Luxury Housing in Noida: The transformation of urban living

Condominiums bathed in luxury are in vogue, and Noida — India’s mini Japan – has emerged as a hotbed for selling luxury dwellings. As the Indian real estate sector burgeons, Noida’s contribution stands as a testament to its evolving landscape, merging opulence with strategic advantages. This fusion has propelled Noida into the limelight, captivating the interest of discerning buyers and astute investors alike.

An overview of the luxe and life of real estate in India

At present, the Indian real estate sector is valued at a staggering Rs 24 lakh crore ($300 billion), predominantly divided into two segments: residential and commercial. The residential segment commands a substantial 80% of the total market share, with the commercial segment contributing the remaining 20%. The future looks promising, with market size anticipated to soar to $1.3 trillion by 2034. This growth trajectory is underpinned by several factors, including increased GDP, a burgeoning population, and an escalating demand for housing.

The Confederation of Real Estate Developers’ Association of India (CREDAI) foresees a requirement for 7 crore additional housing units by 2030, with over 87.4% of the demand expected to be for homes priced above Rs 45 lakh. This upsurge in consumer demand is driven by the size and value of accommodation spaces, propelling market growth. The Indian real estate market, thus, remains an enticing prospect for all stakeholders, bolstered by an increased flow of foreign investments and a robust domestic buyer base.

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Noida’s speeding ahead as a luxe hotbed

Noida and Greater Noida, once known for affordable and mid-segment properties, have metamorphosed into hotspots for premium real estate over the past five years. Previously confined to properties in the Rs 40-80 lakh range, new launches frequently exceed Rs 1 crore, often in the same sectors and on leftover land from earlier projects. Noida’s rise is driven by several factors, including increased job opportunities, significant investments, accessible top-grade housing options, and promising development prospects.

The city’s transformation is evidenced by record-breaking sales in 2023, with a total of 14,822 flats sold, valued at Rs 24,944 crore. This remarkable growth can be attributed to consumer priorities shifting towards larger living spaces, as reports indicate an 11% annual increase in Noida’s average home size. Real estate builders in Noida have responded by delivering a range of residential properties, including luxury apartments equipped with state-of-the-art amenities such as temperature-controlled swimming pools, sports facilities, and exclusive clubhouses.

What tilts the scales in Noida’s favor?

Noida’s prominent features, such as its strategic location, excellent infrastructure, and proximity to commercial hubs, educational institutions, and recreational facilities, further bolster its appeal to investors. Unlike its close-range counterparts like Gurgaon and Delhi, Noida offers affordability coupled with prime location benefits. Its status as an employment hub, housing numerous multinational companies, SEZs, IT parks, and industrial sectors, enhances its attractiveness to both foreign and domestic investors.

Furthermore, Noida is committed to creating a wholesome environment for its residents through green initiatives and sustainable living. The city’s development plan includes vast green spaces and water bodies, enhancing its allure. This focus on sustainability ensures a superior lifestyle, making Noida an ideal destination for real estate investment.

Will the Real Estate Buyers and Sellers Continue on the Noidian Juggernaut?

Noida’s ascent as the premier luxury destination in the Delhi-NCR region shows no signs of slowing down. The city’s strategic advantages—its modern infrastructure, proximity to major commercial, educational, and recreational hubs—make it an exceptionally attractive choice for affluent buyers. This allure is mirrored in the thriving luxury real estate market, where a diverse portfolio of high-end residential projects showcases cutting-edge design and state-of-the-art amenities.

The continued rise in property values and the steady stream of new, luxurious developments affirm Noida’s status as a beacon of opulent living. With its commitment to blending elegance with modern convenience, Noida remains a magnet for both buyers and sellers seeking exclusive, refined living environments. The ongoing vibrancy of the luxury real estate market in Noida suggests that this juggernaut of upscale living is poised to maintain its momentum well into the future.

(By Vikas Bhasin, Chairman and Managing Director, Saya Group)

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