Luxury real estate in Noida has seen a significant rise, marking its place as a premium residential hub in the Delhi NCR region. The average cost of luxury properties in Noida surged from Rs 1.24 crore in 2022 to Rs 1.68 crore in 2023. According to a recent JLL report, apartments priced at Rs 3.5 crore and above comprised 23% of overall sales in Noida in 2023.
Strategic Initiatives and Policies
Manoj Gaur, President of CREDAI NCR, attributes Noida’s transformation to strategic initiatives and state government policies. These efforts have fostered a favorable environment for investment and economic growth, attracting reputed real estate developers to create ultra-luxury residential projects. Gaur states, “Noida, along with Greater Noida, has accounted for around 61% of new launches in the luxury segment and leads in NCR.”
Factors Driving Noida’s Emergence as a Premium Hub
Several key factors contribute to Noida’s rise as a premium city. Its strategic location, robust infrastructure, and conducive business environment have played significant roles. Initially attracting residents with its lush environment and affordable prices, Noida expanded eastwards as sectors close to Delhi filled up. This expansion led to rapid growth in premium and luxury residential living, further accelerating commercial infrastructure development.
Government Policies and Infrastructure Development
Prateek Tiwari, MD of Prateek Group, highlights the impact of state government policies, improved connectivity, expressway construction, metro link extension, and the upcoming airport on Noida’s realty landscape. These developments have boosted the demand for luxury homes, with sectors along Noida Expressway increasingly viewed as luxury habitation. The Noida-Greater Noida market has rapidly picked up with the luxury housing demand, emerging as a preferred location for luxury living.
Future Prospects and Mixed-Use Developments
The announcement of New Noida as an extension of Noida promises further growth. Salil Kumar, Director of Sales & Marketing at CRC Group, anticipates continued growth across various sectors over the next three decades. Trends like urbanization, digitalization, and sustainable development will shape the city’s evolution. There is also a growing emphasis on mixed-use developments offering a blend of retail and office spaces.
Impact of Jewar Airport
The upcoming Jewar Airport is set to enhance Noida’s industrial and business landscape by improving connectivity, attracting investment, and driving economic growth. Vikas Bhasin, Chairman and Managing Director of Saya Group, believes that this development, coupled with Noida’s existing strengths, positions the city as a prime destination for end-users and investors.
Untapped Potential and Future Investment
Despite reaching significant development milestones, Noida still holds untapped potential. The current government’s policies and projects like Jewar Airport and the integrated rail terminal at Boraki are set to transform the region into a commercial hub. This makes now an opportune moment to invest in Noida’s promising future.
