A Surge in Homebuyer Interest Post-Pandemic

The real estate market in Noida and Greater Noida has witnessed a remarkable resurgence, with a significant increase in homebuyer activity, particularly in the post-pandemic era. Data from a prominent real estate research organization indicates that in the last three months, Noida outperformed Greater Noida in terms of buyer interest and transactions.

The market dynamics are clearly reflected in a report by PropTech firm Square Yards, highlighting a robust 34% growth in property transactions in Noida and Greater Noida from July to September 2024 compared to the same period last year.

Key Statistics Reflecting Market Growth

1. Transaction Value:
   During Q3 2024, the combined real estate transactions in Noida and Greater Noida reached ₹6,328 crore, marking a 34% increase from last year.
2. Property Registrations:
   Approximately 8,130 properties were registered in Noida and Greater Noida during this period, a 6% increase from 7,693 registrations in Q3 2023.
3. Growth Trends:

Noida: Achieved a 62% annual growth in home sales value.

Greater Noida: Recorded a 13% increase in the same metric.

Infrastructure and Policies Drive Growth

The growth in these markets is attributed to several factors:

Infrastructure Development: The upcoming Jewar International Airport has emerged as a significant growth driver, boosting buyer confidence and investor interest.

Supportive Policies: The implementation of RERA guidelines and incentives from development authorities have instilled trust among homebuyers. Experts note that these measures, coupled with efforts by developers to expedite project completion, have contributed to the sector’s growth.

Developers Delivering Possession: A Game-Changer

Prominent developers in the region have focused on delivering possession-ready properties, a key factor in enhancing buyer trust.

Eros Group: After receiving occupancy certificates (OC) for 258 homes and 90 shops in its Eros Sampoornam project, the group has commenced property registrations and handovers, emphasizing legal ownership for buyers.

RG Group: Over 250 units in RG Luxury Homes have been handed over post-OC, supported by property registration camps in collaboration with authorities.

Nirala World: The company has prioritized possession and registration in 2024, with 1,156 units already handed over in its Nirala Estate project.

Shift in Buyer Preferences

Experts observe a growing preference for ready-to-move inventory among homebuyers in Noida and Greater Noida. This trend is driven by improved government policies and increased project completions, ensuring a balanced demand-supply equation.

The recent boom in Noida and Greater Noida’s real estate markets highlights a renewed confidence among homebuyers, spurred by strong infrastructure developments, transparent policies, and developer commitments. As the sector continues to grow, it sets a promising precedent for India’s overall real estate landscape.