According to data from Square Yards Data Intelligence for properties registered with the Inspector General of Registration (IGR) in UP, there was a significant rise in homebuyer interest in Noida and Greater Noida during October-December 2023 (Q4 2023), recording 7,481 transactions amounting to Rs 3,179 crore.
Nirala World leads in terms of volume and registrations with 371 registrations worth Rs 203 crore, followed by Ace Group with 259 registrations worth Rs 181 crore in the October-December quarter.
Gaurs Group and Gulshan Homes also saw good inventory growth during the quarter, as reflected in their property registrations and sales values.
Anupam Rastogi, co-founder and CBO-NRI, Square Yards said, “Noida and Greater Noida has everything that epitomizes a modern cosmopolitan city. Good road and metro connectivity, strong infrastructure, bustling business and IT hubs and Affordability makes both cities potential real estate hotspots.”
The new Jewar International Airport has proven to be a shot in the arm for the region’s prospects, laying the foundation for a real estate boom, he added. Additionally, a mix of housing inventory suitable for a variety of industries has attracted the attention of homebuyers, fostering strong demand and paving the way for future growth opportunities.
Project-wise, Greater Noida recorded the highest number of registrations during the quarter. Nirala World and Ace Group emerged as the dominant players in the project rankings. Nirala Estate in Greater Noida registered 377 units and generated a cumulative revenue of Rs 206 crore in the fourth quarter, while Ace Divino followed with 274 units registered and a total revenue of Rs 194 crore.
As Delhi has reached saturation point and homebuyers find themselves priced out of the Gurgaon real estate market, Noida and Greater Noida have emerged as value-oriented real estate destinations. Both cities have competitive real estate prices and a variety of housing formats to choose from, providing a variety of options for discerning home buyers.
However, Greater Noida gained a huge advantage over its peers during the quarter, which is evident from 94% of transactions in the region. Greater Noida West and Noida Extension have the highest number of transactions due to their ready moveability, affordable luxury apartments and good social environment, lower density, quieter environment and proximity to educational institutions, business hubs and office parks .
On the contrary, Noida’s micro market transactions declined due to reduced supply in the city and more quality and affordable options in surrounding areas of Noida and Greater Noida.
All in all, the real estate scenario in Noida and Greater Noida has changed a lot due to its superior infrastructure compared to other suburbs in the National Capital Region. The cities’ expanding metro network, growing commercial and IT hubs, and quality residential projects known for value-oriented returns have combined to position the region as a prominent real estate hub in North India.
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