by Dev Vasu Dwivedi
Dec 04 2024
Demand-Supply and Price Trends in Noida-G.Noida (Summary Q3 2024, as per Collier International and Anarock)
Introduction
This report provides an impartial analysis of the residential real estate market in the National Capital Region (NCR) with a specific focus on Noida and Greater Noida. By analyzing key insights from Anarock Property Consultants and Colliers International reports of Q3 2024, this document aims to help potential investors, homeowners, and real estate professionals understand current market trends, demand-supply dynamics, and rental income patterns, keeping relevant sub-regions in light.
Price Trends
Jul-Sept Quarter saw prices in Delhi NCR demonstrate significant growth, with a 32% YoY increase, the highest among all major cities in India. This remarkable rise reflects sustained demand in the region. Despite this sharp increase, price levels remain competitive against other major cities, providing an attractive entry point for a diverse range of real estate investors. Indexed against Q1 2019, prices for the NCR region have increased to 1.82 times, indicating a steady appreciation trend driven by strong market fundamentals and infrastructure upgrades.
New Launches
In Q3 2024, NCR saw approximately 14,100 new residential units launched, a 17% decline QoQ but a substantial 53% YoY increase — Greater Noida and Ghaziabad contributed 22% and 18% respectively. Ghaziabad also stood out with a remarkable 164% surge in new launches QoQ, underscoring its emerging prominence. The ultra-luxury segment continued to dominate, comprising 64% of all new launches, while affordable and mid-segment categories showed consistent performance.
Sales Trends
Delhi NCR recorded 15,600 housing unit sales in Q3 2024, accounting for 15% of total sales across India's top seven cities. This marks a 6% QoQ decline but only a slight 2% dip YoY. However, Greater Noida contributed 20% to the total sales, reflecting its growing popularity among buyers seeking value-for-money residential options. Ghaziabad was a standout performer with a 19% Q-o-Q increase in housing sales, highlighting its strengthening appeal among buyers and investors.
Available Inventory
As of the end of Q3 2024, NCR's available inventory stood at 85,500 units, reflecting an 18% annual decline and a 2% quarterly decrease. The inventory has been falling consistently for the 7th consecutive quarter. This reduction, the steepest among the top seven cities, underscores the region's high absorption rate. Interestingly as per Colliers Q3 2024 report, 95% of the unsold inventory in the region came from under construction properties. Report further states that Noida Extension and Greater Noida account for 45% share in the available inventory. Affordable and mid-segment properties continue to dominate, constituting 32% and 27% of the inventory, respectively.
Noida-Greater Noida Micro-Markets Price Trends
As per data from Info Edge Locality Data of November 2024, average prices in the micro-markets of Noida-Greater Noida are as follows
| Region | Average Price per Sqft | Y-o-Y Change (%) |
|---|---|---|
| Sector 10, Greater Noida West | ₹9,000 | 53.8% |
| Sector 1, Greater Noida West | ₹9,200 | 22% |
| Sector 16, Greater Noida West | ₹8,800 | 44.2% |
| Sector 150, Noida | ₹13,000 | 36.84% |
| Sector 152, Noida | ₹14,000 | 71% |
| Sector 93, Noida | ₹14,650 | 17.2% |
Rental Outlook
Rental growth in Noida and Greater Noida remained at a steady growth trajectory in Q3 2024. For Q3 the average quoted rent for a 2BHK apartment was as follows:
| Greater Noida West | ₹17,000 - ₹24,000 per month | 3% quarterly increase |
| Noida Extension | ₹22,000 - ₹30,000 per month | 4% quarterly increase |
These figures highlight robust rental growth in Noida and Greater Noida, driven by increasing demand from professionals and families looking for affordable, well-connected residential areas.
Market Outlook
The NCR real estate market, particularly Noida and Greater Noida, is poised for sustained growth in Q4 2024. Key infrastructural projects, including expressway expansions and metro connectivity enhancements, continue to drive demand. The rise of industrial hubs in these regions further enhances their appeal. With favourable government policies aiming to bring more people towards the region — for example The New Noida initiative, Jewar Airport, Semicon 2024 — Noida and Greater Noida can easily be expected to grow at an exponential phase in the future for real estate investors and developers alike. The ultra-luxury segment is expected to maintain its upward trajectory, driven by buyers seeking premium homes with state-of-the-art amenities. The majority of the developers are also aiming to build complexes that cater to a more sophisticated residential buyer providing premium interiors, and luxury themed societies.
Conclusion
This report, based on data from Anarock Property Consultants and Colliers International, offers a comprehensive overview of residential real estate trends in NCR, with a focus on Noida and Greater Noida. It aims to empower stakeholders with actionable insights to navigate this evolving market landscape.
**This report is meant for purely informational purposes; readers are advised to conduct further research before making investment decisions.**
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