Noida, Greater Noida Property Registrations Soar in Q4 2023

Noida and Greater Noida, the twin cities of Uttar Pradesh, have witnessed a significant surge in property registrations during the fourth quarter (Q4) of 2023, reflecting the growing demand for real estate in these regions. According to data released by online real estate platform Square Yards, a total of 7,481 properties worth Rs 3,179 crore were registered in the October-December period.

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Key Highlights:

1. Overall Registrations: Noida and Greater Noida saw a remarkable 7,481 property registrations in Q4 2023, amounting to a substantial Rs 3,179 crore in value.

2. Noida Central and Expressway: In Noida, 247 properties worth Rs 157 crore were registered in Noida Central, while 205 units valued at Rs 109 crore were registered on Noida Expressway during the same period.

3. Greater Noida West: Greater Noida West, also known as Noida Extension, emerged as a prominent location with 6,366 properties registered, amounting to Rs 2,643.7 crore. Additionally, 643 units were registered in the Yamuna Expressway area.

4. Leading Developers: Nirala World led the pack with 371 registered units worth Rs 203 crore, followed by Ace Group with 259 registrations totaling Rs 181 crore in Q4 2023. Other notable developers include Gaurs Group, Gulshan Homz, CRC Group, ABA Corp, SKA Group, Samriddhi Group, Arihant Buildcon, and IITL Nimbus Group.

Factors Driving Real Estate Growth:

Noida and Greater Noida have emerged as attractive real estate destinations due to several factors, including excellent road and metro connectivity, strong infrastructure, thriving business and IT hubs, and affordability. The upcoming Jewar International Airport has further enhanced the region's prospects, positioning it for a real estate boom.

The diverse housing inventory catering to different segments of buyers has also contributed to the strong demand and future growth opportunities in these regions.

Project Registrations:

In terms of projects, Greater Noida witnessed the highest number of registrations in Q4 2023. Nirala World and Ace Group emerged as dominant players, with Nirala Estate recording 377 registered units worth Rs 206 crore and Ace Divino closely following with 274 registrations valued at Rs 194 crore.

Greater Noida's Edge:

Greater Noida outperformed Noida in terms of transactions during this quarter, accounting for an impressive 94% of the total registrations. Factors such as ready-to-move, affordable, and luxury apartments, good societies, less density, a quieter environment, and proximity to educational institutions, commercial hubs, and office campuses have contributed to Greater Noida's popularity.

Noida's Challenges:

Noida's micro-markets experienced a decline in transactions due to reduced supply within the city. Additionally, the availability of more premium yet affordable options in Noida's peripheral areas and Greater Noida further contributed to this decline.

Conclusion:

Noida and Greater Noida continue to attract homebuyers and investors alike, driven by their modern infrastructure, affordability, and diverse housing options. The strong demand and future growth potential of these regions make them lucrative real estate hotspots in the National Capital Region.