New Delhi: Noida property prices have gone through the roof as the city has upgraded itself from being an affordable nest to a premium knighthood. Seeing the changing trend, developers launch luxury and premium segment thick and fast as they see Rs 5 Crore plus flats become an emerging trend in Delhi NCR’s satellite town.
Five Reasons why Noida property prices have gone through the roof:
1. Noida International Airport:
The construction of Noida International Airport has proved to be a boon for the city. Ever since the announcement, the property prices not only in Noida but also in adjoining areas have augmented manifold.
2. Government’s Investment Thrust
The Government’s push for construction of highways and expressways in and around the region has solved connectivity issues. This has attracted commercial investments leading to robust demand and price hike.
3. Noida Authority:
The Noida Authority has time and again hiked plot allotment rates. In 2024, the authority hiked allocation rates by 6% more. This has made it more costlier for developers to acquire land for construction of properties. They have been left with no choice other than to sell apartments at higher cost to the aspirant homebuyers.
4. Limited Land Supply
Over the years, Noida’s population has increased, but land remains in limited supply. Due to robust demand for flats and land supply shortage, the developers are left with no choice other than to hike prices of newly launched projects.
5. Improved law and order situation
Over the course of time, law and order situation has improved in the industrial town. More and more people have decided to relocate to Noida. Developers see heightened interest from NRIs to invest here. Many developers have reported that people residing in New Delhi have sold their bungalows and relocated to the Gautam Budh Nagar area. All these and more have led to increased demand for properties in turn resulting in high prices.
How much property prices have increased?
According to ’99acres’ the Noida property prices have risen by upto 466% in last five years. The average price per square feet in newly launched flats currently come in the range of Rs 16,000-20,000.
