Real Estate Boom In Noida, Ghaziabad: Demand For Properties See A Surge Of 30%

This festive season the real estate business in Noida and Ghaziabad is witnessing a big boom owing to the pent-up demand created by the pandemic. With work-from-home options available, employees are now looking for a bigger house to manage their work needs. As per a report by India Today, the real estate in the cities has grown to over 30 per cent in the festive season. The spike in the demand has been the sharpest in recent history.

“We are also in a process to make a society, especially for people working from home because the WFH is going to stay, people will be working on a hybrid mode and that’s why the demand for such homes is high,” told Sanjay Sharma, MD, SKA builders, to India Today.

The increase in demand is not just confined to the usual housing option. The boom is also visible in the luxury housing segment. People are now investing more in luxury housing space as they were forced to remain in a confined space when the pandemic hit unannounced.

People, who waited for two years amid the lockdown, upgraded their budgets and are looking for luxury options.

“People who were about to buy flats worth Rs 90 lakh to one crore are now opting to invest in luxury housing. We have witnessed a spike of 30-40 per cent during the festive season,” Yukti Nagpal, owner of Gulshan Homes was quoted as saying.

The rental demand has also seen a spike of 29 per cent. As per the Magicbricks Rental Index for Q3, 2022, the aggregate rental demand (searches) jumped by 29 per cent year on year. Meanwhile, the average rent in India also moved up by 5.2 per cent quarter on quarter.