Noida International Airport: In a significant development, the first validation test flight for the upcoming Noida International Airport - also known as Jewar Airport - was conducted successfully on Monday. An Airbus 320 of IndiGo received a ceremonial water cannon salute upon the maiden landing at the greenfield facility. It was a historic moment as the first time a commercial plane landed at the newly-built airport. The achievement prompted reactions from dignitaries from Prime Minister Narendra Modi to Uttar Pradesh Chief Minister Yogi Adityanath. The prime minister said the upcoming Noida International Airport will boost connectivity and ease of living for the national capital region and Uttar Pradesh. He also said his government has been taking many steps to ensure top-quality infrastructure for the people and leverage the power of connectivity to further prosperity.
The airport is being built in the Jewar area of Gautam Buddh Nagar district in Uttar Pradesh, some 75 km off Delhi, and will be the national capital region's second international airport after the Indira Gandhi International Airport. Concessionaire Yamuna International Airport Private Limited, a fully owned subsidiary of Swiss firm Zurich International Airport AG, is building the airport for the Uttar Pradesh government in a public-private partnership model.
Meanwhile, the commencement of the Jewar Airport is set to make a significant impact on the National Capital Region (NCR) real estate market, following the commercial activities in the adjacent areas of the airport. The nearby areas of the airport are bound to see unprecedented development and commencement of infrastructure projects. An airport is not a standalone project. It always comes with a slew of projects, including hotels, malls, shopping areas, restaurants, stations for commercial vehicles, residential societies, commercial complexes, amusement parks etc. Significantly, the airport will have a good impact on real estate, drawing investments in the region. Real estate investors always invest in the area which they feel will grow in the next couple of years. The Jewar area already started receiving big commercial projects, soon after the announcement of the building of an international airport.
Here are the key signs that show the influence of airport on the real estate sector
- Rise in real estate demand in adjacent areas: Soon after the announcement of the Noida International Airport, Jewar's adjacent areas like - Greater Noida, Yamuna Expressway and Noida Extension witnessed a boom in the real estate sector. Several major residential and commercial projects cropped up in the region, triggering unprecedented hikes in the rate of land. The area became a hotcake for investors as they anticipate future growth driven by improved connectivity and economic activity. Apartments, residential plots, and villas in this corridor are drawing a lot of buyers offering them long-term investment opportunities.
- Commercial real estate opportunities: The Jewar airport is commercially located at a strategic spot. Greater Noida, Yamuna Expressway and Noida Extension are close to the airport. Also, the national capital New Delhi is not far away. The NCR will be transformed once the commercial operations start at the airport. Being located in a commercially viable region, Jewar offers profitable investment opportunities.
- Hike in property prices: The price of land in Greater Noida and Yamuna Expressway saw a hike by around 2030% since the airport project was announced.
- Development of townships: Several big real estate firms launched new townships and residential projects along the Yamuna Expressway and Greater Noida. Many mega projects are lined up. The heaps of projects show that after the commencement of the airport, the region is going to witness an economic boom.
- Enhanced connectivity: The presence of highways and expressways, connecting Delhi makes the region a top choice for real estate investors as retail buyers see the connectivity in first place. Projects like the Eastern Peripheral Expressway, the Delhi-Mumbai Industrial Corridor (DMIC), and upcoming metro extensions made the region a safe heaven for investors.
