Noida and Greater Noida, once known for affordable and mid-range housing, have evolved into premium real estate destinations in just five years. Driven by impressive infrastructure developments and a booming job market, property prices in these cities have surged by over 150%, establishing them as major players in the Delhi-NCR real estate market.
According to recent reports from PropEquity, the property market in Noida and Greater Noida has transformed dramatically, with property prices reaching new heights. In Noida, the average price of newly launched housing projects rose from Rs.5,910 per sq. ft. in 2019 to nearly Rs.14,946 per sq. ft. in 2024. The trends are similar in Greater Noida, where prices have increased from Rs.3,900 per sq. ft. to Rs.8,601 per sq. ft.
Demand Surge in Noida’s Housing Market
The remarkable increase in real estate prices highlights Noida’s transformation into a prime choice for homebuyers. The area’s appeal lies in its superior connectivity, well-planned infrastructure, and emerging high-end residential projects, attracting both investors and families.
For example, the average price of a 2BHK unit in Noida rose from Rs.5,712 per sq. ft. in 2019 to Rs.16,000 per sq. ft. in 2024, marking a staggering growth of 180%. The growth trend is similar for 3BHK units, with prices increasing from Rs.5,219 per sq. ft. in 2019 to approximately Rs.12,828 per sq. ft. in 2024.
Greater Noida’s Competitive Growth
Similarly, Greater Noida has seen steady growth in property prices across both 2BHK and 3BHK configurations. A 2BHK unit now costs around Rs.7,849 per sq. ft., up from Rs.3,537 per sq. ft. in 2019. This price surge, combined with proximity to premium infrastructure projects, has elevated Greater Noida’s appeal to a wider audience, including middle and upper-middle-class buyers.
For 3BHK units, the average cost per sq. ft. rose from Rs.3,673 in 2019 to Rs.8,595 in 2024, representing a growth of nearly 134%. Both Noida and Greater Noida have shed their image as affordable housing locations and now cater to premium homebuyers as well.
Unsold Inventory Drops as Demand Climbs
The housing demand in these areas has had a significant impact on unsold inventory. In Noida, the number of unsold housing units dropped from 11,379 in 2019 to 4,745 in 2024. Greater Noida also experienced a similar reduction, with inventory levels decreasing from 30,924 units to 9,953 units over the same period.
Experts attribute this reduction in unsold stock to both rising demand and a shift in buyer preferences. With Noida and Greater Noida evolving into mature markets, many buyers are now actively seeking property here rather than more expensive areas of Delhi-NCR.
Infrastructure Boosts Demand for Premium Properties
One of the primary reasons for this real estate boom in Noida and Greater Noida is the continuous infrastructure development, especially with the expansion of metro lines, expressways, and the upcoming Jewar Airport. These infrastructure projects have made Noida and Greater Noida highly accessible, adding to their appeal as residential hubs.
The Noida-Greater Noida Expressway and the Noida-Greater Noida Metro Aqua Line, which is planned for expansion to Jewar Airport, have further enhanced the connectivity of these areas, making them attractive for both residential and commercial purposes.
Additionally, upcoming projects like the Delhi-Mumbai Industrial Corridor (DMIC) and Film City along the Yamuna Expressway are expected to boost the demand for both residential and commercial properties in Greater Noida. These projects are set to transform the area into a hub for entertainment, business, and economic activities, leading to more job opportunities and further increasing the appeal of the region for new buyers and investors alike.
Noida Now Competes with Gurgaon as a Premium Real Estate Hub
The rapid development in Noida has also led to comparisons with Gurgaon, another prominent real estate hub in Delhi-NCR. With a substantial rise in home prices and the emergence of high-end shopping and entertainment options, Noida has become an attractive location for businesses and retailers.
Property experts, including Shivang Suraj from Infra Mantra, have observed that Noida is no longer seen as a less attractive option compared to Gurgaon. Buyers are now drawn to Noida not only for residential purposes but also for investment due to its fast-paced development and premium real estate projects.
Future Prospects for Noida and Greater Noida
According to Vishal Raheja from InvestoExpert, the future growth potential in Noida and Greater Noida remains high, with real estate experts estimating a 20% annual growth in residential and commercial projects over the next few years. This growth forecast is driven by ongoing infrastructure initiatives and the expected completion of large-scale projects like the DMIC and Jewar Airport, which will enhance connectivity and economic prospects in the region.
The property market in Noida and Greater Noida is poised to attract even more interest, with significant potential for appreciation in both residential and commercial real estate. These cities are well on their way to becoming premier real estate powerhouses in North India.
