The residential market in Noida has witnessed a substantial surge, with the average home sales value crossing the crore mark a remarkable 41 per cent year-on-year growth. With leading players continuing to lead in both transaction volume and sales value, the projects in the region attract significant buyer in terest across Noida and Greater Noida.

Noida and Greater Noida have re-inforced their positions as key players in Delhi NCR's residential real es-tate landscape, following Gurugram's lead. According to Square Yards data, a total of 8,128 transactions were reg istered with IGR in Noida and Greater Noida in September quarter of 2024, representing a 6 per cent year-on-year (YoY) increase. Greater Noida lead the rally, accounting for 62 per cent of these transactions between July to September 2024 period.

The combined registered home sales value for Noida and Greater Noida rose to around 6,328 crores, marking a substantial 34 per cent YoY growth. Noida displayed particularly strong per-formance, achieving a 62 per cent YoY increase in home sales value, compared to a 13 per cent increase in Greater Noi-da. This higher growth in sales value, relative to transaction volume, has driven a notable rise in average home values, with Noida's average home sales value increasing to 1.05 crore and Greater Noida reaching around 6 K lakh in September 2024 quarter.

"Noida and Greater Noida's residen-tial market is experiencing sustained growth, bolstered by infrastructure ad-vancements like the Jewar International Airport, which continue to strengthen both the commercial and residential sectors in these cities. In the Septem-ber 2024 quarter, both cities posted notable double-digit growth in home sales value and registered transactions a surge driven by robust demand across mid-range and premium hous-ing segments. Recent initiatives, such as allowing sales agreements to com mence with 10 per cent of the property value, alongside upcoming metro and tech-infrastructure expansion, are set to further enhance buyer confidence, con-nectivity, and liveability in the region, fuelling residential demand even more," remarks Ravi Nirwal, sales director and principal partner, Square Yards.

In the July-September quarter of 2024, leading developers in Noida and Greater Noida's residential real estate sector demonstrated significant market activity. Analysis of project-level data for the September 2024 quarter reveals that Noida accounted for six of the top ten residential projects by sales value. In this segment, while Noida projects dominat-ed in terms of overall sales value, Greater Noida saw the highest transaction vol-umes, with eight of the top ten projects by transaction count located in the area.

Rattan Hawelia, chairman, Hawelia Group, shares, "Both Noida and Great-er Noida markets have seen a great buyer interest, and the markets con-tinue to gain traction. The homebuying aspiration and the need for living in a bigger and better homes is being felt more now. With these markets offer best-in class options at a price point that are still affordable is making the area grow significantly. More with great infrastructure in the vicinity, markets the area a preferred choice for the buy ers. The potential for the region is high and will get better with time and ever improving infrastructure."

Area and Budget-wise Trends

The residential market in Noida and Greater Noida experienced a notable shift in property preferences in Ju-ly-September 2024, with increased demand for larger and higher-priced apartments. While units between 1,000-1,500 sq ft accounted for 40 per cent of total transaction volume, in terest in larger apartments measuring 1,500-3,000 sq ft grew significantly, increasing from 21 per cent to 28 per cent of total transactions compared to the same period last year.

Deepak Kapoor, director, Gulshan Group, shares, "The markets are ma-turing, and the buyers today know what they want. They not only look for the overall area but also at the quality and amenities that are provided at the proj ect. More so with little land availability and at higher price, the costs of definitely gone up, but still the price points in these micro markets are very component as compared to other parts."

The shift from mid-segment to lux ury housing marks a pivotal mation in the real estate landscape, driven by a discerning buyer base that values sophistication, exclusivity, and lifestyle-enhancing amenities. "This trend underscores a growing demand for larger living spaces and integrated communities, reflecting the evolving preferences of homebuyers. While mid-segment projects are witnessing a tapering demand, the focus is shifting to developments that offer premium features, sustainability, and smart living solutions," says Aditya Kushwaha, CEO and director Axis Ecorp.

Micro Market Performance

In the July-September 2024 quarter, Noi-da Extension and Noida Central emerged as the top-performing micro-markets in Noida and Greater Noida's residential sector, collectively contributing 57 per cent of total home sales value. Noida Ex tension recorded the highest number of registered transactions, with 2,985 units sold, followed by Noida Central with 1,912 transactions during the quarter. In terms of average sales value, Noida Expressway led with an average property value of ₹1.23 crore, closely followed by Noida Central at 294 lakhs. Noida and Greater Noida's real estate market continues to expand, driven by rising demand across both mid-range and premium housing segments. Enhanced metro connectivity and proximity to the upcoming Jewar Airport have played a significant role in fueling this growth.

Together, these development initia-tives are bolstering end-user and investor interest alike. Developers are responding to this momentum, strategically posi-tioning new projects in high-demand areas, and particularly around the Yamuna Expressway, where new land parcels are becoming available.

With these factors in play, the out-look for Noida and Greater Noida re-mains positive, signalling sustained residential growth and investment potential in the region.