Infra boost helps in dotting Noida's skyline with pocket-heavy skyscrapers

The real estate market in Noida is experiencing a significant surge in property prices, attributed not only to the upcoming airport but also to positive sentiment, infrastructure development, and a rebound in the realty space. 
"Property rates per square foot have nearly doubled across all housing hubs, with some areas witnessing a 100 per cent increase. Sectors like 7x and expressway, including 108, 142, 143, 150, and 152, have seen the highest appreciation in rates. Sector 150 and Greater Noida West are also witnessing substantial price hikes," said Gunjan Goel, Director, Goel Ganga Developments.

The transformation of Noida's real estate market is evident, and the minimum budget for purchasing a new house in a gated society has surged to Rs 1 crore. "Previously known for budget housing, Noida is now following a premium trend, similar to Gurugram, as property prices sharply rise," Goel added.

In particular, the fiscal year has seen an increase, with a 23 per cent year-on-year price appreciation in various localities of Noida, according to a report by 99acres. Sector 144 and Sector 108 experienced the highest year-on-year appreciation at 51 per cent and 60 per cent, respectively. The demand for housing societies and independent homes has contributed to the price surge.

Industry insiders observed a shift in the market as people overcame hesitation about investing in Noida. Improved connectivity with Delhi and well-planned infrastructure have dispelled uncertainties. Despite past setbacks, including major collapses of real estate projects, the market has rebounded, with demand surpassing supply.

Market momentum builds

Factors contributing to the price surge include the completion of delayed housing projects, a rise in the city's population, and the return of the executive workforce to the NCR after companies called employees back to the office. Additionally, the state government's commercial and corporate investment thrust, coupled with the anticipation of Noida International Airport's launch, has driven positive sentiment.

Developers emphasise that customers are not just seeking a nice flat but also a lifestyle that comes with it. "Amenities like saunas, jacuzzis, restaurants, and lodging for guests attract homebuyers. Infrastructure developments within the city, such as the Noida Expressway and the Aqua Line, have also played a crucial role in attracting buyers," said LC Mittal , Director, Motia Group.

The Noida Authority has implemented policy changes to address past issues with land allotment practices, requiring companies to pay the full cost within 90 days. This move aims to attract serious players to the market. While Noida is saturating, there are significant growth opportunities in Greater Noida and along the Yamuna Expressway.

"Residential plot prices have also doubled in the last three years, ranging from Rs 1.8 lakh to Rs 2.25 lakh per square meter, with premium areas commanding higher rates," Mittal added. The announcement of Noida International Airport has played a pivotal role in the surge in plot prices, reflecting changing fortunes in plot schemes by Yamuna Expressway Industrial Development Authority.