Noida and Greater Noida’s Registered Residential Transactions Grow Double-Digit Gains in June Quarter: Square Yards

• Greater Noida West (Noida Extension) leads the market in registered residential transactions, capturing a 35% share. 
• Average registered home sales value in Noida Expressway (Noida) nears the Rs. 1 crore mark in June quarter.

Noida, Uttar Pradesh, August 23, 2024 – 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.

*Includes both primary and secondary residential registered transactions.

Source: IGR, SquareYards.com

 “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.