The real estate market in Noida and Greater Noida is booming this festive season, with home registrations hitting record numbers. Navratri 2024 has brought a wave of excitement for homebuyers, with both cities becoming hotspots for property registrations. The trend is not only providing homes to thousands but also significantly benefiting the authorities in terms of revenue and boosting the real estate sector in the region.
This year, the demand for home registrations has surged to new heights. Between Noida and Greater Noida, more than 2000 flats have been registered in just the first six days of Navratri. This marks a sharp rise compared to previous years, with registrations tripling compared to the same period last year.
Daily Registrations Soar Amid Festive Season
According to data from the registry office, around 350 home registrations are being processed daily in both Noida and Greater Noida. During Navratri 2023, the number of daily registrations was close to 100. On regular days, this figure typically remains between 30 and 35. This shows how significantly the festive season has impacted the real estate market.
The festive season, especially Navratri and Diwali, holds special significance in Indian culture, with many families considering it an auspicious time to purchase property. This belief, coupled with attractive offers from real estate developers and new policies, has pushed the market to new heights.
Why Are So Many People Buying Homes Now?
There are several reasons behind this sudden surge in home registrations. First and foremost is the desire of people to own their own homes, especially in rapidly developing cities like Noida and Greater Noida. However, this is not the only factor. The implementation of the Amitabh Kant Policy has opened the door for thousands of buyers whose projects were stuck for years. Many buyers who had been waiting for the registration of their flats for a long time are now seizing the opportunity to finally complete the process.
Real estate developers are also optimistic about the continued momentum in the market. With Diwali around the corner, they expect this trend to continue, with more buyers coming forward to register their homes.
The Role of Discounts and Festive Offers
Another key factor contributing to the increased number of home registrations is the range of discounts and offers available during the festive season. Many private developers are offering lucrative deals to attract buyers. For example, some builders are offering perks like free installation of lifts for properties over 3000 square feet, or even debit notes worth Rs 6 lakh.
Nandani Garg, Director of Rajdarbar Ventures, revealed that some builders are offering luxury cars worth up to Rs 15 lakh as prizes in lucky draws for homebuyers. These types of offers are encouraging buyers to invest in property during the festival season, taking advantage of the deals to get more value for their money.
Navratri Boosts Home Registrations
The festive season is always considered an auspicious time for buying property, and this year’s Navratri has proven to be no different. Buyers who had been waiting for the registration of their flats for years are rushing to complete the process during this period. Many believe that buying and registering a house during festivals brings good fortune, which is why the registry department expects this trend to continue through Diwali.
The real estate market in Noida and Greater Noida is flourishing during this time, with both cities becoming prime locations for those looking to buy affordable homes. The surge in registrations is not only benefiting homebuyers but also significantly boosting the revenue of local authorities, who are seeing crores of rupees flowing into the system through registration fees.
The Impact of the Amitabh Kant Policy
The Amitabh Kant Policy, introduced earlier this year, has played a major role in boosting the number of home registrations. This policy has cleared the way for the registration of about 65,000 flats in Noida and Greater Noida, many of which were previously stuck in legal and administrative hurdles.
Since the policy came into effect in April, there has been a steady increase in home registrations, which has only accelerated during the festive season. The registration numbers are expected to cross 5000 by Diwali, setting a new record compared to previous years.
Real Estate Market Sees New Growth
The real estate market in Noida and Greater Noida has seen tremendous growth in recent years, with more and more people looking to buy homes in these cities. As the National Capital Region (NCR) continues to expand, Noida and Greater Noida are becoming preferred locations for those seeking affordable housing options with modern amenities.
Real estate developers are noticing a growing trend among buyers, especially during the festive season. Many homebuyers are now looking for larger, more luxurious homes, rather than the traditional 1 or 2 BHK options. This shift in demand is leading to a boom in the luxury home segment, particularly in areas like Noida Extension and Greater Noida West.
Future Prospects for the Market
With Diwali fast approaching, the real estate market in Noida and Greater Noida is expected to remain active and vibrant. The current trend of increased registrations is likely to continue, with even more buyers finalizing their home purchases during this auspicious time.
Authorities and developers alike are optimistic about the future, with many predicting that the registration numbers will continue to grow beyond the festive season. As more policies and offers are introduced to make home buying easier and more attractive, Noida and Greater Noida are set to remain key destinations for homebuyers in the coming years.
