Noida which was earlier thought-about an reasonably priced and mass housing market, noticed appreciable gross sales within the luxurious phase. (Representative picture)
The revival of stalled tasks by authorities companies, together with lively participation of builders, has additional instilled confidence out there.
The residential sector in Noida has continued to showcase robust momentum with file-breaking gross sales within the calendar yr 2023. A complete of 14,822 flats had been offered, amounting to a big worth of Rs~24,944 crore, based on a brand new evaluation by actual property agency JLL.
JLL stated that components reminiscent of promising growth alternatives, elevated investments, improved job prospects, and the provision of excessive-high quality housing choices have all contributed to this outstanding progress.
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Notably, the common price of an condominium in Noida witnessed a considerable enhance from Rs 1.24 crore in 2022 to Rs 1.68 crore in 2023. This surge in costs additional highlights the attractiveness of the Noida residential market, JLL added.
The Noida-Greater Noida Expressway micro market has emerged as a distinguished location for main nationwide builders to introduce their tasks. Additionally, the Greater Noida submarket has additionally seen the introduction of extremely-luxurious tasks with a restricted variety of items.
The revival of stalled tasks by authorities companies, together with the lively participation of actual property builders, has additional instilled confidence out there.
Dr. Samantak Das, chief economist and head analysis & REIS, India, JLL, stated, “Sales at 14,822 apartments in 2023 were highest post 2016, reflecting the resurgence in the residential market backed by quality supply and stable economic conditions.”
Das added 62% of the gross sales had been in below building tasks. This depicts the return of purchaser confidence in direction of below building tasks because the market is getting mature by way of transparency and rules, Das stated.
Noida which was earlier thought-about an reasonably priced and mass housing market, noticed appreciable gross sales within the luxurious phase. Apartments priced at Rs 3.5 crore and above had a share of 23% in general gross sales in Noida in 2023.
“The upcoming Noida International Airport is expected to play a significant role in the spike of the housing market further,” Das stated.
“The Noida residential market exemplifies resilience and growth in both demand and supply parameters. With over 5,900 apartments launched in 2023, quality supply entered the market. Despite the increase in new launches, the unsold inventory in Noida has decreased to its lowest level since 2009. At 45,306 units, it is down by 16% from the previous year, indicating robust demand from both investors and end-users,” stated Manish Aggarwal, senior managing director North & East, India, JLL.
The reducing unsold stock, coupled with new deliberate provide and infrastructure growth, together with the Noida International Airport, additional reinforces the promising outlook for the market.
