The Delhi-NCR real estate market has trailed behind other key markets in India, such as Hyderabad, Bengaluru, and Pune, in recent years. However, the upcoming Noida International Airport in Jewar is transforming the region into a bustling hub of activity. The once quiet hamlet along the Yamuna Expressway, which connects Noida and Agra, is now experiencing a boom in road construction, land conversions for industrial and residential use, and significant land transactions among government and private entities. This surge has led to a dramatic increase in land prices in and around Jewar.
Since 2018, when the Noida International Airport project gained momentum, land prices in the region have skyrocketed. Industry estimates reveal that the price of one hectare of land, which was around Rs 2.5-2.8 million in 2018, has soared to Rs 12.5-15 million by mid-2024?a remarkable increase of over 400% in six years.
Not only are land parcels in high demand, but the interest from investors and homebuyers has also attracted real estate developers. Several residential projects are nearing completion, with many new launches in the pipeline, further driving up prices. Projects like Nimbus Realty and Gulshan Group, in partnership with Jaypee Group, are developing luxury residential complexes along the expressway, measuring 1.5 million sq. ft.
Data from Housing.com indicates a steady rise in average per square-foot home prices in the region since 2019. Prices have increased from Rs 4,700-4,900 per sq.ft five years ago to Rs 5,200-5,400 per sq.ft in 2021. Currently, mid-segment and premium projects in the area command prices between Rs 7,500 and Rs 10,000 per sq.ft.
Industry experts, such as Niranjan Hiranandani, Co-founder & MD, Hiranandani Group, believe the ongoing activities by authorities in Noida and along the Yamuna Expressway will have a domino effect on the region's development. "These efforts will attract investments, create new jobs, and boost business activities," Hiranandani said.
Sanjay Sethi, CEO, ATS Infrastructure, which has launched projects in the Jewar region, echoes this sentiment. "The expansion of the airport is driving housing, commercial, retail, and hotel development projects. Increased economic activity will create employment opportunities and lead to higher demand for residential and commercial properties," he said.
As the Yamuna Expressway Industrial Development Authority (Yeida) plans to acquire more land around the upcoming airport for industrial and residential projects, experts anticipate further land price increases in the coming years. Yeida recently received Rs 3,000 crore from the Uttar Pradesh government and plans to raise an additional Rs 3,000 crore to acquire 5,000 hectares of land. (Business Today)
