Bigger homes by branded developers becoming home buyers’ No. 1 choice

financialexpress.com:

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