Jewar's Real Estate Boom: How Noida International Airport is Fueling Growth
As the Noida International Airport nears completion, Jewar region in western Uttar Pradesh is witnessing a surge in land prices, road construction, and industrial and residential development.
Real EstateJewarNoida International AirportUttar PradeshInfrastructure DevelopmentReal Estate NewsJul 22, 2024
Since 2018, when work on the Noida International Airport project gained momentum, land prices have jumped manifold. Industry estimates suggest that the price of 1 hectare of land in the region has increased from Rs 25-28 lakh in 2018 to Rs 1.25-1.5 crore in mid-2024, a jump of more than 400% in 6 years.
The demand for land parcels around the upcoming airport has brought realtors into the game, with several residential projects already near completion and many new launches in the pipeline. This has led to further price escalation in the region. Projects like Nimbus Realty and Gulshan Group's luxury residential project along the expressway, measuring 1.5 million sq. ft, are examples of the growing interest in the area.
Data from housing.com shows that average per square-foot home prices in the region have surged steadily since 2019, from Rs 4,700-4,900 per sq.ft to Rs 7,500 to Rs 10,000 per sq.ft in mid-segment and premium projects.
Industry veterans like Niranjan Hiranandani, Co-founder & MD, Hiranandani Group, believe that the activities underway will have a domino effect on the development of the region, attracting investments, creating new jobs, and boosting businesses and other activities. Sanjay Sethi, CEO of ATS Infrastructure, feels that the airport could prove to be a game-changer for the real estate industry, ensuring employment opportunities and increased demand for residential and commercial properties.
As the Yamuna Expressway Industrial Development Authority (Yeida) prepares to acquire more land around the upcoming airport for industrial and residential projects, experts expect further surge in land prices over the next few years. The Yeida has recently received Rs 3,000 crore from the Uttar Pradesh government and will be raising another Rs 3,000 crore to acquire 5,000 hectares of land.
Noida International Airport is a greenfield airport being developed in Jewar, Uttar Pradesh, which will be one of the largest airports in India upon completion.
Hiranandani Group is a leading real estate developer in India, known for its luxury residential and commercial projects. ATS Infrastructure is another prominent real estate developer in India, with a presence in multiple cities.
Frequently Asked Questions
What is driving the surge in land prices in Jewar?
The upcoming Noida International Airport is driving the surge in land prices in Jewar, with rapid development of infrastructure and industrial and residential projects in the region.
How much has land prices increased in Jewar since 2018?
Land prices in Jewar have increased by more than 400% since 2018, from Rs 25-28 lakh per hectare to Rs 1.25-1.5 crore per hectare in mid-2024.
What kind of projects are being developed in Jewar?
Several residential projects, including luxury projects, are being developed in Jewar, along with industrial and commercial projects, driven by the growth of the Noida International Airport.
How will the Noida International Airport impact the real estate industry?
The Noida International Airport is expected to be a game-changer for the real estate industry, driving employment opportunities, increased demand for residential and commercial properties, and further price escalation in the region.
What is the role of Yeida in the development of Jewar?
The Yamuna Expressway Industrial Development Authority (Yeida) is acquiring land around the upcoming airport for industrial and residential projects, driving further development and growth in the region.
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