The residential sector in Noida has continued to showcase strong momentum with record-breaking sales in the calendar year 2023. A total of 14,822 flats were sold, amounting to a significant value of Rs~24,944 crore, according to a new analysis by real estate firm JLL.
JLL said that factors such as promising development opportunities, increased investments, improved job prospects, and the availability of high-quality housing options have all contributed to this remarkable growth.
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Notably, the average cost of an apartment in Noida witnessed a substantial increase from Rs 1.24 crore in 2022 to Rs 1.68 crore in 2023. This surge in prices further highlights the attractiveness of the Noida residential market, JLL added.
The Noida-Greater Noida Expressway micro market has emerged as a prominent location for leading national developers to introduce their projects. Additionally, the Greater Noida submarket has also seen the introduction of ultra-luxury projects with a limited number of units.
The revival of stalled projects by government agencies, along with the active participation of real estate developers, has further instilled confidence in the market.
Dr. Samantak Das, chief economist and head research & REIS, India, JLL, said, “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 sales were in under construction projects. This depicts the return of buyer confidence towards under construction projects as the market is getting mature in terms of transparency and regulations, Das said.
Noida which was earlier considered an affordable and mass housing market, saw considerable sales in the luxury segment. Apartments priced at Rs 3.5 crore and above had a share of 23% in overall 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 said.
“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,” said Manish Aggarwal, senior managing director North & East, India, JLL.
The decreasing unsold inventory, coupled with new planned supply and infrastructure development, including the Noida International Airport, further reinforces the promising outlook for the market.
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