With the inauguration of Jewar international airport by Prime Minister Narendra Modi on Thursday, the prices of real estate and other economic activities in and around the area is expected to get a boost.
Being set up at an estimated cost of ₹34,000 crore, the airport, once completed, will ease traffic at the IGI Airport, create a massive number of jobs for the local population, and give a major impetus to the property market in Noida, Greater Noida, and Yamuna Expressway in the National Capital Region of Delhi.
“If the construction progresses as per the schedule and Phase 1 completes by the second half of 2024, there will be significant ‘real’ benefits,” said Santhosh Kumar, Vice-Chairman, Anarock.
Mega projects nearby
Already, over the last year, commercial activity - particularly warehousing - saw increased momentum in and around the airport – also factoring in other mega projects in the vicinity, including the Film City, he added
“ It will also be giving a boost to corporate travel and bring Noida and Greater Noida at par with Gurugram,” said Amit Modi, President elect, Credai Western UP.
The fastest segments to pick up in the areas would be retail and residential, he added.
Residential stock
As per Anarock data, the total available housing stock in Noida, Greater Noida, and Yamuna Expressway collectively stands at nearly 54,450 units (as on Q3 2021). This is 33 per cent of the total stock in the entire NCR.
It further added that in 2019, the total available stock in the three areas was approximately 67,830 units. With demand rising in these cities after the pandemic, housing inventory declined by nearly 20 per cent in this period.
“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,” said Ankita Sood, Head of Research, Housing.com.
Year | Percentage share of residential sales in select micro-markets* from overall residential sales in Noida and Greater Noida | Weighted average price in select micro-markets (INR/sq ft)** |
|---|---|---|
2019 | 17 | 4,700- 4,900 |
2020 | 19 | 5,000- 5,200 |
2021(Jan-Sep) | 31 | 5,200- 5,400 |
Source: PropTiger.com
*Micro-market includes localities around Noida Expressway (Noida) and Yamuna Expressway (Greater Noida)
**Weighted average price as per new supply and inventory