![As Noida turns from affordable to luxury living, what's pushing real estate prices?](https://cdn.magzter.com/1574835453/1718584290/articles/o5gslyfbu1718589242144/AS-NOIDA-TURNS-FROM-AFFORDABLE-TO-LUXURY-LIVING-WHATS-PUSHING-REAL-ESTATE-PRICES.jpg)
Previously limited to properties in the Rs 40-80 lakh range, new launches now frequently exceed Rs 1 crore, often in the same sectors and on leftover land from earlier projects.
According to a report by property consultant JLL, 14,822 flats worth Rs 24,944 crore were sold in Noida last year.
This surge is underscored by a significant increase in the average apartment price, which rose from Rs 1.24 crore in 2022 to Rs 1.68 crore in 2023. Apartments priced at Rs 3.5 crore and above made up 23 per cent of total sales in 2023.
Stakeholders believe the transformation is driven by several factors, chief among them being infrastructure development, completion of stalled projects, and favourable policy changes.
This story is from the June 17, 2024 edition of The Morning Standard.
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This story is from the June 17, 2024 edition of The Morning Standard.
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