Noida, Greater Noida Property Market Booms in Q4 2023: Square Yards

Noida, Feb 7 (PTI) Noida and Greater Noida have witnessed 7,481 property registrations worth Rs 3,179 crore in the fourth quarter of 2023, according to data by online real estate platform Square Yards.

The data is based on the property registered by the Inspector General of Registration (IGR), Uttar Pradesh, the platform said in a statement on Wednesday.

In Noida, 247 properties worth Rs 157 crore were registered in 'Noida Central' during the period, while 205 units valued at Rs 109 crore were registered on Noida Expressway, the data showed.

As many as 6,366 properties worth Rs 2,643.7 crore were registered in Greater Noida West, also known as Noida Extension, and 643 units were registered in the 'Yamuna Expressway' area, the data showed.

Among developers, Nirala World led with the registry of 371 units amounting to Rs 203 crore, followed by Ace Group with 259 registrations totalling Rs 181 crore in the October-December 2023 quarter, Square Yards said.

Gaurs Group logged 213 registries with a value of Rs 103.8 crore, followed by Gulshan Homz (171 units, Rs 77.1 crore), CRC Group (137 units, Rs 66.8 crore), ABA Corp (131 units, Rs 63.7 crore), SKA Group (118 units, Rs 61.8 crore), Samriddhi Group (90 units, Rs 51.2 crore), Arihant Buildcon (121 units, Rs 46.4 crore), and IITL Nimbus Group (71 units, Rs 32.4 crore), the report said.

"Noida and Greater Noida have everything that epitomises a modern cosmopolitan city. Excellent road and metro connectivity, strong infrastructure, bustling business and IT hubs, and affordability have made the twin cities potential real estate hotspots.

"The new Jewar International Airport has proved to be a shot-in-the-arm for the region's prospects, positioning it for a real estate boom," Square Yards co-founder and chief business officer Anupam Rastogi said.

Moreover, there is a right mix of housing inventory catering to all walks of life that has caught the attention of homebuyers, fostering strong demand and paving the way for future growth opportunities, Rastogi added.

In terms of projects, the Greater Noida region exhibited the highest number of registrations in the current quarter, Square Yards said.

Nirala World and Ace Group emerged as dominant players in the project charts. Nirala Estate in Greater Noida recorded 377 units registered, accumulating Rs 206 crore in the fourth quarter, while Ace Divino followed closely with 274 registrations valued at Rs 194 crore, it added.

Square Yards said Greater Noida scored a big edge over Noida in this quarter, which is evident in 94 per cent of the transactions in this region.

Greater Noida West and Noida Extension have witnessed the most transactions due to their ready-to-move, affordable and luxury apartments and good societies, less density, quieter environment and nearness to educational institutes, commercial hubs and office campuses, it noted.

"Conversely, Noida's micro-markets witnessed a decline in transactions attributed to a reduction in supply in the city and availability of more premium yet affordable options in Noida's peripheral areas and in Greater Noida," the platform added.