Gr Noida West Property Prices Up 21.6% YoY; Emerges as Affordable Housing Hotbed

Noida/New Delhi, November 29, 2023: According to Magicbricks, property prices in Greater Noida West appreciated 21.6% YoY while rents have surged 13.15% YoY making it a hotbed of affordable residential investments. Further, Magicbricks Research revealed that Greater Noida West has witnessed the highest growth in supply (8.62% YoY) compared to other localities in Greater Noida, which has propelled demand in the area as well.

The area is attracting demand from both domestic and NRI customers, with residents from Delhi, Ghaziabad, Noida and Mumbai constituting 90% of domestic demand. NRIs from the United States, Canada, United Kingdom and UAE constitute 85% of the international demand in Greater Noida West.

Sudhir Pai, CEO of Magicbricks, said, “This year has witnessed a noticeable inclination towards spacious residences, fueling a surge in demand for properties in peripheral regions like Greater Noida West. Boasting reasonably priced housing options, rapid infrastructure enhancements, and close proximity to employment hubs, Greater Noida West has swiftly ascended as a highly sought after locale within the NCR. This remarkable growth isn’t just indicative of an investment hotspot but also signals a promising market primed for continual expansion and innovation.”

The report further observed that homebuyers favored apartment sizes exceeding 1250 sq ft, contributing to 54.5% of the total demand; and more than 50% home seekers sought properties in the budget of Rs. 5000-7500 psf.

Highlights 

• Unit density in Greater Noida West stands at 150 units per acre and the FAR(Floor Area Ratio) for projects in the area is 3.5. Interestingly, developers provide a generous 75% open area for projects making it more lucrative
• Customers have shown a preference for 3 BHK or larger apartments over the last five quarters, with 62% of home seekers searching for the same; and has increased 6% YoY. 
• More than 50% home seekers searching for properties in the budget segment of Rs. 5000-7500 psf
• Notably, the demand for properties from NRIs has grown 15% YoY

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