The Noida residential market, nestled within the dynamic National Capital Region (NCR) of India, has undergone a transformative journey in recent times, marked by significant shifts in new supply, sales trends, and configuration preferences. Characterized by its strategic location, modern infrastructure, and evolving urban landscape, Noida has showcased remarkable growth, gaining recognition as a prominent hub for real estate activity in the region.
Surge in new supply
In Q2 2023, the Noida residential market experienced a remarkable surge in new supply, growing 13 times when compared to the previous year. While this growth can largely be attributed to a low base in the previous year, the growth potential of the region cannot be overlooked.
The new residential supply was primarily concentrated in key sectors such as Sector 94, Sector 150, and Sector 120.
These sectors are evidently gaining prominence, primarily due to their strategic locations, infrastructure development, and connectivity advantages.
Where are demand hotspots in Noida?
Within the Noida residential market, specific sectors have emerged as frontrunners in terms of sales traction during Q2 2023.
Sector 150, Phase 2 (also known as Greater Noida West), Noida Extension, and Sector 107 stood out by capturing a significant 40 percent share in overall sales in Q2 2023.
The appeal of these sectors could be attributed to a variety of factors including proximity to commercial hubs, well-planned infrastructure, and the promise of modern amenities.
Sector 150, Phase 2 is characterized by its adequately developed infrastructure and enjoys easy access to Delhi and other parts of NCR through an efficient network of highways and expressways. With the growth of industrial and business zones in the vicinity, this location is well poised to cater to the needs of the modern urban workforce. Noida Extension, also known as Greater Noida West, has garnered attention for its well-designed residential projects and a burgeoning social and commercial infrastructure. It offers an attractive combination of affordability and lifestyle amenities, making it a preferred choice for middle-income homebuyers. Meanwhile, Sector 107 is known for its proximity to major business districts and commercial zones, making it an attractive option for professionals and families alike.
While Sector 150 have residential prices quoted at around INR 6,700-6,900/sqft, Sector 107 have prices at INR 9,000-9,200/sqft.
Need for larger homes drive buyer preference
During Q2 2023, 53 percent of the units sold belonged to the 3BHK configuration, indicating a preference for spacious living spaces that cater to the needs of families, remote work setups, and lifestyle requirements. The popularity of 3BHK homes highlights the evolving demands of modern homebuyers and their desire for functional yet comfortable accommodations.
Summing up
In conclusion, the growth of the Noida residential market in Q2 2023 is characterized by a mix of surging new supply, changing sales trends, and evolving buyer preferences. With the market witnessing an impressive expansion in new supply, the dominance of specific sectors in sales traction reflects the value of location, amenities and the promise of a balanced and modern lifestyle in attracting potential homebuyers. Homebuyers are drawn to these areas for their seamless connectivity to business hubs, educational institutions, healthcare facilities, and entertainment options. Moreover, the ongoing development in these neighbourhoods signifies a commitment to urban planning, ensuring the creation of integrated communities with ample green spaces, sports facilities, and recreational areas.
Thus, as the market continues to evolve, stakeholders should stay attuned to these trends, leveraging insights to develop properties that align with the desires and aspirations of Noida's diverse homebuyer base.
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