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Demand for luxury housing on the rise in Noida

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Approval of India’s biggest airport and Film City, investment by foreign companies in data centers and one of the biggest IKEA’s upcoming retail destination has pushed the luxury real estate market of Noida, which was subdued for nearly a decade.

According to property consultants and developers, there has been a spate in transactions in Rs 2- 10 crore category in the last 3-4 months in Noida with both investors and end user are sensing the opportunity.

Realty developer Supertech said that singer Badshah recently purchased a property in their luxury project

while athlete Deepa Malik has also recently moved in.

“Beside these two, other celebrities have also taken space in the Supernova and many others are looking for luxury apartments with better connectivity,” said Mohit Arora, MD, Supertech Ltd.

India Sotheby’s International Realty, which list high-end properties on its platform also confirmed increase in enquiries for Noida properties.

“Noida’s luxury real estate market has remained sluggish for last several years but for the last few months there has been an increase in the activity. Thanks to UP government’s proposed large scale developments along the expressway, coupled with pent up demand, low interest rates, upcoming airport and the recent announcement by Ikea to open their first India store are key factors fuelling demand for luxury real estate as well,” said Amit Goyal, CEO, India Sotheby’s International Realty.

ANAROCK data also indicates that the supply share of luxury properties in Noida has been increasing y-o-y since 2018.

In 2018, of the total units launched in Noida (1,940 units) the luxury share was 7%. In 2019, the luxury share increased to 18% of the total new launches of 2,950 units. In 2020, Noida saw new launches of 980 units, out of which luxury share stood at 29%.

“The upcoming Jewar international airport and the recently announced plan to build a ‘Film city’ will definitely induce positive momentum to the overall real estate markets not just in Noida but also Greater Noida and the Yamuna Expressway. One major advantage for the Noida market over Gurugram is that it has more scope for growth as property rates are relatively more affordable here,” said Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants.

“The average property prices in Noida are around INR 4,795 per sq. ft. presently while in Gurugram, the average prices stand at INR 6,100 per sq. ft. That said, it will be the on-ground progress of the two projects that will determine its impact on the property market in Noida and the trends thereafter,” said Kumar.

Bhutani group, which is constructing 26 high-end apartment with the price starting from Rs 12.5 crore, said that the trend has changed in the last few months.

“Commercial real estate market in Noida started seeing a jump post lockdown. This has increased the demand for residential as well as employees and top executives are looking for luxury apartments,” said Ashish Bhutani, MD, Bhutani Group.

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