Real Estate Updates That Can Boost Property in Noida
The emerging trends in Noida’s real estate sector make it a highly prospective market for buyers, investors, and industry professionals. Vast changes are occurring in the region that are being attributed to infrastructure, policy changes, and buyers’ preferences. Recent changes in the building by-laws that have favoured vertical development and the introduction of new luxury projects have made property in Noida even more attractive.
In this blog, we will follow up on a few recent updates and new projects that could transform the city and expand investment opportunities in Noida’s property market even further.
Delhi-NCR Tops Real Estate Investment In India
Delhi-NCR has been the most attractive region for private equity investment in India’s real estate, with $633.3 million invested in the first half of 2024, according to the Cushman & Wakefield report. The upswing is expected due to the high demand for prime offices and luxury residential properties in the area.
The report shows that $483.6 million was invested in office assets in Delhi-NCR, while the residential sector garnered $149.6 million. The major equity buyouts by the leading fund houses have spurred a huge inflow in the office segment, while high-end and luxury residential projects continue to attract investor interest.
Real estate experts have pointed out a rising preference for luxurious living spaces in the NCR. This is due to multiple factors, including the region’s strategic location, well-developed infrastructure, and cosmopolitan population.
The optimistic outlook for the future is that the increase in investor confidence suggests that this year will be favourable for private equity in the commercial real estate segment and may even exceed expectations.
Also Read: Recent Development Updates That Can Upsurge Property in Noida
Aqua Line Metro Extension To Begin Construction in March 2025
Construction of the Aqua Line Metro Extension project is estimated to commence in March 2025. It is an important agenda item of the Noida urban development plan, which aims to link the important sectors through a 29.707-kilometre route. The expansion will improve connectivity to business districts, residential neighbourhoods, and the Noida International Airport, making it a crucial project for the city’s development.
This project is a part of the Noida Metro Rail Corporation, which will connect the Botanical Garden station to Sector 142 and enhance connectivity across Greater Noida by making daily travel easier for more than 125,000 passengers.
A new platform will be established at the Botanical Garden Metro Station to connect the Aqua Line Metro with other routes, such as the Magenta and Blue Line. The Aqua Line Metro will run 11.56 kilometres long and pass through some key locations, such as Sector 44, Sector 97, and Panchsheel Balak Inter College, and end at Sector 142. The budget allocated for the project is ₹2,254.35 crores, and construction is expected to be completed in five years. The DPR for the project is still under consideration and awaits the final nod from the central government.
Uttar Pradesh Plans To Set Up Mega Repair Hub in Jewar
In massive aviation infrastructure development news from Uttar Pradesh, the Noida International Airport is said to be planning to establish a massive repair facility near the Jewar Airport. A recent report by the Times of India states that the airport authority is preparing to come up with the expression of interest (EOI) in September. It will be a mega complex with maintenance, repair, and overhaul services alongside the Jewar Airport.
According to the report, the MRO hub is in the second phase of the Jewar project. The authority will require 1,365 hectares of land to establish the hub. As the TOI report pointed out, the MRO Hub and all related activities will be located on this parcel of land. It further said that Yogi Adityanath’s UP government has started the process of land acquisition for the aviation hub.
The report stated that Noida International Airport Ltd. has approached few global players. In order to get a positive response, the UP government has launched a special MRO policy. Under this plan, the government will provide special subsidies to companies, ranging between 5% and 12%.
According to a Business Today report quoting industry players, land prices in Jewar have risen by 400% over the past six years. From the report, the cost of 1 hectare of land has risen to Rs 1.5 crore compared with Rs. 25 lakh in 2018.
Flat Sizes Surge in Top 7 Cities: NCR Tops at 96% Growth
According to the latest research by ANAROCK, the average size of the new flats launched in the top 7 cities has increased by 32% in the last 5 years: from 1,145 sq. ft. in 2019 to 1,513 sq. ft. in H1 2024. Interestingly, in the last six months alone a surge of 7% in the flat size was witnessed.
Out of all big cities, the National Capital Region observed the greatest increase of 96% in the average size of flats during the mentioned period, which was only 1,250 sq. ft. in 2019 and went up to 2,450 sq. ft. in H1 2024.
Apart from occupying the position of the highest increase in average flat size over the past five years, NCR has also shown the highest increase over the past six months at 30%—from 1,890 sq. ft. by the end of 2023 to 2,450 sq. ft. in H1 2024. Out of the 24,300 housing units launched in NCR in H1 2024, the maximum share of 18,600 units were luxury homes, comprising 77% of the stock.
New home sales are rising in the top 7 cities after the pandemic, including MMR, NCR, Pune, Bangalore, Hyderabad, Chennai, and Kolkata. Across the top 7 cities, H1 2024 saw total sales of approximately 2.51 lakh units, 9% more than in H1 2023. Therefore, the real estate market in Noida has several opportunities for growth backed by strong infrastructure and increasing demand for diverse types of properties. The Noida property market has great potential for new home buyers and investors willing to invest in property in Noida. We suggest you monitor the changes and use the potential of this active region to your benefit.