Both Noida and Greater Noida, once known for affordable and mid-range properties, have emerged as hotspots for premium real estate in last five years.
Noida news: Noida has seen a major rise in its flats and land prices in the past 10 years. The city has developed with several big societies and projects. It also houses big corporations, and lakhs of people work in the city. Due to this, Noida continues to grow with new residential societies and offices.
Flat prices in Noida 10 years ago
Reports suggest that a property or flat whose price was Rs 50 lakh 10 years ago now costs double. This means a Rs 50 lakh flat in 2015 will now cost Rs 1 crore. Not just that, both Noida and Greater Noida, once known for affordable and mid-range properties, have emerged as hotspots for premium real estate in the last five years. Earlier, flats were affordable as they were available in the range of Rs 40-80 lakh, but now the new launches often cost more than Rs 1 crore
Rs 24,944 crore flats sold last year
According to a report by property consultant JLL, 14,822 flats worth Rs 24,944 crore were sold in Noida last year, AajTak reported. The price of flats in Noida increased from Rs 1.24 crore in 2022 to Rs 1.68 crore in 2023.
Reports suggest that in 2023, 23 per cent of such apartments were sold, whose price was Rs 3.5 crore or more. In 2019, the price of a three-bedroom apartment in some sectors of Noida was around Rs 5,800 per square feet, which has increased to Rs 10,000 per square feet today. Ivy County by Country Group was initially priced at Rs 6,000 per sq ft in 2019, which is now priced at Rs 15,000 per sq ft with ready-to-move units.
Source: DNA India
