The development of the Jewar Airport, officially known as Noida International Airport, is having a significant impact on the National Capital Region (NCR) real estate market. Here are the key ways this mega infrastructure project is influencing the market:
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1. Boost to Real Estate Demand in Adjoining Areas:
- The areas surrounding Jewar, such as Greater Noida, Yamuna Expressway, and Noida Extension, have seen an increase in real estate demand since the announcement of the airport project. This demand covers both residential and commercial properties, as investors anticipate future growth driven by improved connectivity and economic activity.
- Projects along the Yamuna Expressway, which directly connects to Jewar, are especially in focus. Residential plots, apartments, and villas in this corridor are witnessing increased interest from buyers looking for longterm investment opportunities
2. Increase in Property Prices:
- Property prices in the areas surrounding Jewar Airport have already started to appreciate, with experts predicting a substantial rise in the future. According to industry estimates, property prices in some parts of Greater Noida and Yamuna Expressway have risen by 2030% since the project’s announcement.
- This appreciation is driven by the anticipated increase in demand for housing and commercial spaces, as the airport is expected to attract businesses, logistics hubs, and tourismrelated developments, boosting the local economy.
3. Commercial Real Estate Opportunities:
- Jewar Airport is expected to transform the NCR into a significant logistics hub, given its strategic location. The airport’s presence is likely to attract warehousing, industrial parks, and logistics companies, especially those seeking connectivity to both Delhi and other parts of India via road and air.
- Commercial spaces like office parks, retail hubs, and hospitality ventures near the airport are anticipated to thrive as businesses look to capitalize on the influx of passengers and trade activities once the airport becomes operational.
4. Enhanced Connectivity and Infrastructure Development:
- Jewar Airport is set to boost infrastructure development in the region. Planned connectivity projects like the DelhiMumbai Industrial Corridor (DMIC), Eastern Peripheral Expressway, and upcoming metro extensions will enhance the overall accessibility of the region, making it more attractive for real estate development.
- These connectivity improvements are expected to reduce travel time to Delhi, Gurgaon, and other parts of NCR, making Greater Noida and Yamuna Expressway more appealing to homebuyers who want to live in less congested areas while having easy access to major economic centers.
5. Development of Surrounding Townships:
- Several developers have launched new townships and residential projects along the Yamuna Expressway and near the proposed airport. These developments often promise modern amenities, affordable housing options, and better living conditions compared to the more densely populated parts of NCR like Delhi and Gurgaon.
- The anticipated workforce and increased population around the airport region will further drive demand for social infrastructure like schools, hospitals, and shopping centers, spurring the holistic development of the area.
6. Impact on the Broader NCR Market:
- Jewar Airport is seen as a game-changer for the NCR real estate market, potentially shifting the focus from traditional hotspots like Gurgaon and Noida to newer, more affordable areas around the Yamuna Expressway.
- It also presents an alternative to the Indira Gandhi International Airport in Delhi, making the surrounding areas more viable for companies looking to set up new facilities without the premium costs of being located in central parts of NCR.
Conclusion
The Jewar Airport is set to have a transformative impact on the NCR real estate market, particularly benefiting areas like Greater Noida, Yamuna Expressway, and Noida Extension. The airport’s potential to drive economic growth, improve connectivity, and attract commercial investment makes it a catalyst for real estate appreciation. For investors and homebuyers, the areas surrounding the airport present significant opportunities, especially for those with a longterm investment horizon.
With ongoing infrastructure developments and the expected completion of the airport in the coming years, the region is poised for sustained growth, offering a promising outlook for the real estate sector in the NCR.