lively homes
The housing market in Noida is undergoing a significant transformation, marked by soaring prices that now require a minimum budget of Rs 1 crore for purchasing property within gated communities. This surge in real estate values mirrors the growth trajectory observed in Gurgaon and is not solely attributed to the upcoming airport but also to the remarkable recovery of the real estate sector following the COVID-19 pandemic.
Across various sectors, property rates per square foot have nearly doubled compared to their pre-pandemic levels. Sectors like 108, 142, 143, 150, and 152 have experienced substantial spikes, with certain properties such as JM Aroma and Ivy County witnessing significant price hikes. For instance, in Sector 150, well-known projects like Mahagun Meadows and ATS Pristine now command an average rate of Rs 13,000 per sq ft, marking a noteworthy increase from their previous valuations. Similarly, even areas previously affected by stagnant projects, like Greater Noida West, now demand a minimum of Rs 7,000 per sq ft.
The current fiscal year has seen a remarkable surge in prices, particularly in sectors like 144 and 108, exhibiting significant year-on-year appreciation. Despite previous setbacks due to collapses in the real estate sector, the Noida market has demonstrated resilience, propelled by escalating demand that surpasses available supply.
Several factors contribute to this heightened demand. Completed delayed projects, limited new launches, and the return of the workforce to the National Capital Region (NCR) have all played significant roles. Additionally, initiatives by the state government to attract corporate investments and the imminent launch of the Noida International Airport have fostered positive sentiments, further driving the increased demand for housing in the region.
Buyer preferences have evolved beyond mere living spaces, now emphasizing comprehensive lifestyle packages that include upscale amenities like saunas and jacuzzis. This shift reflects the broader development and allure of Noida, bolstered by its infrastructure, connectivity, and the promise of an airport in Jewar.
Responding to criticisms, the Noida Authority has implemented policy changes to attract serious market players and address concerns related to market saturation. Furthermore, plot prices, especially in the Yamuna Expressway area, have surged notably, primarily catalyzed by the anticipation and announcement of the upcoming airport.
This dynamic shift in Noida’s housing landscape underscores its transformation from a budget housing market to a premium real estate hub. This change is driven by a robust market recovery, significant infrastructural developments, and heightened investor interest, all buoyed by the promise of the forthcoming airport.
