India’s largest surface area airport, Jewar International Airport in Noida, finally has been given provisional construction approval recently. The airport is expected to be built at a cost of USD 3.1 billion and is deemed to be a mega infrastructure project greenfield project.
The upcoming Jewar International Airport will definitely play a litmus role in the region’s real estate industry as such a massive project will invariably be followed by more real estate developments, including housing, commercial and hospitality. Let us have a look at how Noida and Greater Noida’s real estate market will be affected by the upcoming airport:
- The new airport will give a fillip to the infrastructure of Noida and Greater Noida region, bringing at par or eventually better than its richer counterpart Gurugram. The airport will boost the region’s overall infrastructure and make it more liveable and active, thereby, pulling in more and more end-users.
- The new airport will not only increase housing demand but also lead to a push in commercial developments like office spaces and retail. Office spaces which will eventually proliferate along the Yamuna Expressway and nearby region expected to have cheaper rentals than Gurgaon and Delhi.
- Unsold inventory which is as of now breaking the region’s developers’ back will ease out eventually. As per ANAROCK data, the total unsold stock in Noida, Greater Noida and Yamuna Expressway collectively stands at 73,680 units worth close to INR 45,039 crore as on Q1 2019, says Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants via Realty Myths.
With the new international airport coming in, the empty, unoccupied ghost towns along the Expressway will eventually see the light of the day as they will attract more end-users and see steady capital appreciation.
- Not only Noida and Greater Noida, but the new airport will also act as a catalyst for the whole give boost to foreign tourism in Agra and Mathura as well as to real estate and hospitality of the region.
The scenario might look rosy and profitable. However, buyers should beware that the ‘real’ impact in the region will become visible only after 8-10 years. Also, buyers interested to invest in the region around the upcoming Jewar International Airport should double check as the region is marred badly by multiple land litigations and stuck projects.