Prime minister Narendra Modi On Thursday, he laid the foundation stone of Noida International Airport at Jewar in Gautam Budh Nagar district. Real estate experts believe that the second international airport in the Delhi-National Capital Region (Delhi-NCR) could be a game-changer for the markets of Noida and Greater Noida. Also, the newly-built airport could give a much-needed boost to areas such as the Yamuna Expressway, where demand has plummeted over the years due to weak infrastructure facilities. The real estate sector has been badly affected in the last two years by the recent outbreak of Covid-19.
“For an area to become end-user-centric and livable, an infrastructure project like Jewar Airport can help kick-start more real estate development including housing, commercial, retail and hospitality projects,” said Santosh Kumar, Vice President – Anarock Group.
However, the benefits of an international airport in Jewar will be seen only if the construction progresses according to the schedule, experts are of the opinion. The first phase of the Noida International Airport is likely to be completed by the second half of 2024. “With Jewar airport finally taking off, we can expect significant activity to start in the next two to four years,” Kumar said.
The new airport, like any mega-infrastructure project, will boost economic activity in and around the Noida and Greater Noida regions. As per the ANAROCK report, the western part of Noida, where the Jewar airport is located, has seen an increase in interest in commercial activities – especially warehousing. Office leasing has picked up pace in Noida. Due to attractive incentives by the Greater Noida Authority, various private institutions and companies are looking to invest in and around the airport sector.
“In the short-to-medium term, the area in and around the airport will undoubtedly see significant development activity by players who have suitable land banks,” Kumar said. The region is all set to emerge as a realty hotspot. Along with this, necessary for affordable housing and better living conditions, it will also create employment opportunities for thousands of people in the Delhi-NCR region.
Kumar said, “Many players are hoping to capitalize on this mega project as it was announced many years ago and have bought large plots of adjoining land.”
With increased connectivity and increased infrastructure, there will be a significant increase in real estate in the Greater Noida and Yamuna Expressway areas. Experts have mentioned that first time buyers will have a viable and affordable option as compared to Gurgaon or Delhi, where prices are largely unaffordable.
According to Anarock Property Consultants, currently the average land price around Jewar International Airport ranges from Rs 1,000 to Rs 2,500 per sq ft, depending on proximity to the airport. Land price in Greater Noida ranges between Rs 2,000 to Rs 5,000 per sq ft depending on the location and can often go up to Rs 5,000 per sq ft mark in Noida.
The new Jewar International Airport will increase the demand for residential as well as commercial real estate such as office and retail spaces. Experts said that more and more office space will come up in this area as the rent there will be comparatively less as compared to Gurugram.
The new airport will also give a big boost to tourism in Mathura and Agra. This, in turn, will help the overall real estate markets of these cities in the times to come. ANAROCK said that this airport will act as a catalyst for the real estate market of western Uttar Pradesh.
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