Property rates in this area of ​​NCR have doubled, this much increase in 5 years

Noida Proprty News : Noida and Greater Noida have become premium real estate hotspots in the last five years. Both these places were earlier known for affordable and mid-range property investments. 

According to real estate experts and available market data, property prices in these areas have doubled in the last five years. 

From 2019-2020 (pre-Covid-19 era) to 2024, the average prices of newly launched housing projects in Noida and Greater Noida have increased by 152% and 121% respectively. Similarly, the secondary housing market of Noida has also jumped by about 81% in the last five years.

Noida has emerged as a favorite destination compared to other major micro markets of Delhi-NCR. There is also a lot of demand here, especially for high-end residential projects. 

This change in the realty market of Noida is mainly due to better connectivity, infrastructure upgrades, increased economic activities, and strong sentiments among buyers.

According to data from PropEquity, the average prices of new launch projects in Noida have increased from Rs 5,910 per sq ft in 2019 to around Rs 14,946 per sq ft in 2024. 

Similarly, the average price of 2BHK (2 bedroom) units has increased from Rs 5,712 per sq ft in 2019 to Rs 16,000 per sq ft by 2024, registering a growth of around 180%.

The average prices of 3BHK (3 bedroom) units in Noida have also increased from Rs 5,219 per sq ft in 2019 to around Rs 12,828 per sq ft in 2024. 

The average price of new launch projects in Greater Noida has increased from Rs 3,900 per sq ft in 2019 to Rs 8,601 per sq ft in 2024, an increase of over 120%.

Meanwhile, the average price of 2BHK units has increased from Rs 3,537 per sq ft in 2019 to Rs 7,849 per sq ft in 2024. Similarly, the average price of 3BHK units has increased from Rs 3,673 per sq ft in 2019 to Rs 8,595 per sq ft in 2024.

The number of unsold homes has decreased

The unsold housing inventory in Noida has also come down from 11,379 units in 2019 to 4,745 units in 2024. Similarly, the unsold housing inventory in Greater Noida has also come down from 30,924 units in 2019 to 9,953 units in 2024.

Experts believe that in the last five years, the development of Noida and Greater Noida has progressed from emerging markets to becoming mature real estate hubs.

Metro lines played a big role

According to media reports, the expansion of metro lines and expressways running in Noida and Greater Noida has played an important role in this real estate boom. 

Sunil Sisodia of Geeta Anjali Homestate said that Noida and Greater Noida have seen major changes due to the development of infrastructure and changing preferences of buyers.

The Central Noida and Noida-Greater Noida Expressway micromarkets are attracting high-mid segment buyers due to their proximity to premium infrastructure projects like the Noida-Greater Noida Expressway and the upcoming Jewar Airport.

Shivang Suraj, founder and director of Gurgaon-based property consultancy firm Infra Mantra, said Noida is no longer considered inferior to Gurgaon. "The rise in home prices and high-end buying in the last five years has made Noida an attractive location for businesses and retailers," he said.

Future prospects

Vishal Raheja of Investoxpert said that with projects like the Delhi-Mumbai Industrial Corridor (DMIC) and the upcoming Film City project along the Yamuna Expressway, this area is likely to emerge as an entertainment and business hub. 

Apart from this, the Noida-Greater Noida Metro Aqua Line and the plan to extend it to Jewar Airport are likely to increase the attractiveness of these cities.

Experts believe that the number of residential and commercial projects in Noida and Greater Noida is expected to grow at around 20% annually over the next few years, establishing the region as a major real estate powerhouse in North India.