Noida is increasingly perceived as a territory primarily accessible to the affluent and elite, prompting questions about the surge in luxury housing projects. Why are developers prioritizing high-end homes, and what ramifications does this focus have on average citizens? An analysis sheds light on these trends. While urban growth appears promising, it should ideally encompass all societal strata rather than favoring a select few. Recent developments in Noida indicate its rise as a sanctuary for the wealthy, transforming the city into a ‘Millionaire Diva.’ The cost of living has escalated dramatically, rendering homeownership elusive for many in the middle-income bracket today.
The second-best ranking in the real estate market has surely altered the city's skyline. Major property firms have pivoted toward erecting extravagant residences, which aim not merely to enhance living standards but to provide opulent lifestyles synonymous with grandeur. The volume of upscale constructions is evidently increasing, with nearly every major developer establishing high-end projects within Noida. Examples include prominent developments such as Supertech Supernova and Unitech Exquisite, both epitomizing the luxurious living concept. Supertech Chairman R.K. Arora recently stated their ambitions to garner 750 crores from their initiatives in Noida. The Supernova project features 78 ultra-luxurious flats, each valued between 5 to 7 crores. Concurrently, Unitech plans to raise 400 crores through its Exquisite project comprising 312 luxury apartments, each starting from 1.2 crores and sprawling across 7 acres.
The burgeoning number of high-end residences illustrates a reality where Noida increasingly caters to the elite, drawing wealthy individuals who view the city as an enticing destination. Builders are responding to this demand with lavish offerings, justifying steep prices. For instance, the most affordable flats in the Wave City Center start at 55 lakhs, and 3 C Lotus Boulevard features apartments valued in crores. This trend persists across all leading real estate companies, which compete fiercely to deliver premium properties, inadvertently sidelining lower-income demographics. For these groups, the options are starkly limited, primarily resorting to cramped single-bedroom units. It is hoped that shifts in market dynamics may broaden housing availability for all in the future.