Several infrastructural projects, such as the Jewar International Airport and Delhi-Varanasi High-Speed Rail Corridor, are expected to improve the connectivity quotient of Noida and significantly contribute to its residential real estate market.
Multiple developments, strategic location, upcoming infrastructural upgrades and sustainability factors have strengthened Noida’s position as one of the most influential real estate markets in Delhi NCR. The rising presence of commercial hubs is boosting the residential demand in the city and many reputed builders are well-catering to it by providing a slew of housing projects.
The growth story of Noida
Noida’s popularity as a prominent residential hub is primarily due to the migration of homebuyers shifting from the suburbs of Delhi and nearby locations. The rising level of investment by global corporations, the setting up of Film City, data centres, industrial parks and retail hubs in the region have further pushed the demand for residential properties.
The rising demand is well-reflected in industry reports that say that residential sales in Delhi NCR increased by 50 percent in the Apr-Jun 2021 quarter. Noida and Greater Noida itself contributed 34 percent to the total property transactions during this period.
Amid such a promising ecosystem, the announcement of various infrastructural upgrades is garnering a tremendous response from market players, who are confident of Noida’s prosperity as a real estate hub in the near future.
The region enjoys a well-established road network and allied infrastructure. The upcoming Jewar International Airport and the announcement of the bullet train have further set the pace for economic growth.
Noida and Jewar both now are part of the ambitious Delhi-Varanasi High-Speed Rail Corridor. The project will unlock new investment avenues and create employment opportunities. It will also provide rapid connectivity between Delhi, Jewar International Airport, and Varanasi, thus covering all the pilgrimage destinations. This development will have a considerable impact on the region’s real estate.
Noida is also well-connected with the Blue Line of the Delhi Metro. The extension of the Aqua line, the proposed metro corridor of Greater Noida - Dwarka and a new 75 meter-wide road from Noida to Noida - Greater Noida Expressway will significantly reduce the travel time in such areas.
Effect of latest trends
Consumer trends propelled by the pandemic, including work-from-home and virtual schooling, have spiked the demand for spacious homes with a dedicated workspace, modern kitchenette, gymnasiums, entertainment zones, and balconies, among others. Areas with over 80 percent green cover, such as Sector 150, are turning out to be the most sought-after among buyers.
The demand for luxurious 3 BHK homes with quality amenities has also grown significantly. Buyers are increasingly investing in spacious homes with high-end features to match their opulent lifestyle. With such offerings, Sector 150 has become one of the favourite choices of High Net-Worth Individuals (HNIs).
Unlike last year, the residential real estate market of Noida was better prepared and registered immense resilience during the second wave of the COVID-19 pandemic. Changing preferences of end-users and reasonable pricing, coupled with favourable policies, are the key reasons supporting the demand surge. In such a scenario, Noida has successfully gained the trust of real estate buyers and the infrastructural push in the region, along with other governmental initiatives, will lead to a massive transformation in the future.