Noida residential sales jump 77 per cent in H1 of 2018

Noida residential sales jump 77 per cent in H1 of 2018
30/08/2018 , by , in News/Views

Sales in the residential segment in Noida have grown by 77 per cent in the first half of 2018, with the top six developers accounting for a majority of the units sold.

Noida’s real estate market has performed better in H1 CY18, compared to the previous year, in terms of unit sales. Although new launches reduced by 10 per cent over last year, total sales jumped 77 per cent in H1 CY18, mostly concentrated in Noida Extension, according to data available. This may seem surprising, given that Noida has been at center of all things that were wrong with residential real estate. Most of the projects in Noida are delayed by at least a year, with two of the top Noida-based developers going through bankruptcy and one developer from Gurugram with major projects in Noida behind bars. Most of the Noida developers have also not cleared the land dues of the Authority. Another surprise, is that 81 per cent of the units sold in Noida, were in under-construction projects.

Around 46 per cent of the city launches witnessed in H1 CY18 were concentrated in Noida Extension, followed by the rest of Greater Noida. ATS Happy Trails and MigsunVilaasa launched more than 1,000 units each in H1 CY18. Nearly 63 per cent of the launches were reported in Sector 1 and Sector 10 of Noida Extension and ETA 2 of Greater Noida. Noida Extension contributed nearly 58 per cent to the city’s sales in H1 CY18.

The top six developers, which included players like Gaursons, ATS, Supertech, Ajnara and Mahagun, contributed 47 per cent of total unit sales. The next 15 developers contributed another 14 per cent, while the remaining 250+ developers contributed only 39 per cent. The common thread amongst the six developers, is their delivery track record. They have been consistent, in delivering according to their timeline with quality and have, hence, earned the customers’ trust.

Apart from Greater Noida and Noida Extension, Sector 150 Noida is another prominent locality, where large national developers such as Godrej have launched their projects. Noida Extension is likely to be the center of attraction in the coming year, as it is expected to deliver nearly 47 per cent of the total deliveries of Noida. Completion of the Noida-Greater Noida metro, will also drive demand in Greater Noida sectors such as Pari Chowk, Alpha and ETA. In the long term, Yamuna Expressway also looks attractive, as the construction of the Jewar Airport could start in the next one year.

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