The real estate market in India is on fire. The penchant for bigger and better homes is not only increasing but is also breaching its own numbers. The country is witnessing a huge rise in housing demand, and realty firms are reporting record-breaking sales. Reports after reports are talking about this, and in the last two-three years an upward growth trajectory has been witnessed, which is getting steeper.
As per a report by JLL, 14,822 flats valued at a whopping Rs 24,944 crore were sold in Noida last year. What is also remarkable is that the average cost of an apartment in Noida witnessed a substantial increase from Rs 1.24 crore in 2022 to Rs 1.68 crore in 2023. Apartments priced at Rs 3.5 crore and above accounted for a significant 23 per cent share of total sales in 2023.
New launches of luxury units have also more than doubled in 2023. More than 65% of the new developments are coming up along the Noida-Greater Noida Expressway, highlighting an increased prominence of this micro market in the luxury residential segment. Noida micro markets, with a 7% YOY increase, witnessed the highest rental growth in 2023.
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“In the last few years, there has been a drastic change in people’s perceptions of Noida. It is now shoulder to shoulder with Gurugram, both in terms of supply and demand. As a result, projects by branded developers generate immense traction. Our uber-luxury project, County 107, has been entirely sold out. It will also be Noida’s first uber luxury project to be delivered. We see immense possibility in the region,” says Amit Modi, Director, County Group.
“Besides promising immense development opportunities, the government’s commitment and foreign investments have acted like fuel to the fire and added to Noida’s luxury quotient. There is also a huge influx of investments in the region making it an enticing investment proposition. The SKA Group has a number of projects in the premium categories in and around Noida. However, we are also coming up with a luxury project, Destiny One, in Greater Noida,” says Sanjay Sharma, Director, SKA Group.
This trend is particularly evident in the Noida-Greater Noida Expressway micro market, which has become a hub for leading national developers launching premium projects. However, the growing preference for large-sized luxury apartments is a country-wide trend.
“Gurugram is at an altogether different level. Its proximity to the international airport, reputation as one of the country’s foremost corporate hubs, and the horizontal spread towards new areas such as Southern Peripheral Road and Golf Course Road, and a history of the presence of branded developers have kept the charm of Gurugram intact providing high ROI to investors. Our latest project, Ambience Creations, located strategically in Sector 22, builds on this legacy and raises the bar of luxury many notches higher,” says Ankush Kaul, Chief Business Officer of Ambience Group.
In the south, the luxury housing section in Bangalore has done spectacularly well. Bangalore is undoubtedly India’s cyber hub and one of the world’s foremost IT centres. According to a recent report by CREDAI, Colliers, and Liases Foras, the city has recorded a 21% year-on-year surge in housing prices.
“Driven by demand from the IT sector, infrastructure developments, and favourable economic conditions, Bengaluru’s real estate market will continue to thrive. Our project, Bhartiya Urban, which is a large-scale integrated city under development near Hebbal in Bengaluru, has been spectacularly successful. It comprises of various districts, including residential, commercial, IT SEZ, hotels/convention centres, and retail. The residential options under the Nikoo Homes brand cater to a diverse range of Indian families, with various formats and price points available,” says Ashwinder R. Singh, Co-Chairman, CII, NR Committee for Real Estate, CEO Residential at Bhartiya Urban.