Foundation laying of Noida International Airport at Jewar will have a positive impact on the real estate sector, industry experts said. Prime Minister Narendra Modi and UP Chief Minister Yogi Adityanath on Thursday laid the foundation stone of Noida International Airport at Jewar.
“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 land prices, apartments, and office rentals in the region are far lower than Gurguram, and if the timelines of delivering the airport come through as per schedule, we believe the gap will narrow substantially. In anticipation, the rates will start moving as well,” said Amit Goyal, CEO, India Sotheby’s International Realty.
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. The 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.
“Corporates and MNCs always preferred Gurugram over Noida due to the proximity of Indira Gandhi International Airport, despite Noida having better infrastructure and access from Delhi. Over the next few years this differential will disappear,” said Pankaj Bajaj, President, CREDAI-NCR: Already, the sentiment in the real estate market in Noida is reflecting the expectation of a property boom. The biggest beneficiary of this is the sectors of Greater Noida and Noida closer to the location of the Jewar Airport, for example, Sector 150, Noida.
“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,” said Manoj Gaur, CMD Gaurs Group and Vice President NORTH CREDAI.
Jewar airport will act as a pivotal factor in the overall growth of Noida and Greater Noida regions in the coming times. The airport 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 has gained momentum with September 2021, surpassing the 2020 levels, despite the setback of the COVID-19 second wave,” said Ankita Sood, Head of Research, Housing.com, Makaan.com, and PropTiger.com.
The Yamuna Expressway Industrial Development Authority (YEIDA) has also invited bids for the construction of a 1,000-acre film city near the upcoming Jewar airport in Uttar Pradesh. The project will entail an investment of Rs 10,000 crore. “The number of large infrastructure projects coming along the Yamuna Expressway will continue to help the real estate sector. Investors have already started investing in a second home in the housing societies near the Jewar airport,” said real estate consultancy Investors Clinic’s corporate director, Sachin Arora.
Jewar Airport will bring a lot of investment from multiple industries, a 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 definitely one of the brighter options. “We are excited to see the fast-paced development and support from the government, and look forward to airport becoming fully operational,” said Deepak Kapoor, Director, Gulshan Group
Sanjay Sharma, Director, SKA Group said that the nearby region will continue to attract the attention of investors and end-users, resulting in an increase in the number of new launches and sales activities in ongoing and upcoming projects.
“It will bode well for the pricing aspect also, as this region will become a hub of properties catering to different segments. Even RTMI units of developers in Noida will be an attractive proposition for people seeking homes in proximity to the airport,” said Sharma. The new airport will establish the city on a global logistics map.
“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,” said Amit Modi, Director, ABA Corp & President-elect CREDAI Western UP.
Real estate will be one of the most crucial sectors that will be pivoting towards consistent growth. 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 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 Noida International Airport will also 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 min – an equivalent time taken to reach IGIA, Delhi; thereby making the city accessible to two international airports,” said Mohit Goel, MD, Omaxe Ltd.
“Also, Faridabad is an already inhabited micro-market as compared to Yamuna Expressway, where the airport is coming up. Therefore, the chances of the former appreciating more than the latter is higher,” Goel said.