How Upcoming Jewar Airport Will Change the Noida Real Estate Face

Jewar Airport is an Noida International Airport which is all set to be inaugurated in between 2023-2024.The thought behind the building of this airport is to construct a 6 runway airport by the end of 2024, going forward the proposal is to extend the airport into 7,200 acres for a six runway. According to the plan, the airport will be able to incorporate 5million individuals in the start and as soon as the acres get extended then the airport will be able to incorporate 60 to 120 Million People, wherein the expansion will take about 30 years. 

Things to know about the Asia’s Largest Airport :

1. This plan was initiated as it was read by the stats that the airport in Delhi will be achieving 100million individuals between the years 2021 & 2023 which is considered as the saturation point, and due to the same saturation point, they initiated this Jewar Airport Plan.
2. After Indira Gandhi International Airport followed by Ghaziabad’s Hindon Airport, this airport is considered to be the third airport in the area of Delhi NCR.
3. The first part of the phase is to be completed by 2023 and the cost for the same would be somewhere around INR 4,588 crore- this statement is stated by the officials.
4. The Airport is panned to cover about 5,000 hectares, wherein 1,334 hectares have already been engaged
5. After the construction of the entire airport, the airport is said to have about 6-8 runways which is the highest number of runways in India.
6. Outbidding the opponents such as Adani Enterprises or the DIAL & the Anchorage Infrastructure Investments the Swiss Fir- Zurich International Airport came out to be as the top bidder for the project of Jewar Airport.
7. The cost of this Noida Airport is approximated to cost about INR 30,000 crore.
8. According to one of the statements by the Chief Minister- Yogi- Adityanath of Uttar Pradesh, he said that Jewar International Airport will be the largest airport in Asia, after the completion process of the airport.
9. From the location perspective, the airport stands advantages like it is located at a distance of just 130km from Agra followed by 72km Delhi, 28km- Greater Noida & somewhere around 40km distance from Noida.
10. The connectivity of the metro between the Indira Gandhi International Airport is also the point of discussion. 

How Will The Jewar Airport Impact Noida Housing Market? 

Currently, people living in many cities of western UP and some cities of Rajasthan have to travel to Delhi — a journey of at least two hours — if they plan air travel. An airport in Jewar will be a great help for these people. This airport will not only address the aviation needs of Delhi but also of cities such as Agra, Mathura, Bulandshahr and Meerut. The Union civil aviation ministry expects this airport to give bolster tourism and economic potential of the region.the Jewar airport is the very thing NCR realty is in the need of. The project would touch lives and get back the positivism Noida currently needs more than anything.  

Like any other main infrastructure projects that benefit real estate markets, the Jewar airport, too, is projected to change the real estate dynamics in Noida and the neighbouring areas. 

An increase in the price of land by 50-100% around the area of the airport. Further, the residential prices will increase from 40-50% in the next five to seven years. 

It has also helped in growing and developing the western part of Noida because of the International Airport located in Jewar- which will also help the real estate in fetching investments in the near future. 

The price of land close to Jewar Airport in UP, whose first phase is expected to be established by 2023, surged by 100% by an increase in the residential estate to 50% over the next 5-7 years, because of the connectivity of the area that acts as the key feature of the infrastructure project. 

 Those who have already invested in property markets around the area - the proposed site runs along the 165-km Yamuna Expressway - have little reason to be cheerful if we speak of the present. 

 Game-changer for Noida, Greater Noida property markets

Besides airports, other infrastructure initiatives underway in the nearby areas like IT parks, industrial corridors, film city and so on are expected to drive the real estate market over the next decade.

Ankita Sood, Head of Research, Housing.com, Makaan.com & PropTiger.com, said, “Jewar Airport will act as a pivotal factor in the overall growth of Noida and Greater Noida regions in the coming times. It will provide the much-needed connectivity to these areas, which will bolster real estate sentiments across asset classes. We already see that residential demand in the micro-markets around the upcoming airport have gained momentum with September 2021.