Noida getting out of reach for middle class? Average cost of an apartment rises to ₹1.68 crore - Hindustan Times
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Noida getting out of reach for middle class? Average cost of an apartment rises to 1.68 crore

Mar 19, 2024 01:19 PM IST

The average cost of an apartment in Noida witnessed a substantial increase from ₹1.24 crore in 2022 to ₹1.68 crore in 2023, according a report by JLL

A total of 14,822 flats worth almost 24944 crore were sold in Noida in 2023. Factors such as promising development opportunities, increased investments, improved job prospects, and the availability of high-quality housing options have all contributed to this growth, a report by JLL said on March 19.

A total of 14,822 flats worth almost <span class='webrupee'>₹</span>24944 crore were sold in Noida in 2023 (Representative image)
A total of 14,822 flats worth almost 24944 crore were sold in Noida in 2023 (Representative image)

The average cost of an apartment in Noida witnessed a substantial increase from 1.24 crore in 2022 to 1.68 crore in 2023. This surge in prices further highlights the attractiveness of the Noida residential market.

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Also Read: 7 things real estate investors should keep in mind before buying property in Greater Noida and Noida

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, the report 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. Interestingly, 62% of the sales were in under construction projects," said Samantak Das, Chief Economist and Head Research & REIS, India, JLL.

Also Read: Noida authority ultimatum to realtors: Pay dues after waiver or face action

This depicts the return of buyer confidence towards under construction projects as the market is getting mature in terms of transparency and regulations, he said.

Noida, which was earlier considered an affordable and mass housing market, saw considerable sales in the luxury segment. Apartments priced at 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.

Noida includes Noida City, Noida-Greater Noida Expressway, Greater Noida, Yamuna Expressway

In 2023, developers acquired over 59 acres of land valued at approximately 1775 crore in Noida

Real estate developers have actively acquired land parcels to cater to the surge in housing demand. In 2023 alone, developers acquired over 59 acres of land valued at approximately 1,775 crore in Noida.

Also Read: Godrej Properties wins bid for group housing plot for 506 crore in Sector 44, Noida

“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.

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