KEY FEATURES OF NOIDA'S REAL ESTATE TRENDS IN 2023
The Recent Anarock report of housing sale records in 2022 reports NCR as a booming home investment zone. Second, to only the Metropolitan Region of Mumbai (MMR), NCR shows a lot of promise for Noida property markets in the upcoming year. After two years of muted sentiments and sluggish sales growth due to the pandemic, the realty sector heaved a sigh of relief in 2022 due to the relapse of strong housing demand despite high mortgage rates. The housing segment saw a major boost, with residential sales in 2022 surpassing the figures of 2014, which was termed as the highest peak sale previously. Correlating the sale growth figures for 2021 and 2022 is quite common, but this finding emerged as one of the primary scales to judge the developmental compass of the realty sector. On this basis, it can be ascertained that the post-corona period has become an inflection point for the realty sector. The Noida property market trends in 2023 will be predicated on the growth variables of 2022. In the continuum, the residential realty sector will see significant growth markers and patterns in 2023. The Premium housing segment to witness robust growth - The premium housing properties, priced between 80 lakhs to 1.5 crores, have undergone spectacular growth in consumer demand. Both ready-to-move-in projects and recently launched offerings have drawn feasible interest from the well-settled income and salaried classes. The premium segment caters mainly to high-middle-class families, which are a considerably growing population in NCR. 2022 saw maximised growth in the premium segment, which has categorically come into existence to tap into the consumer base, which was not subsumed by the luxury and affordable housing markets. This trend will strengthen further in 2023, when there will be congruence in both demand and supply, especially in Noida and parts of Greater Noida. Demand for High-street commercial spaces to fuel up - The makeshift commercial complexes are an impasse concept nowadays. In various parts of Noida, there is an accentuation in demand for high-street commercial spaces meant for various high-end uses, typically office or retail use. From a modern standpoint, a commercial place should be able to serve the retail, entertainment, and commercial needs of the local population. There is a visible surge in realtors’ incentives to introduce commercial projects to capture the increased demand in this sector. Noida has seen the launch of many such high-street commercial offerings, which have a similar calling to cater to specific consumer and corporate interests The lean phase of Affordable Housing markets to end in 2023 - The two-year-high home loan mortgage rates, which was a causal effect of constant repo rate hikes, brought a seemingly dull phase for affordable homes. The buyers paused investment activity since the interest rates appeared to be exorbitantly pricier. Indubitably, it resulted in the spike in prices of affordable housing projects, which inevitably drew buyers to its affordability factor. The taming inflation levels and RBI’s recent moderation policy in view of repo rate hikes indicate that affordable residential markets will revive in 2023. The income capacity of a sizable population has also witnessed a drastic increase based on the twin principles of job security and remuneration package growth, which will act as a gravitating force in favour of the affordable housing markets. The NCR region, Noida, will see stupendous realty growth in 2023. The resilience of housing markets has been etched out in 2022, and there will be a further growth escalation in 2023 based on the solid economic footing acquired this year.
Tags : Noida Real Estate trends Sanjay Sharma Director SKA Group