Focus on Noida and Greater Noida increased manifold in the residential and commercial real estate segments. The airport will help push this demand even further.

For an area to become end-user-centric and liveable, a massive infrastructure project like Jewar International Airport can make a huge difference. Such projects are invariably followed by more real estate developments including housing, commercial, hospitality, etc.

Plotted Developments to gain momentum

The height restrictions for developments near airports and the newly evolved homebuyer preferences post COVID-19 may combine to push up the viability of plotted developments around the Jewar Airport. In recent times, plots and independent homes have gained a lot of popularity in Delhi-NCR. To illustrate – residential plots around the airport selling at INR 22,000 per sq. yard a year have seen prices increase to INR 30,000-32,000 per sq. yard by now, depending on the exact juxtaposition of the plot vis-à-vis the upcoming airport.

Major boost for the region

If the construction progresses as per the schedule and Phase 1 completes by the second half of 2024, there will be significant ‘real’ benefits. 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. Already, there is an uptick in office leasing in Noida. Various private institutions are now scouting for land in and around the airport. The Greater Noida Authority has boosted investments into the region by attracting big companies with various incentives.

Notable Future Trends

Once operational, the Jewar Airport will be a major game-changer for Noida and Greater Noida, and also the hitherto obscure property markets in the nearby hinterlands. Some of the most significant trends to watch for in the long-term include:
End-user Demand: Despite being more affordable than markets like Gurgaon and Delhi, Greater Noida and areas along Yamuna Expressway had been unable to position themselves as solid end-user markets due to lacklustre infrastructure facilities. The new airport will induce a massive infrastructure boost and make these areas more liveable and active. This will attract increasing interest from end-users in this region.

A new hub:With increased connectivity and several infrastructure upgrades on the anvil, these two regions will see significant real estate development in the times to come. These regions are more affordable than Gurgaon or Delhi, where prices are largely unaffordable for many. First-time budget-conscious homebuyers will have viable alternatives in these areas.

Commercial RE Uptick:The new airport will increase demand for housing, as well as commercial real estate like office and retail spaces. More and more office spaces will come up in this region as rentals there will be relatively lower than in Gurugram.