JEWAR, India — The once-quiet hamlet of Jewar is rapidly evolving into a bustling center of industrial and residential development, driven by the impending completion of the Noida International Airport, as per reported by The Business Today this major infrastructure project is transforming the region, leading to a significant rise in land prices and attracting both investors and developers.
Dramatic Rise in Land Prices
A Surge in Values
The Noida International Airport project, which gained momentum in 2018, has led to a dramatic increase in land prices in Jewar. Land that cost between Rs 25-28 lakh per hectare in 2018 has seen its value soar to Rs 1.25-1.5 crore by mid-2024. This represents a staggering increase of over 400% in just six years.
Contributing Factors
Several factors are driving this remarkable increase:
- Infrastructure Development: The rapid expansion of road networks and the conversion of agricultural land for industrial and residential use have significantly enhanced land values.
- Government Initiatives: The active involvement of government authorities to boost industrial and residential development around the airport has further accelerated land price growth.
- Investor Interest: The high returns on investment in the region have attracted numerous investors, further pushing up demand and prices.
Real Estate Boom in Jewar
Residential Projects on the Rise
The surge in land prices has spurred numerous real estate developments in the area. Key residential projects that are nearing completion and several new launches are contributing to further price increases. Notable projects include:
- Nimbus Realty: Known for its modern residential offerings.
- Gulshan Group in partnership with Jaypee Group: Developing a luxury residential project along the expressway, covering 1.5 million square feet.
Increase in Home Prices
According to data from Housing.com, the average per square-foot home prices in Jewar have steadily risen since 2019. Prices have climbed from Rs 4,700-4,900 per square foot five years ago to Rs 7,500-10,000 per square foot in mid-2024 for mid-segment and premium projects.
Economic Impact and Future Prospects
Job Creation and Business Growth
Industry experts such as Niranjan Hiranandani, Co-founder and Managing Director of Hiranandani Group, highlight the broader impact of these developments. The ongoing activities are expected to attract investments, create jobs, and boost various business sectors. Sanjay Sethi, CEO of ATS Infrastructure, notes that the airport could be a game-changer for the real estate market, with ongoing and planned projects in housing, commercial, retail, and hospitality sectors.
Future Developments
The Yamuna Expressway Industrial Development Authority (Yeida) is preparing for further expansion. With a recent allocation of Rs 3,000 crore from the Uttar Pradesh government and plans to raise an additional Rs 3,000 crore, Yeida aims to acquire 5,000 hectares of land around the airport. This move is expected to drive even higher land prices in the coming years.
Conclusion
The transformation of Jewar from a quiet hamlet to a dynamic real estate hotspot highlights the significant impact of major infrastructure projects and government initiatives. The substantial rise in land and home prices, along with the influx of residential and commercial developments, underscores the region’s growing investment potential. As the Noida International Airport nears completion, Jewar is poised to become a key player in the real estate market, offering promising opportunities for investors and homebuyers alike.