PM Narendra Modi today laid the foundation stone of the Jewar International Airport which, once completed, will give a major impetus to the property market in Noida, Greater Noida, and Yamuna Expressway.
“These regions were previously speculator havens and needed significant impetus to attract end-user demand. For an area to become end-user-centric and liveable, an infrastructure project like the Jewar Airport can help kick-start more real estate developments, including housing, commercial, retail, and hospitality projects,” said Santhosh Kumar, Vice Chairman, ANAROCK Group.
“Once operational, the Jewar Airport will be a major game-changer for Noida and Greater Noida, and also the hitherto obscure property markets in the nearby hinterlands,” he added.
Interestingly, after the pandemic, the relatively affordable markets of Noida and Greater Noida had begun to see some demand uptick. Focus on Noida and Greater Noida increased manifold in the residential and commercial real estate segments. The airport will help push this demand even further.
Property consultants and developers also welcomed the move, saying that the Airport will give a boost to the overall growth of the Noida and Greater Noida regions.
Amit Goyal, CEO, India Sotheby’s International Realty, said, “This is a big plus for the commercial and residential real estate in Noida, Greater Noida and Taj Expressway. The new upcoming airport changes the dynamics of NCR real estate, bringing the Noida region at par with Gurugram. Current prices of land and apartments and office rentals in the region are far lower than Gurguram, and if the timelines of delivering the airport comes through as per schedule, we believe the gap will narrow substantially. In anticipation, the rates will start moving as well.”
Besides airports, other infrastructure initiatives underway in the nearby areas like IT parks, industrial corridors, film city and so on are expected to drive the real estate market over the next decade. “Abundant availability of land parcels and already developed infrastructure offer several opportunities for real estate developers and investors to come up with projects in the area,” Goyal added.
Ankita Sood, Head of Research, Housing.com, Makaan.com & PropTiger.com, said, “Jewar Airport will act as a pivotal factor in the overall growth of Noida and Greater Noida regions in the coming times. It will provide the much-needed connectivity to these areas, which will bolster real estate sentiments across asset classes. We already see that residential demand in the micro-markets around the upcoming airport have gained momentum with September 2021, surpassing the 2020 levels, despite the setback of the COVID-19 second wave.”
Amit Modi, Director, ABA Corp & President-elect CREDAI Western UP, said, “The inauguration of Jewar Airport is going to be a gamechanger for the region of Noida. It will be establishing the city on a global logistics map. The state government has always been very supportive and proactive in terms of development opportunities, ease of doing business etc. Now with this airport, the region will reap economic multiplier benefits, and will open sources of employment in the construction business. It will also be giving a boost to the corporate travel and leisure opportunities, and bring Noida and Greater Noida at par with the millennium city of Gurugram.”
The increasing business activity will ensure employment opportunities that should result in increased demand for residential as well as commercial properties.
“Today is one of the biggest days for the Yamuna Expressway and NCR region. The region has already seen immense investment which would result in economic growth, not only of the YEIDA region but also of the entire state. The increasing business activity will also ensure employment opportunities that should result in increased demand for residential as well as commercial properties. I personally see a lot of future for real estate now,” said Manoj Gaur, CMD, Gaurs Group and Vice President NORTH, CREDAI. The group has almost completed one township of 250 acres – Gaur Yamuna City – in the Yamuna Expressway.
The laying of foundation stone of Asia’s biggest airport – Noida International Airport, Jewar – will also herald a new era in India successfully conceptualising and executing large infrastructure projects that have a huge multiplier effect on the economy.
“The Noida International Airport will help spur residential, commercial and hospitality activities in the region but the biggest beneficiary will be Faridabad – a city equidistant from Delhi, Gurgaon and Noida/Greater Noida. A road, the land acquisition for which has begun, from the under-construction Delhi-Mumbai Expressway will connect the city with Noida International Airport and reduce drive time to less than 30 minunes – an equivalent time taken to reach IGIA, Delhi; thereby making the city accessible to two international airports. Also, Faridabad is an already-inhabited micromarket as compared to Yamuna Expressway, where the airport is coming up. Therefore, the chances of the former appreciating more than the latter are higher,” said Mohit Goel, MD, Omaxe Ltd.
Pankaj Bajaj, President-CREDAI NCR, said, “Noida has been waiting for this day for twenty years. Noida has competed with Gurugram as the premier suburb of Delhi with one hand tied behind its back. Corporates and MNCs always preferred Gurugram over Noida due to the proximity of the Indira Gandhi International Airport, despite Noida having better infrastructure and access from Delhi. Over the next few years, this differential will disappear. Already, the sentiment in the real estate market in Noida is reflecting the expectation of a property boom. The biggest beneficiary of this are the sectors of Greater Noida and Noida closer to the location of the Jewar Airport, for example, Sector 150, Noida.”
Deepak Kapoor, Director, Gulshan Group, said, “The Jewar Airport inauguration is a great news and is definitely going to position Noida on a global map. It will bring lots of investments from multiple industries, and new section of corporate class, including HNIS, UHNIs, will be evaluating the city for long-term income opportunities due to the seamless connectivity and high-end infrastructural developments like Film City. Amid this real estate will emerge as one of the brighter options. We are excited to see the fast paced development and support from government, and look forward to airport becoming fully operational.”
Developers said the demand for residential and commercial real estate will be undergoing a sea of change as a new class of corporate buyers and investors will enter the market.
“Real estate will be one of the most crucial sectors that will be pivoting towards consistent growth, and we look forward towards changing skyline of the city with the airport and Film City becoming operational. The demand for residential and commercial real estate will be undergoing a sea of change as a new class of corporate buyers and investors will be entering the market. An electronics and mobile accessories hub near the region could become a reality in the Yamuna Expressway area, with several companies showing interest in the region for investment in the electronics sector also due to the upcoming international airport,” said Yash Miglani, MD, Migsun Group.
The Airport is also going to be beneficial for the tourist circuit of nearby regions.
Subhankar Mitra, MD, Advisory Services, Colliers India, said, “Jewar Airport is going to be beneficial for the tourist circuit of Agra and Mathura. Tourists don’t have to travel and stay in Delhi for the same. There is a big potential for a multimodal logistics hub between Greater Noida and Jewar, the airport is going to augment that. Going forward, it will create jobs and demand for affordable housing will get a boost.”