Jewar International Airport - Revival for Noida and Greater Noida?
Total units delayed (launched before or during 2013)
Approx. Rs value (in crore) of delayed units
- Healthy end-users demand: Despite being more affordable than Gurgaon and Delhi, Greater Noida and the areas along Yamuna Expressway did not become end-user driven markets due to lacklustre infrastructure. The new airport will boost the region’s overall infrastructure and make it more liveable and active. As a result, more and more end-users will drive the property market in this region.
- Greater Noida and Yamuna Expressway – new affordable options for first-time home buyers: With increased connectivity and several infrastructure upgrades on the anvil, these two regions will see major realty developments in the times to come. The new airport will be a booster shot. These regions are more affordable than Gurgaon or Delhi, where prices sometimes skyrocket into peaks ofunaffordability. First-time homebuyers are apt to focus on these areas – unlike before when investors drove these markets.
- Commercial activity to gain momentum: The new airport will not only increase housing demand but also lead to an uptick in commercial developments like office spaces and retail. In fact, office spaces which will eventually and inevitably proliferate along the region as rentals will be relatively cheaper than in Gurgaon and Delhi, without compromising on the purchasing power of the consumers they cater to.
- Steady long-term capital appreciation: Both Greater Noida and Yamuna Expressway have seen high investor activity in the past few years. While these areas always looked promising for end-users, liveability was a challenge. As a result, several housing projects along the Expressway remained unoccupied and gained the unenviable moniker of ‘ghost towns’. With the new airport coming in, this market will attract more end-users and see steady, genuine capital appreciation rather than mere speculation.
- Boost to tourism in Mathura and Agra: The new airport will further boost tourism in cities like Mathura and Agra. These cities are already well-connected with the National Capital via the Yamuna Expressway. However, the new airport will further increase tourist footfalls. All this will eventually impact the real estate market positively. In the long-term, the airport will also act as a catalyst for Western Uttar Pradesh’s real estate market.
A final word of caution
Buyers will gradually begin to enter the real estate market in and around the Jewar International Airport region. It is imperative that they do a thorough check before buying properties. The areas along the Yamuna Expressway have been marred by multiple land litigations that have severely impacted buyers in the last few years. Before investing in the areas around the upcoming airport, it is important to establish how soon they will actually become inhabitable and liveable.
About the Author:
Santhosh Kumar is Vice Chairman at Anarock Property Consultants.