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Greater Noida West, a burgeoning real estate hub, has experienced a remarkable 21.6% year-on-year surge in property prices, coupled with a 13.15% YoY increase in rentals, positioning itself as a prime destination for affordable residential investments, states a recent report from Magicbricks. The findings revealed a distinct preference among homebuyers for larger apartments, particularly those exceeding 1,250 sq ft, accounting for a substantial 54.5% of the total demand. Furthermore, over 50% of prospective homeowners targeted properties in the price range of Rs 5,000-7,500 per sq ft, reflecting the area's appeal for those seeking cost-effective housing solutions. Greater Noida West not only outshone other localities in Greater Noida but also witnessed an impressive 8.62% YoY growth in supply, thereby fuelling the escalating demand within the region. The allure of Greater Noida West extends beyond domestic buyers, with a significant 90% of demand emanating from residents in Delhi, Ghaziabad, Noida, and Mumbai. Simultaneously, the area has become an international investment hotspot, attracting 85% of its overseas demand from NRIs in the United States, Canada, United Kingdom, and the UAE. Sudhir Pai, CEO of Magicbricks, remarked on this notable trend, stating, “This year has witnessed a pronounced preference for spacious residences, propelling heightened demand for properties in peripheral regions such as Greater Noida West. With reasonably priced housing options, rapid infrastructure development, and close proximity to employment hubs, Greater Noida West has rapidly emerged as a highly sought-after locale within the NCR.” In conclusion, Greater Noida West's meteoric rise in property values and escalating demand from both domestic and international investors underscore its newfound status as a thriving real estate destination, offering a winning combination of affordability and strategic location.
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