Noida records record-breaking housing sales in 2023: JLL

financialexpress.com:

The residential sector in Noida has continued to showcase strong momentum with record-breaking sales in the calendar year 2023. A total of 14,822 flats were sold, amounting to a significant value of Rs 24,944 crore, according to JLL.

Factors such as promising development opportunities, increased investments, improved job prospects, and the availability of high-quality housing options have all contributed to this remarkable growth.

Notably, 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. This surge in prices further highlights the attractiveness of the Noida residential market. The Noida-Greater Noida Expressway micro market has emerged as a prominent location for leading national developers to introduce their projects. Additionally, the Greater Noida submarket has also seen the introduction of ultra-luxury projects with a limited number of units.

The revival of stalled projects by government agencies, along with the active participation of real estate developers, has further instilled confidence in the market.

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Commenting on the market performance, Dr. Samantak Das, Chief Economist and Head Research & REIS, India, JLL, said, “Sales at 14,822 apartments in 2023 were highest post 2016, reflecting the resurgence in residential market backed by quality supply and stable economic conditions. Interestingly, 62% of the sales were in under construction projects. This depicts the return of buyer confidence towards under construction projects as the market is getting mature in terms of transparency and regulations.”

“Noida which was earlier