The property prices in Greater Noida West appreciated 21.6 percent year-on-year (YoY) while rentals have surged 13.15 percent YoY making it a focus of affordable residential investments, according to a Magicbricks report.
The report observed that homebuyers favoured apartment sizes exceeding 1,250 sq ft, contributing to 54.5 percent of the total demand and more than 50 percent of homebuyers sought properties in the range of Rs 5,000-7,500 per sqft.
Also Read: Demand for Greater Noida residential property increased 38.9% in Q2: Magicbricks report
The report stated that Greater Noida West has witnessed the highest growth of 8.62 percent YoY in supply compared to other localities in Greater Noida, which has propelled demand in the area as well.
The area is attracting demand from both domestic and NRI customers, with residents from Delhi, Ghaziabad, Noida and Mumbai constituting 90 percent of domestic demand. NRIs from the United States, Canada, United Kingdom and UAE constitute 85 percent of the international demand in Greater Noida West, the report observed.
Also Read: Residential property demand rose 7.8% YoY, 10.4% on sequential basis in April-June 2023: Magicbricks
Sudhir Pai, CEO of Magicbricks, said, “This year has witnessed a noticeable inclination towards spacious residences, fuelling a surge in demand for properties in peripheral regions like Greater Noida West. Boasting reasonably priced housing options, rapid infrastructure enhancements, and close proximity to employment hubs, Greater Noida West has swiftly ascended as a highly sought-after locale within the NCR.”
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