Noida and Greater Noida See Double-Digit Growth in Residential Transactions in June Quarter: Square Yards Analysis

Noida and Greater Noida have solidified their positions as key players in Delhi NCR's residential real estate landscape, following closely behind Gurugram. Within Uttar Pradesh, the two cities remain the most active property markets, followed by Ghaziabad and Lucknow. 

According to Square Yards, residential real estate activity in the two cities saw a marked uptick in the June quarter of 2024, with 8,212 residential transactions registered with the Inspector General of Registration (IGR), reflecting a 29% increase over the same period last year. The combined sales value of these transactions reached Rs. 6,013 crore, representing a 59% year-on-year surge, outpacing the growth in transaction volume.

The residential activity in both the cities has been significantly bolstered by a series of infrastructure initiatives, including the development of the Jewar International Airport and enhanced metro connectivity. Additionally, a recent Rs. 60 crore investment announced by Greater Noida Authority, focused on improving road networks, water supply, sewage systems, and street lighting, has further improved the liveability of the city. 

“The residential market in Noida and Greater Noida has shown a consistent upward trend over the past few years,” noted Ravi Nirwal, Sales Director and Principal Partner, Square Yards. “A slew of infrastructure projects has been crucial in driving this growth, significantly boosted office space absorption. This, in turn, is attracting more professionals and driving a substantial increase in demand for residential properties. Additionally, the implementation of the Amitabh Kant committee's recommendations has been a welcome relief for homebuyers stuck in stalled projects, contributing to a stronger market sentiment. This is reflected in the past quarter, where we saw a double-digit growth in registered property transactions across both cities. This came alongside a noticeable rise in average sales value, signaling a shift from mid-segment towards amenity-rich premium properties, especially in Noida.”

Looking ahead, he added, “Our outlook for the residential market in Noida and Greater Noida remains very optimistic. The much-anticipated completion of the Jewar airport is a significant confidence booster, and with several branded developers entering the market with high-quality projects, both Noida and Greater Noida are well-positioned for further growth.”

While Greater Noida accounted for 61% of the overall transaction volume, the sales value distribution was more balanced, with Noida and Greater Noida contributing 47% and 53% respectively. This is largely driven by the higher average home sales value in Noida, which stood at Rs. 88 lakh, compared to Rs. 63 lakh in Greater Noida in June quarter. Noida also recorded a sharper 25% annual increase in average sales value, compared to 21% in Greater Noida during April-June 2024.

Micro Market Performance

A deep dive into micro-market trends reveals that Greater Noida West (Noida Extension) dominated the landscape, accounting for 35% of the registered transactions. Positioned along the Noida-Greater Noida Link Road, this area offers comparatively affordable residential options while offering strong connectivity to the commercial hubs of Delhi NCR. Tech Zone-4 (Greater Noida West) emerged as the most active locality across both cities. Followed the lead was Noida Central, a micro market located in Noida, which saw 1,786 transactions in the April-June 2024 period.

Notably, Noida Expressway (Noida) reported the highest average transaction value at approximately Rs. 1 crore, significantly above the combined average of Rs. 73 lakh for Noida and Greater Noida. The area has evolved into a prime hub for both residential and commercial development, attracting major developers who are launching premium projects along the corridor.

Further south, the Yamuna Expressway is steadily gaining traction among end-users and investors, particularly for residential plots near the Jewar International Airport as the Yamuna Expressway Industrial Development Authority (YEIDA) continues to open-up land parcels, further stimulating demand in the region.

Market Leaders and Key Projects

Among developers, Nirala World topped both the number of transactions and sales value in April-June 2024. Their project, Nirala Estate in Tech Zone-4 (Greater Noida), led the pack with 620 units registered, amounting to Rs. 565 crore in sales value. Amrapali Group and Purvanchal Group followed closely, each recording over 300 registered transactions across their respective projects. In terms of sales value, Jaypee Greens and Purvanchal Group secured the second and third spots with registered sales worth Rs. 299 crore and Rs. 267 crore respectively.

Conclusion

Square Yards highlighted that ongoing infrastructure developments, coupled with the much-anticipated Jewar International Airport, continue to drive growth in Noida and Greater Noida. As Noida’s commercial and retail sectors expand, the residential market of both the cities are reaping the benefits. Following a broader trend across top cities, homebuyers in these cities are increasingly prioritizing quality over budget, opting for lifestyle-driven projects. Given the data trends and bolstering homebuyer sentiments in Noida and Greater Noida, residential activity in the coming quarters is anticipated to maintain its upward trajectory.