The real estate sector in Uttar Pradesh witnessed a remarkable surge in 2024, with Noida securing 46 percent of the total investments in the state. According to a report by the Times of India, Noida remains the prime choice for investors, while other National Capital Region (NCR) cities accounted for 34 percent of the total projects registered.
Massive Investments in Noida’s Real Estate
Of the 259 projects registered with the Uttar Pradesh Real Estate Regulatory Authority (UP RERA), the total promised investment stood at Rs 45,000 crore. Data from UP RERA revealed that Noida alone contributed significantly, with 52 projects bringing in an investment of Rs 20,929 crore in 2024. The rapid development of infrastructure and connectivity has played a crucial role in maintaining Noida’s dominance in the real estate sector.
Noida International Airport: A Game-Changer
The upcoming Noida International Airport, set to commence flight operations from April this year, is expected to be a major growth catalyst for the region. The airport is fueling increased property demand due to the development of essential infrastructure, including roads, railway lines, metro extensions, and rapid rail corridors. This development is making Noida an attractive location for both residential and commercial investments.
Shift in Project Launch Trends
Historically, Noida accounted for nearly 50 percent of the real estate launches in Uttar Pradesh. However, 2024 data indicates a shift in this trend. While Lucknow now leads the state in terms of the number of new project launches, Noida continues to be the leader in terms of project area, number of units, and overall investment.
An official from UP RERA stated, “Previously, Noida dominated the state’s real estate landscape. However, Lucknow has now taken the lead in new launches. Despite this, Noida remains the top city in terms of the total investment, project area, and number of housing units.”
Ghaziabad Ranks Third in Real Estate Growth
After Gautam Buddh Nagar (Noida) and Lucknow, Ghaziabad ranks third in terms of project area and the number of residential and commercial units. The expansion of metro connectivity and improvements in infrastructure are further contributing to the growth of Ghaziabad’s real estate sector.
Record Registrations with UP RERA
UP RERA Chairman Sanjay Bhoosreddy highlighted that 2024 saw the highest number of projects registered in a single year since the inception of the regulatory authority. A total of 197 projects were registered in 2023, whereas 215 projects were recorded in 2022. This upward trend indicates strong investor confidence in the state’s real estate sector.
Conclusion
Noida continues to maintain its stronghold in the real estate market, attracting substantial investments due to its strategic location, infrastructure development, and connectivity to key economic hubs. With the Noida International Airport set to boost the region’s growth further, real estate investors are expected to continue favoring Noida. However, the rise of Lucknow and Ghaziabad as emerging real estate destinations suggests a dynamic and evolving market in Uttar Pradesh.
