The residential segment of the real estate market in Noida city is recovering speedily. In contrast to so much downfall experienced by the sector in the last few years, the city has now surpassed its counterparts, i.e., Gurgaon in the numbers of fresh launches.
For the Q3, Noida saw the launch of 4,000 fresh apartment units while Gurgaon had only 1,700 units. This was revealed out of the report issued by the real estate researchers Colliers International which was carried out all over the nation for the last three months for cities like Chennai, Mumbai, Pune, Noida, Bengaluru and Gurgaon. Totally, 25000 units have been launched in these cities alone. Out of the total fresh launches done across India in the last quarter, 16% were from Noida alone. It is also clear from the reports that Gurgaon real estate market is shrinking as it had only 7% of the fresh launches.
As per the estimates of Colliers, the cumulative launches in Sohna and Gurgaon region altogether accounted for 3,000 units for both Q1 and Q2. While the cumulative launches for Q1 & Q2 in Noida were 2000. Therefore, with 4,000 units launched all alone in Q3, Noida has effectively doubled its performance in the past two quarters.
The reports have also clarified that all the fresh launches of the Gurgaon city have been in the mid-range segment. Many projects in Noida have been launched in newly emerging sectors along the Noida Expressway and Greater Noida. Amit Modi, the vice-president of Credai, Western UP said that Noida has observed more launches than anywhere else in the NCR region over past three months because the land price here is comparatively lower than any other parts of NCR. Therefore, it becomes fairly affordable to start new projects here.