N
oida's image as a poor cousin of Gurugram is rapidly changing, with luxury housing prices now comparable to those in the millennium city. The city's premium offerings are attracting people looking to upgrade from 'kothi' living to a 'condo' lifestyle, investors, non-resident Indians, and entrepreneurs who have made it big in the industrial town.

    The improvement in law and order situation and overall perception about Noida has been enhanced by the government's push for business and infrastructure development. Gautam Buddh Nagar is now home to several IT and consulting firms, with an extensive network of roads, railways, and new metro corridors expected to improve connectivity in the coming years.

    This has led buyers to invest in new housing projects in Noida, mostly in the ₹5 crore-plus range. The increase in price of new launches is also a function of the cost of land, which has become scarce due to developers having to pay for it upfront and adhere to the Master Plan's 19% limit on residential projects.

    Established developers such as Experion, M3M, Godrej, County Group, Gaurs Group, and Max are launching ultra-luxurious apartments with a plethora of amenities. Real estate brokers active in the area say that speculators and investors have entered the fray, hoping to make a profit from rising prices.

    Manoj Gaur, chairman and managing director of Gaurs Group, said, "Supply of land parcels in Noida has dried up. Besides, developers have to now pay for the land upfront." Amit Modi, Director, County Group, added, "Land has become expensive and scarce in Noida. It therefore makes economic sense to construct large-sized apartments and load them with amenities."

    Luxury real estate projects in Noida are offering a lifestyle not seen before, with several developers eyeing the ultra-luxury housing opportunity. Mudassir Zaidi, Executive Director at Knight Frank India, said, "The city is still working on its image of being a poor cousin of Gurugram. It is still a work in progress but having said that a huge gap has already been plugged."

    Noida International Airport and property pricesThe recent escalation in demand and pricing in Noida is largely due to substantial infrastructure upgrades across the city. A significant factor driving this growth is the Jewar airport, which is set to become a major catalyst for further development and investment in the region.

    Saurabh Garg, co-founder and chief business officer at NoBroker, points out that Noida and Greater Noida have become focal points for luxury real estate development. The demand for uber-premium apartments in these regions is booming, driven by factors such as infrastructure development and the upcoming Jewar Airport.

    Those buying into these luxury projects are primarily those wanting to upgrade to condo living, investing proceeds from the sale of their bungalows in Delhi or Noida. Developers point out that several Noida-based entrepreneurs, contractors, service consultants, not to mention NRIs are also investing in these projects.

    However, real estate experts don't see a bubble yet, with property prices having increased by around 7% since COVID. The ₹5 crore segment did not exist in Noida before the pandemic, and the total inventory of ultra-luxury homes is limited, making it unlikely to lead to a bubble.