Residential Searches Dip as Prices Rise Near Jewar Airport: Magicbricks

04 Feb 2025 CW Team

The recent budget announcement reinforcing the UDAN scheme and boosting regional connectivity, the government aims to enhance air travel accessibility and stimulate economic activity stimulate economic growth. Historically, advancements in airport infrastructure have fuelled real estate expansion, attracting new developments and driving investment in surrounding areas. In one such instance, Magicbricks has observed that property prices near Jewar Airport have nearly doubled over the past five years. However, the demand now appears to be waning.

Analysing data from key sectors around the airport, Magicbricks found asking prices in Zeta-Eta-Theta, sectors around Yamuna Expressway, and Omega-Chi-Phi areas increasing by 49 per cent, 53 per cent, and 28 per cent, respectively during October-December 2024.

The current price points in these areas are approaching parity with more established and accessible metros, which offer superior social and medical infrastructure. The average price in Zeta-Eta-Theta stands at Rs 7,858 per sq ft, while Yamuna Expressway is at Rs 7,218 per sq ft and Omega-Chi-Phi at Rs 9,706 per sq ft. Some areas, such as Jaypee Greens (Rs 12,434 per sq ft) and Alpha Beta Gamma Delta (Rs 10841 per sq ft), exhibit even higher average rates.

Furthermore, Magicbricks found a notable decrease in residential searches (demand). For instance, searches in Zeta-Eta-Theta, sectors around Yamuna Expressway, and Omega-Chi-Phi declined by 48 per cent Y-o-Y, 39 per cent Y-o-Y, and 37 per cent Y-o-Y, respectively in Q4 (October-December 2024). Despite the declining search interest, residential supply in these areas continues to surge. Listings in Omnicron-Mu-Xu have increased by 77 per cent Y-o-Y, while listings around Yamuna Expressway have seen a 53 per cent Y-o-Y increase.

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