1 min read.Updated: 09 Apr 2021, 05:52 AM ISTRhik Kundu
The proposed airport, other infrastructure initiatives alongside it and abundant land availability offer several opportunities for real estate developers and investors to come up with projects in the area
Land prices near Jewar airport in Uttar Pradesh, the first phase of which is expected to be completed by 2024, could surge by up to 100% with prices of residential real estatelikely to increase by up to 50% over the next five to seven years, as connectivity to the area improves with key infrastructure projects materializing in the coming years, industry experts said.
The western Noida area of Uttar Pradesh, where the Jewar airport is located, has emerged as a realty hotspot with all the requisites for affordable housing and better living conditions, giving a commercial and infrastructural fillip to the National Capital Region (NCR), said Anshuman Magazine, chairman and chief executive, India, South East Asia, Middle East and Africa, at commercial real estate services and investment firm CBRE.
“We expect land prices to appreciate by 50-100% around the airport area. Additionally, residential prices are likely to increase by 40-50% over the next 5-7 years," Magazine said.
“One of the major reasons for the growth of the western part of Noida has been the proposed international airport in Jewar (Greater Noida), which is expected to fetch investments in the future," he said.
As things stand, Switzerland’s Zurich Airport International AG had in 2019 won a bid to develop the proposed international airport at Jewar on the outskirts of Delhi, raising hopes for the long-delayed project and the development of the area around it. The first phase of the project is due to be operational by 2024, when it will handle 12 million passengers per year.
The proposed airport, other infrastructure initiatives alongside it and abundant land availability offer several opportunities for real estate developers and investors to come up with projects in the area. The average land prices around Jewar International Airport at present are ₹1,000 to ₹2,500 per sq. ft, depending on proximity to the airport, according to Anarock Property Consultants. In contrast, land prices in Greater Noida range between ₹2,000 and ₹5,000 per sq. ft depending on location and facilities; in Noida, it can often cross the ₹5,000 per sq. ft mark.
However, experts warn that on ground progress of the airport will have to be completed in time to realize the real estate potential of the area.