NEW DELHI: Property prices in Greater Noida West, which is located in close proximity to major employment hubs, have seen a year-on-year growth of 21.6% as of September 2023. Rents have surged 13.15% y-o-y during the period, according to a recent study conducted by Magicbricks.
“The area is attracting demand from both domestic and NRI customers, with residents from Delhi, Ghaziabad, Noida and Mumbai constituting 90% of the domestic demand.NRIs from the US, Canada, United Kingdom and the UAE constitute 85% of the international demand in Greater Noida West,” the company said. The demand for properties from NRIs has grown 15% y-o-y.
What is also propelling demand in the area is the growth in supply, which is higher compared to other localities in Greater Noida. Residential supply in the region, for instance, grew 8.6% y-o-y.
The research by Magicbricks showed apartment sizes exceeding 1,250 square feet contributing to 54.5% of the total demand, while more than 50% of the home seekers sought properties in the budget of Rs 5,000-Rs 7,500 per square feet.
“This year has witnessed a noticeable inclination towards spacious residences, fuelling a surge in demand for properties in peripheral regions like Greater Noida West,” said CEO Sudhir Pai.
“The area is attracting demand from both domestic and NRI customers, with residents from Delhi, Ghaziabad, Noida and Mumbai constituting 90% of the domestic demand.NRIs from the US, Canada, United Kingdom and the UAE constitute 85% of the international demand in Greater Noida West,” the company said. The demand for properties from NRIs has grown 15% y-o-y.
What is also propelling demand in the area is the growth in supply, which is higher compared to other localities in Greater Noida. Residential supply in the region, for instance, grew 8.6% y-o-y.
The research by Magicbricks showed apartment sizes exceeding 1,250 square feet contributing to 54.5% of the total demand, while more than 50% of the home seekers sought properties in the budget of Rs 5,000-Rs 7,500 per square feet.
“This year has witnessed a noticeable inclination towards spacious residences, fuelling a surge in demand for properties in peripheral regions like Greater Noida West,” said CEO Sudhir Pai.
