The residential real estate sector in Noida has continued to soar, achieving remarkable sales figures in the calendar year 2023, according to a recent report by JLL India. With a total of 14,822 flats sold, the market witnessed transactions amounting to an impressive Rs 24,944 crore. This surge in sales can be attributed to several factors, including promising development opportunities, increased investments, improved job prospects, and the availability of high-quality housing options.
Growth Trajectory:
In a comparison between 2022 and 2023, the growth trajectory is evident. The number of units sold in Noida increased from 12,168 to 14,822, while units launched rose from 4,348 to 5,949 during the same period.
Rising Prices:
One of the most striking observations is the significant increase in the average cost of apartments in Noida. From Rs 1.24 crore in 2022, the average price surged to Rs 1.68 crore in 2023, underscoring the attractiveness of the Noida residential market.
Key Micro-markets:
Key micro-markets such as the Noida-Greater Noida Expressway and Greater Noida have witnessed heightened developer activity, with leading national developers introducing projects in these areas. Additionally, the Greater Noida submarket has seen the emergence of ultra-luxury projects with limited unit offerings.
Expert Insights:
Dr. Samantak Das, Chief Economist and Head of Research and REIS, India, JLL, commented on the market dynamics, stating, “Sales at 14,822 apartments in 2023 were the highest post 2016, reflecting the resurgence in the residential market backed by quality supply and stable economic conditions."
Furthermore, Manish Aggarwal, Senior Managing Director, North and East, India, JLL, emphasized the resilience and growth of the Noida residential market. He highlighted the active acquisition of land parcels by developers to meet the surging housing demand. Despite the increase in new launches, the unsold inventory in Noida has decreased to its lowest level since 2009, down by 16% from the previous year.
Future Prospects:
The upcoming Noida International Airport is expected to further boost the housing market, signaling promising opportunities for investors and stakeholders alike.
Conclusion: The Noida residential market continues to demonstrate robust demand and supply parameters, making it a prime destination for real estate investment in the region.
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