Sale of premium homes doubles in Noida and Greater Noida, July-Sept data shows

Homebuyers in Noida-Greater Noida desire bigger, high-end homes as sale of premium properties nearly doubled in Q3 2024

The residential property market in Noida and Greater Noida experienced a perceptible shift in  preferences between July and September amid increased demand for larger and higher-priced apartments.

According to data from the Inspector General of Registration (IGR) and Square Yards, the sale of premium or high-end apartments priced between Rs 1 crore to Rs 2 crore in Noida and Greater Noida have nearly doubled during July-September in comparison to the corresponding period last year.

Similarly, homebuyers' inclination towards bigger homes have also gone up. The share of sale of homes ranging above 1,500 square (sq) feet (ft) have grown, touching up to 28 per cent of the total sales during this period.

Real estate experts said that these trends align with the growing preference for premium and bigger properties in this areas in the national capital region (NCR).

Data showed that transactions in the Rs 1 crore and above ticket bracket rose up to 20 per cent in Q2 — up from 11 per cent since the corresponding period last year. Similarly, apartments priced between Rs 1 crore and Rs 2 crore saw their share rising nearly double, up to 14 per cent during this timeframe — up from around 8 per cent during the same period last year.

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Ashish Mishra

Prinicipal Correspondent|moneycontrol

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Also Read: Noida, Greater Noida housing markets see sales value surging 34%, registrations rising by 6% in Q3CY2024

Altogether, a total of 8,128 properties were registered with IGR in Noida and Greater Noida between July and September — of which 14 per cent (1,138 units) were in the price bracket between Rs 1 crore and Rs 2 crore. However, in comparison, only 616 units were sold during the same period last year.

While units between 1,000-1,500 sq ft accounted for 40 per cent of total transaction volume, interest in larger apartments measuring 1,500-3,000 sq ft grew significantly. The rise was from 21 per cent to 28 per cent of the total transactions between July and September, as compared to the same period a year ago. Apartments above 3,000 sq ft accounted for 6 per cent of the total transaction volume, according to the available figures.

Micro-market performance

Data shows that in the Q2 Noida Extension and Noida Central emerged as the top-performing micro-markets in Noida and Greater Noida’s residential sector. Collectively, they contributed 57 per cent of total home sales value.

Noida Extension recorded the highest number of registered transactions, with 2,985 units sold, followed by Central Noida, which accounted for 1,912 transactions during July and September.

In terms of average sales value, Noida Expressway led with an average property value of Rs 1.23 crore, closely followed by Central Noida at Rs 94 lakh. The pattern reflected a sustained demand for high-end apartments in these areas.

Also Read: Noida real estate market: property prices more than double in last five years

Real estate experts said that Noida and Greater Noida’s housing market would continue to expand. The boom is driven by rising demand across both mid-range and premium housing segments. Enhanced Metro connectivity and proximity to the upcoming international airport in Jewar have played a significant role in fuelling the robust growth.

They said that the twin urban areas are witnessing a steady influx of working professionals as more companies establish commercial spaces coupled with additional initiatives such as the proposed Noida Film City set to create further employment opportunities. Developers are responding to this momentum, strategically positioning new projects in high-demand areas, and particularly around the Yamuna Expressway, where new land parcels are becoming available.

Himanshu Garg, director, RG Group, said that after Covid-19 pandemic the trend towards group housing increased rapidly. There was a sudden jump in demand for large-sized units due to homebuyers' frenetic bid to upgrade their existing homes in order to maintain work-life balance. They are willing to pay a premium for extra space for both contingency and personal space, he added.

Avneesh Sood, director, Eros Group, said that after the implementation of the Insolvency and Bankruptcy Code, 2016 and the
Real Estate (Regulation and Development) Act, 2016, the  market was left only for organised, large and stable real estate institutions. The legislations led the entire Noida and Greater Noida market to offer premium properties which seems difficult to justify in small-size units.

Also Read: From Dwarka to Yamuna Expressway: Infrastructure upgrades fuel new realty hotspots across NCR

“The move was fuelled by rising demand for big- size units. The upward cost of land acquisition and construction are some major factors driving the prices for both commercial and residential properties,” he added.