The upcoming Noida International Airport (NIA) in Jewar in western Uttar Pradesh has successfully completed its validation flight procedures a few days ago and has taken an important step towards starting commercial operations of the airport next year, experts said last week. There is increasing interest from both users and users. Investors in the real estate projects coming up in Yamuna Expressway are motivated by the infrastructure and economic opportunities taking shape in the region.
Real estate experts believe that once operational, the airport will be a game changer not only for the residential markets in Noida and Greater Noida, where many luxury housing projects have recently started, but also for those projects in Which can also be launched on the banks of Yamuna. Expressway.
YEIDA Schemes
In November, Yamuna Expressway Industrial Authority (YEIDA) launched a group housing plot scheme in YEIDA city. The scheme, which offers 20 group housing plots, will close on December 18, 2024. plots Located in Sectors 22D (nine plots), 18 (six plots), and 17 (five plots). Real estate experts believe that once allotted, a housing stock of around 25,000 to 30,000 units could be seen on these plots.
YEIDA is also looking for a consultant to develop a residential township spread over approximately 100 acres in Sector 24A. The initiative aims to support the growth driven by the upcoming Noida International Airport (Jewar Airport) scheduled to open on April 17, 2025, and enhance the industrial and residential capacity of YEIDA. The authority has issued a request for proposal document in this regard.
If one takes into account the response received for it, the fact is clearly evident that buyers are keen to invest close to the upcoming Noida International Airport. residential plot scheme Launched by Yamuna Expressway Industrial Development Authority (YEIDA) during Diwali-1.12 lakh applications For 451 residential plots in Sector 24A.
background story
It is to be noted that Greater Noida and Yamuna Expressway have seen speculative activity over the years. Although these areas always looked promising for end users, livability was a challenge. Many housing projects along the expressway remained vacant and became largely ghost towns. The residential stock that came up in these areas was mostly students who studied in nearby universities.
With the new airport expected to be operational next year, the real estate market along the Yamuna Expressway is likely to attract more end users. However, the first movers are investors.
The new airport may witness the launch of several housing projects in 2025 and eventually commercial developments such as office space and retail. In fact, experts say, office spaces will eventually and inevitably increase in the region as rents will be relatively cheaper than Gurgaon and Delhi.
He said logistics would emerge nearby, followed by airport-related supporting activities. Warehousing is also expected to benefit.
Here’s what real estate experts have to say about investment opportunities on Yamuna Expressway
The recent flight-test milestone has boosted confidence in the region’s residential real estate market, making it a magnet for investors and end users.
With YIEDA opening up new land parcels, “We see interest in residential plots, followed by apartments. Demand has driven property prices in this corridor, which have doubled since 2020, underscoring its growing prominence. As the airport moves closer to full operational status, we anticipate continued momentum, with developers strategically positioning themselves to meet the strong demand from home buyers eager to capitalize on this unprecedented growth opportunity,” said Square. said Vikas Tomar, executive chairman and business head of Yards.
Sahil Agarwal, Chief Executive Officer, Nimbus Projects Limited, believes that the successful first flight verification test at Noida International Airport on December 9 is an important milestone in developing the long-awaited Jewar Airport. With the official opening of the airport in April 2025, this achievement brings the project closer to reality.
Revitalizing areas like Greater Noida and Delhi-Noida Expressway, Jewar Airport has already triggered significant demand for real estate in its vicinity.
He said interest in real estate has not increased only because of the airport. A range of infrastructure projects planned by the government including industrial parks, medical manufacturing centres, IT sectors and film citycollectively driving the real estate market in the area. As these initiatives come to fruition, the region is expected to experience continued growth.
“With growing interest from both end users and investors, we expect demand in the region to remain strong, shaped by promising infrastructure and economic opportunities,” he said.
Investors and end-users mix
More investors than end users are investing in plots and existing housing stock along the Yamuna Expressway. Having said that, as more group housing projects will be launched next year after the airport becomes operational, more end users may come forward to purchase property in this market. It is to be noted that it has been almost a decade since housing stock was released in the mid to premium segment in this micro market after Noida Extension or Greater Noida West, which were predominantly affordable housing markets.
According to Gaurav Mavi, co-founder of BOP.in, currently, 70% are investors and 30% are end-users. This is because end users generally prefer to enter the market when properties are close to completion. Investors generally enter in the launch phase and exit in a few years, when the market is about to mature.
Some private builders have recently launched plots here From Rs 1.35 Lakh 1.50 lakh per square yard, and 3- and 4-BHK units are being sold for around from 10,000 12000 per square foot, he said.
“Many people living in Lucknow, Kanpur, Agra, Gorakhpur and Delhi-NCR have shown interest in investing in this area. Compared to Noida Extension, which came into existence more than a decade ago, the area is better planned.
Mavi said the planned new metro rail corridor, rapid rail network and connectivity through Yamuna Expressway and Eastern Peripheral Expressway will also play a major role in improving the accessibility of the region from all parts of the NCR.
Mudassir Zaidi, Executive Director-North, Knight Frank India, points out that the airport is a major demand driver for the region, especially given that once it is operational, many allied industries will be set up in and around it. Logistics and commercial office space will be required.
He said that to meet the housing needs of those starting to work in the sector, residential projects will be started first, followed by logistics, commercial office space and hospitality.
Even though a housing stock of 30,000 units is envisaged for 20 new housing plots, these are expected to come up gradually, not all at once.
“These projects will not be launched simultaneously and will be phased out over time. Therefore, the returns will be in single digits initially, but once the market develops and commercial activity increases, the returns on investment will become better,” he said, adding that this will also be an area where mid-segment/premium housing stock will rise. It will be a long time coming, given that there has been an emphasis on ultra-luxury in recent times, especially in markets like Gurgaon, Noida and Greater Noida.
How have prices increased so far in the region
According to a report by Colliers India, land prices in the region have increased by 40% in the last five years and are projected to increase by 50% by 2030.
Land prices in Jewar township will increase by 50% by 2030, real estate consultant Colliers India said in a report ‘Infrastructure and Mega Projects – Key enablers of urban expansion in India’.
This has been boosted by major infrastructure developments such as Jewar Airport (Noida International Airport), metro expansion and theme based city projects. Initiatives like YEIDA, International Film City and metro line extension have further accelerated the growth of Jewar as a township.
“These initiatives have contributed to an approximately 1.4-fold increase in land prices over the last five years from 5,000 7,000 per sq ft (2020-2024),” Colliers said, adding that land prices are expected to rise further 10,482 per sq. ft. by 2030.
