Introduction
The average price of an apartment in Noida has increased significantly, from ₹1.24 crore in 2022 to ₹1.68 crore in 2023. This increase in prices has further increased the attractiveness of the Noida residential market.
Apartment Prices in Noida Are Increasing: In 2023, 14,822 flats worth around ₹24944 crores were sold in Noida. The reason for this is promising development opportunities and increased investments. Factors such as better job opportunities and the availability of high-quality housing options have contributed to this growth. The average price of an apartment in Noida has increased significantly, from ₹1.24 crores in 2022 to ₹1.68 crores in 2023. This price increase will help the Noida residential market grow further.
Noida-Greater Noida Expressway Micro Market has emerged as a prominent place for leading national developers to introduce their projects. Additionally, the Greater Noida submarket has also introduced ultra-luxury projects with a limited number of units. The revival of stalled projects by government agencies and the active participation of real estate developers instilled more confidence in the market.
“Sales at 14,822 apartments in 2023 were the highest since 2016. This reflects a resurgence in the residential market, supported by quality supply and stable economic conditions. Interestingly, 62% of under-construction projects have been sold,” said Samanthak Das, Chief Economist and Head, India Research & REIS.
Buyers’ Confidence in the Project
He said this indicates a return of buyers’ confidence in projects under the market structure in terms of transparency and regulations. Noida, earlier considered an affordable and mass housing market, saw significant sales in the luxury segment. Apartments priced at ₹3.5 crore and above accounted for 23% of the share in Noida in 2023.
The upcoming Noida International Airport will play an important role in the further growth of the housing market. Noida includes Noida City, the Noida-Greater, the Noida Expressway, Greater Noida, and the Yamuna Expressway.
In 2023, the Developers Acquired 59 Acres of Land
Real estate developers have actively bought up land in response to the increase in housing demand. In 2023, developers have acquired 59 acres of land worth around ₹1,775 crore in Noida and are building residential and commercial houses.
“The Noida residential market is an example of resilience and growth in demand and supply parameters. Supply enters the market with 5,900 quality apartments to be launched in 2023. Despite the increase in new launches, unsold inventory in Noida has come down to its lowest level since 2009. At 45,306 units, it was down 16% from the previous year. This indicates strong demand from investors.” Manish Aggarwal, Senior Managing Director, North & East, India revealed.
Conclusion
14,822 apartments were sold in 2023. Highest since 2016. This reflects a resurgence in the residential market, supported by quality supply and stable economic conditions. Due to the increase in these rates, the middle class is facing a lot of difficulties in being able to buy a house. For more information, visit Openplot.
Also read: Greater Noida Commercial Plot Scheme: Things You Need to Know