The Jewar Airport News has made a lot of buzz in the real estate market. The land near the airport will hit rocket fly prices since the Jewar Airport News broke out. As the saying goes, “You become what you’re enclosed of”. Similarly, the Jewar Airport News has uplifted the price of its nearby areas. Since the development of infra gets directly linked with the growth of the area real estate- the airport construction will surely add brownie points to theNoida & Greater Noida Real estate market.
Over the years, we’ve seen areas like Gurgaon, whose real estate market price touched rocket due to the IGI Airport. Just like this, the Jewar Airport location opens up hopes for some multinationals, corporations & builders to mark their presence. In turn, they will get perks like better price, infra, connectivity and many more world-class facilities nearby.
In a short span, Jewar Airport news has caught the eyes of investors, thus, many of them even started to invest at this location. So, how exactly the Jewar Airport location is going to boost the Noida & Greater Noida real estate?
Overview of the Project:
Before we head towards the benefits, let’s find out some of the key points of the Airport. The proposal for Jewar Airport Greater Noida was first out in 2001. The site of the terminal is 40 – 50 Km from Greater Noida & Noida each. Further, The Uttar Pradesh Government aims to make the Jewar Airport Greater Noida- the World’s Biggest Airport. Once it gets finished, it can match Chicago’s O’Hare International Airport, which has seven runways. Yet, this terminal will include eight runways.
The Noida International Greenfield Airport will get built on a Public-Private Partnership with Yamuna Expressway being the implementing authority. Jewar Airport Greater Noida will get built over 5,000-hectare area. Also, when it will get fully constructed; it’s estimated to cost INR approx. 29,560 cr.
The YEIDA acquired land from 3000 farmers of over 1239.94 hectares to start phase-1. Plus, land from more than 5000 farmers is supposed to get obtained to make the airport operational.
Phase-1 of the project consists of two runways and the proposal for eight runways will get sent soon by Noida International Airport Limited (NIAL) to the state government.
The Jewar Airport Greater Noida is planned to get linked with Metro’s Aqua Line by 2025. It will boost the connectivity to major Delhi NCR parts. Keeping this in mind, the Government is also planning to link the airport with the Sarai Kale Khan- bus transit depot of NCR with Rapid Rail Transit System.
It will easily handle more than 5 million passenger’s p.a and will cross the 60 million passengers mark after the extension of over 30 years. Plus, it will be able to consist of 37 domestic & 31 international spots by 2050.
How is the project going to amplify the Real Estate Market of Noida?
The real estate market of Noida is surely enduring hard times. As per UP-RERA, more than 100 projects are still under construction or yet to get initiated due to many issues. Thus, Jewar Airport Project is the need of the hour for the infrastructure development of Noida.
As of now, people from nearby cities have to travel to Delhi for endless reasons. For someone who needs to travel by air, the Jewar airport project will stretch a huge help for the people. Along with catering for the need of Noida aviation, cities like Agra, Mathura, Palwal, Bhiwadi, Meerut, Bulandshahar, Hapur, Aligarh etc., will also get help from this project.
But, among all, the real estate sector is going to benefit a lot from this project. Landowners can now feel the margin between the land rates. The Airport has increased the land rates, one sold at 4-5 bigha to now touching marks of 20-25 lakhs.
Not just this, yet farmers are now getting paid thrice of the existing circle rates value- A farmer whose land once cost 900 sq. mt. is getting 2700 sq. mt. from the state government. So, the upcoming terminal has just started, and the prices are touching rocket skies.
In short, the scale and scope of the upcoming Greater Noida airport are so vast that it can shift the current favourite investor spot Gurgaon to Noida.
Real estate experts believe that the coming of such a megaproject will revive the commercial projects in Noida market. It will boost the commercial infra and enhance the real estate market of the region. Not only will this, but the coming of commercial projects create multiple job opportunities.
Further, an increase in commercial activity will attract real estate developers to introduce new projects in Noida, including a boost to residential projects in Noida market.
The existing residential inventory will get cleared out more rapidly with the intro of the airport in the vicinity.
The Present Scenario
At current, the first phase is announced to get finished by 2024 which can surge the price of residential projects in Noida up to 100%. The prices are expected to increase by 50% in the forthcoming 2- 3 years for commercial projects in Noida as well. The prime reason behind the surge will be the connectivity factor; also the authority will first make the commercial infra around the Jewar airport area better. This, in turn, will enhance the nearby Jewar airport area much more enhanced, for which investors will keeping an eye to directly buy.
The proposed airport, other new projects in Noida alongside the abundant land availability give many chances for real estate builders to come up with new projects in the area. Right now, the average price near the Jewar airport area is INR 1000- INR 2000 sq. ft. which is soon to cross INR 5000 sq. ft. once the airport gets operational. Hence you can expect:
Commercial projects in Noida to gain a momentum
Homebuyers will find new affordable & quality living
Boost of Tourism to Mathura & Agra
Long-Term Capital Appreciation
How will it create an economic impact?
Once finished, Jewar International Airport will ease the traffic at Delhi’s IGI Airport. It will also create many job openings by boosting the property market in Greater Noida, Noida and Yamuna Expressway.
Markets were rolling under great stress over the last few years and needed a fresh shot of opportunities. Projects like Jewar International Airport can make a huge difference as they get backed by more real estate progress such as home, commercial, entertainment, etc.
What can you expect?
Considering the endless perks of the Jewar Airport, one thing is quite certain: A positive result for the real estate market of Noida & Greater Noida. Yet, experts weigh on not to jump to end results at it still can take time to reach the stage of golden opportunity. As, the impact will get only visible after a short 5-6 years duration.
Though, people who are in the search of long term investment can surely pick this place blindfolded. It is since, in the future, it surely going to thrice your investment amount or property rates. So, the new projects in Noida can make their way to these regions with the hope of seeing fruitful results in the real estate market of the town.
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