Why real estate developers are launching a flurry of ₹5 crore-plus luxury apartments in Noida

Noida real estate market: As cost of land and construction hit the ceiling, builders up their game in Uttar Pradesh’s most promising township

Noida is fast shedding its image as Gurugram’s poor cousin, so much so that prices of recent luxury housing projects seem to be almost on par with new launches in the millennium city. The city’s premium offerings are being lapped up by people wanting to upgrade from ‘kothi’ living to a ‘condo’ lifestyle, investors, non-resident Indians, not to mention entrepreneurs who have made it big in the industrial town.

Improvement in the law and order situation and overall perception about Noida has been further enhanced by the government’s push for business and infrastructure development. Gautam Buddh Nagar is now home to several IT and consulting firms, not necessarily back-office companies.

Infrastructure development, especially the upcoming Noida International Airport, an extensive network of roads, railways, and new metro corridors are likely to improve connectivity in the coming years and also impact property prices. This has led buyers to invest in new housing projects in Noida, most of them being in the ₹5 crore-plus range.

Also Read: 7 things real estate investors should keep in mind before buying property in Greater Noida and Noida

The increase in price of new launches is also a function of the cost of land. Since 2022, real estate developers who were earlier required to pay only a minimum 10 percent at the time of purchasing land and the rest over a period of five to seven years, now have to make the total payment within 90 days of the allotment. This has made land purchase not only expensive but also scarce, say real estate developers.