Property Insights Noida Q2, 2024

The real estate market in Noida is changing rapidly; whether it is residential or commercial property, both are witnessing a surge in demand and prices simultaneously. The housing prices in Noida have seen an increase of 7 percent. And the commercial segment has shown a growth of 8 percent.

The data shows the real estate market in Noida is providing exceptional returns and is poised to take over other popular regions of India, such as Bengaluru and Hyderabad, in terms of average property prices. Let’s evaluate Noida's real estate market growth for better evalution in terms of investment.

Residential Market Insights in Noida

In Q2 2024, property prices in Noida have shown significant growth. The property demand increased by 16.4 percent, and supply grew by 7.3 percent. This marks a notable change from the previous quarter. As both demand and supply increase, property prices increased by 7 percent. 

“The residential market segment has witnessed the QoQ prices growth of 1.7 percent.”

“The under construction property has seen price growth of 26.3 percent”

“Both RM and UC properties has recorded an QoQ increase of 2.3% and 21.7% respectively”

Commercial Market Insights In Noida

In Q2 2024, Noida's commercial property market shows fine trends across sectors. Office spaces recorded a significant vacancy rate nearing 14%, indicating undisturbed demand and slow leasing activity post-pandemic.

Multifamily properties faced a contrasting scenario with high mortgage rates of around 7%, driving demand despite a 7.8% vacancy rate due to new supply. Retail properties continue to recover slowly, with demand below pre-pandemic levels and a stable 4% vacancy rate. 

In contrast, the industrial sector saw a notable slowdown with a 63% drop in net absorption compared to last year, reflecting challenges despite prior strong demand for warehouse spaces. These trends highlight diverse challenges and opportunities across Noida's commercial real estate landscape, influenced by economic conditions and market dynamics.

Strategic Location Driving Growth

This growth in Noida is driven by its strategic location.  Its proximity to Jewar International Airport and the film city has pushed its potential appreciation beyond its limit. It also provides strategic connectivity to other NCR regions, such as Ghaziabad, Faridabad, Gurugram, and Delhi, making it a prime location for investment. 

The Noida-Greater Noida and FNG expressway and other infrastructural developments are pushing its growth and prices too.

Noida Homebuyer Trends

Preference for 3BHK Apartments

In Noida, 3-bedroom apartments are highly favoured, constituting 64% of the market. This preference underscores the demand for larger living spaces among homebuyers.

Popularity of Mid-Sized Apartments

Nearly half of Noida's home buyers prefer mid-sized apartments, ranging from 1,250 to 2,000 square feet. These units are in high demand, comprising 47% of the market, reflecting a solid preference for moderately spacious properties.

Focus on Mid to High-Range Real Estate

The market in Noida shows a distinct inclination towards properties priced at or above INR 7,500 per square foot. This trend highlights a preference for mid to high-end real estate options catering to specific demographics within the city.

Noida Property Rate 2024, Q2 Analysis: Residential

Over the past two years, property prices in Noida have shown a consistent upward trend, averaging an impressive increase of 35.7% over the last four quarters. This upward trajectory has been remarkably stable, with no noticeable declines during this period.

Noida Property Rates Sector Wise: Residential 

Property Rates analysis: Commercial 

Commercial property rates in Noida have increased by 8 percent in this quarter. They are expected to touch 20 percent by the end of the year. Some commercial properties have shown great appreciation on the Noida expressway. For example:

CRC The Flagship: The price in the previous quarter was 90 lacs 90 thousands for 1000 square feet increased by 95 lacs 90 thousands in this quarter. The property price increased by five lacs in just three months.

Splendor Onyx: The price in the previous quarter was 75 lacs for 1000 square feet increased by 85 lacs this quarter. The property price increased by ten lacs in just three months.

Skyline Vista: The price in the previous quarter was 1.5 Cr. for 1000 square foot increased by 1.7 Cr. in this quarter. The property price increased by 20 lacs in just three months.

ACE 153: Price in the previous quarter was 90 lacs for 1000 square feet increased by 1 Cr in this quarter. The property price increased by ten lacs in just three months.

The data shows the significant growth in Noida’s real estate and its potential to give exceptional returns to investors.

Final Words

In 2024, real estate market in Noida showed robust growth, with residential property prices rising by 7% and commercial properties by 8%. The demand for 3BHK apartments remains strong, while mid-sized units are also popular.

The market favours properties priced at or above INR 7,500 per square foot. Strategic factors like proximity to Jewar Airport and infrastructural developments continue to drive Noida's real estate boom. 

Despite varied vacancy rates, investors are eyeing potential returns, especially in commercial sectors like office spaces and retail. Overall, Noida presents promising opportunities for both residential buyers and commercial investors.