Noida getting out of reach for middle class? Average cost of an Flats rises to ₹1.68 crore

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The average price of a apartment in Noida rose significantly from ₹1.24 crore in 2022 to ₹1.68 crore in 2023, as indicated in a JLL report.

In 2023, Noida witnessed the sale of 14,822 apartments totaling nearly ₹24,944 crore. A report from JLL on March 19 attributed this growth to various factors such as promising development opportunities, increased investments, improved employment prospects, and the availability of high-quality housing options.

The average price of a flat in Noida surged significantly from ₹1.24 crore in 2022 to ₹1.68 crore in 2023, underscoring the appeal of the residential market in Noida.

The Noida-Greater Noida Expressway area has become a key location for prominent national developers to unveil their projects. Moreover, the Greater Noida submarket has recently introduced exclusive ultra-luxury projects with a limited number of units.

According to the report, the market has gained confidence due to the resumption of stalled projects by government entities and the active involvement of real estate developers.

Samantak Das, Chief Economist and Head of Research & REIS, India at JLL, highlighted that the sales of 14,822 apartments in 2023 were the highest since 2016, reflecting a revival in the residential market supported by quality offerings and a stable economy. Notably, 62% of the sales were in projects under construction, indicating a resurgence in buyer interest in such properties.

Noida, once known for its affordable mass housing, saw a notable uptick in sales in the luxury segment. Apartments valued at ₹3.5 crore and above accounted for 23% of total sales in 2023. The anticipated Noida International Airport is expected to further boost the housing market.

Developers have acquired approximately 59 acres of land worth ₹1,775 crore in Noida to address the growing demand for housing. Over 5,900 apartments were launched in 2023, signaling an influx of quality supply in the market. Despite the rise in new launches, the unsold inventory in Noida decreased to its lowest level since 2009, suggesting strong demand from both investors and end-users, as stated by Manish Aggarwal, Senior Managing Director for North & East India at JLL.

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