The real estate markets in Noida and Greater Noida saw a significant uptick in property registrations and sales value in the July-September 2024 quarter.
As published by Hindustan Times, the data shared by Square Yards and the Inspector General of Registration shows a total of 8,128 homes were registered in these regions, marking a 6% increase compared to the same period last year.
The combined value of these registered home sales surged to ₹6,328 crore, a 34% year-on-year growth. Greater Noida led the increase, accounting for 62% of the total transactions, with 5,001 units registered, a slight 1% rise from 4,973 units in the previous year. Meanwhile, Noida experienced a 15% increase, with 3,127 units registered compared to 2,720 units in the year-ago period.
The data revealed a noticeable rise in average home prices as well. In Noida, the average sales value surpassed the ₹1 crore mark, increasing by 41% year-on-year to ₹1.05 crore. In Greater Noida, the average sales value stood at ₹61 lakh, reflecting a steady growth in home prices. This increase in average sales value, particularly in Noida, indicates a shift toward higher-value properties.
Notably, Noida exhibited a robust performance with a 62% increase in home sales value, while Greater Noida saw a more modest 13% growth in the same metric. The surge in sales value outpaced the growth in transaction volume, indicating a significant rise in property values.
Experts believe that this growth is driven by ongoing infrastructure advancements, such as the development of the Jewar International Airport and the expansion of metro and tech infrastructure in both cities. These improvements are expected to boost both residential and commercial real estate markets in the region. Additionally, recent policy changes, including allowing property sales agreements to begin with just 10% of the property value, are expected to further enhance buyer confidence and encourage market activity.
Ravi Nirwal, Sales Director and Principal Partner at Square Yards, emphasized that both cities posted double-digit growth in home sales and registrations. He attributed this growth to strong demand in mid-range and premium housing segments, along with an increased preference for high-end apartments. The continued growth of Noida and Greater Noida’s real estate markets signals a sustained upward trajectory, supported by these developments and growing buyer confidence.