Sale of luxury vehicles in Noida more than double in Diwali week this year

According to data from the Gautam Budh Nagar district transport department, the sale of luxury vehicles that cost over ₹25 lakh has more than doubled this year compared to last year during the Dhanteras-Diwali week

According to data from the Gautam Budh Nagar district transport department, the sale of luxury vehicles that cost over ₹25 lakh has more than doubled this year compared to last year during the Dhanteras-Diwali week.

Noida, India- October 22, 2022: A view of traffic jam at Sector 18 market on the occasion of Dhanteras, in Noida, India, on Saturday, October 22, 2022. (Photo by Sunil Ghosh / Hindustan Times) (Hindustan Times)

During the Diwali week this year, a total of 3,559 vehicles have been sold in Noida alone which include 2,523 two-wheelers, 929 four-wheelers and 107 luxury vehicles. During the Diwali week last year, a total of 2,067 vehicles were sold in the city that included 1,326 two-wheelers, 697 four-wheelers and 44 luxury vehicles.

During the Diwali week in 2018, a total of 1,465 vehicles were registered in Noida, which included 978 two-wheelers and 487 four-wheelers. In 2019 during the same period, 2,484 vehicles were registered that included 1,609 two-wheelers and 875 four-wheelers.

During the 2020 Diwali week, data showed that 1,725 vehicles were registered in Noida that included 970 two-wheelers and 755 four-wheelers.

“Usually, the sale of vehicles is highest during the Diwali week and all vehicles have to be registered within a week of their purchase,” said Siyaram Verma, assistant regional transport officer, Noida.

Verma added that due to the Covid-19 pandemic, the sales of vehicles were low in 2020 and 2021.

“However, this year is witnessing a steep rise in vehicle sales, especially the costlier luxury cars that cost more than ₹25 lakh. It shows that the festive fervour is back,” added Verma.

The sale of luxury vehicles went from 44 in 2021 to 107 this year. Four-wheelers that cost less than ₹25 lakh also saw a steep rise in sales, while sale of two-wheelers also nearly doubled this year compared to 2021.

The overall rise in the sale of vehicles can also be seen from the total number of vehicles being registered every year. In 2018, a total of 88,301 vehicles were registered, while 92,242 vehicles were registered in Noida in 2019. This number dropped to 65,658 vehicles in 2020 and 77,843 in 2021 (the pandemic-hit years). However, this year 74,394 vehicles were already registered till August and the number is already over 80,000 now with two months of the year still remaining.

“There is also a rise in sales during the last few weeks of the year in December as car companies offer heavy discounts. We are hoping that the total vehicle sales will be back to the 2018-19 level,” said Verma.

Verma said that Noida sees the highest number of luxury vehicles and four-wheeler sales in Uttar Pradesh, adding to the transport department’s revenues. The Noida transport department earned around ₹550 crore during the last financial year and is expecting to earn around ₹700 crore in the present financial year that will end on March 31. Around 10% of the annual revenue comes during the Diwali week, sources said.