significant confidence booster, and with several branded developers entering the market with high-quality projects, both Noida and Greater Noida are well-positioned for further growth.”

According to Square Yards, Noida experienced a 139% surge in registered residential units from Q1 to Q2 of 2024, reflecting significant quarter-on-quarter growth. The yearly growth rate also jumped 33% from the second quarter of 2023 to 2024 in this fast-growing city. The real estate investors of Greater Noida witnessed a modest growth of 2% as per QoQ growth in 2024, but the yearly registered transaction values rose to 27%. Thus, the combined registered transaction value for both cities was well beyond 8000 units in the second quarter of 2024. 

The yearly growth of registered home sales value surpassed 50% and 59% in Noida and Greater Noida, respectively. This growth was due to the jump in numbers from 3,775 units in Q2 2023 to 6,013 IN Q2 2024. Considering the promising data and major infrastructure advancements, people can expect the developers to construct new and old residential units in Noida and Greater Noida in the coming months.

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

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Business Standard – https://bit.ly/4cCLxT7
NDTV Profit – https://bit.ly/3X2kpHp
News18 India– https://bit.ly/3X2loaz
Realty & More– https://bit.ly/3MoAyli
Business Insider– https://bit.ly/3XnIGco
Press Trust of India – PTI – https://bit.ly/3X2mDqf