Noida International Airport (NIA) in U.P.’s Jewar completed its first flight validation test on 9 December 2024. This success is a pivotal step towards the commencement of airport operations and will also benefit the developing real estate markets of Noida, Greater Noida, and the Yamuna Expressway. Market experts anticipate an influx of investments, both commercial and residential, along with high buyer activity in the coming years.
Vikas Tomar, Executive President and Business Head at Square Yards, highlights developing trends: “We observe interest in residential plots, followed closely by apartments. The demand has pushed property prices along this corridor, which have doubled since 2020, underscoring its rising prominence. As the airport nears full operational status, we anticipate sustained momentum, with developers strategically positioning themselves to meet the robust demand from homebuyers eager to capitalise on this unprecedented growth opportunity”.
Drivers of Yamuna Expressway’s Real Estate Market
Despite immense popularity and anticipation, much of the Yamuna Expressway region’s real estate developments have been speculative. Liveability challenges have largely resulted in ghost towns, uninhabited projects, and inconsistent investment. The commencement of Jewar Airport will stir the market up again, attracting new investments and buyers.
Industry trackers expect the residential sector to take the lead, with several housing projects launched. This will soon be followed by commercial developments. The area’s low rental costs are expected to accelerate office developments while also encouraging logistics, warehousing, and ancillary airport-related activities.
Source: Hindustan Times
Market Composition
The ongoing airport project plays a monumental role in determining market activity in its nearby regions. Real estate markets near the airport are currently dominated by investors, with less end-user activity. This is primarily because end-users enter a market upon its completion, while investors typically come in at the development stages and exit when the market nears maturity. With the completion of the Jewar Airport, end-user activity is set to increase, attracting greater purchases.
According to Colliers India’s recent report, property prices in markets close to the NIA are set to record strong surges. Titled ‘Infrastructure & Mega Projects—The Key Enablers of Urban Expansion in India,’ the report highlights a 40% increase in land prices over the last five years and a 50% increase by 2030. While these markets have long been focused on luxury developments, the completion of the NIA is expected to introduce several mid- to premium-priced projects.
Government Initiatives
Besides the Jewar Airport, government investments in industrial parks, IT hubs, medical manufacturing centres, Film City, and other projects have also instilled investor confidence. The Yamuna Expressway Industrial Development Authority (YEIDA) is tasked with overseeing industrial, residential, and commercial development along the Yamuna Expressway corridor. It has introduced a myriad of schemes to appeal to buyers.
In November 2024, YEIDA introduced a group housing plot scheme in YEIDA City. The scheme includes 20 plots across Sector 22 D (nine plots), Sector 18 (six plots), and Sector 17 (five plots). Registrations for the scheme are expected to close on 18 December 2024. Other key projects introduced by YEIDA include a 100-acre residential township in Sector 24A and a residential plot scheme offering approximately 400 plots in Sector 24A.
Wrapping Up
Noida International Airport’s successful flight validation has given a major boost to the Yamuna Expressway’s real estate market. From increased buyer interest to new investments, the Noida International Airport project is set to bring a range of advancements. Developers, investors, and pundits are not only tracking these developments but are also aligning projects that will cater to the growing demand. As the Jewar Airport nears completion in April 2025, the Yamuna Expressway corridor is poised to achieve its potential as a leading residential and commercial hub.
To read more about the booming real estate prospects along the Yamuna Expressway:
Hindustan Times – https://bit.ly/4017fgt
TV9 Bharatvarsh – https://bit.ly/3VLBwNC
Published Date: 17 Dec, 2024
