Greater Noida, Noida see record growth in residential transactions, sales value in June

greater NOIDA: Greater Noida West (Noida Extension) leads market in registered residential transactions, capturing a 35 per cent share; average registered home sales value in Noida Expressway (Noida) nears the Rs 1 crore mark in June quarter.

Noida, Uttar Pradesh, August 23, 2024 – Noida and Greater Noida have solidified their positions as key players in Delhi NCR’s residential real estate landscape, following closely behind Gurugram. Within Uttar Pradesh, the two cities remain the most active property markets, followed by Ghaziabad and Lucknow.

According to Square Yards, residential real estate activity in the two cities saw a marked uptick in the June quarter of 2024, with 8,212 residential transactions registered with the Inspector General of Registration (IGR), reflecting a 29 per cent increase over the same period last year. The combined sales value of these transactions reached Rs 6,013 crore, representing a 59 per cent year-on-year surge, outpacing the growth in transaction volume.

The residential activity in both the cities has been significantly bolstered by a series of infrastructure initiatives, including the development of the Jewar International Airport and enhanced metro connectivity. Additionally, a recent Rs 60 crore investment announced by Greater Noida Authority, focused on improving road networks, water supply, sewage systems, and street lighting, has further improved the liveability of the city.

The residential market in Noida and Greater Noida has shown a consistent upward trend over the past few years,” noted Ravi Nirwal, Sales Director and Principal Partner, Square Yards. “A slew of infrastructure projects has been crucial in driving this growth, significantly boosted office space absorption. This, in turn, is attracting more professionals and driving a substantial increase in demand for residential properties.

Additionally, the implementation of the Amitabh Kant committee’s recommendations has been a welcome relief for homebuyers stuck in stalled projects, contributing to a stronger market sentiment. This is reflected in the past quarter, where we saw a double-digit growth in registered property transactions across both cities. This came alongside a noticeable rise in average sales value, signaling a shift from mid-segment towards amenity-rich premium properties, especially in Noida.

Looking ahead, he added, “Our outlook for the residential market in Noida and Greater Noida remains very optimistic. The much-anticipated completion of the Jewar airport is a significant confidence booster, and with several branded developers entering the market with high-quality projects, both Noida and Greater Noida are well-positioned for further growth.” In April-June 2024, Greater Noida led with 61 per cent of transaction volume, while Noida and Greater Noida had a balanced sales value distribution, with Noida contributing 47 per cent and Greater Noida 53 per cent. Noida’s average home sales value was Rs 88 lakh, higher than Greater Noida’s Rs 63 lakh.

Greater Noida West dominated transactions at 35 per cent, while Noida Expressway had the highest average transaction value at Rs 1 crore. Yamuna Expressway is gaining interest, particularly near Jewar International Airport. Nirala World led in transactions and sales value, followed by Amrapali Group and Purvanchal Group.