Land Prices Soar in Jewar as Noida International Airport Nears Completion

With the Noida International Airport nearing its completion, the sleepy hamlet of Jewar in western Uttar Pradesh is undergoing a remarkable transformation. Once a tranquil village, Jewar is now a bustling hotspot of development activities, driven by the massive infrastructure project of the Noida International Airport. The ripple effect of this mega project is evident in the skyrocketing land prices, rapid industrial and residential development, and a surge in real estate investments.

A Booming Real Estate Market

Historically, the real estate market in Delhi-NCR has lagged behind other major markets like Hyderabad, Bengaluru, and Pune. However, Jewar has emerged as a bright spot, offering significant returns to investors. Since 2018, when the airport project gained momentum, land prices in the region have increased exponentially. Industry estimates indicate that the price of 1 hectare of land, which was around Rs 25-28 lakh in 2018, has surged to Rs 1.25-1.5 crore in mid-2024. This remarkable increase of over 400% in just six years highlights the growing attractiveness of the region.

The potential for high returns has drawn both domestic and international investors to Jewar. Many see this as a strategic investment, given the projected growth and development in the area. The significant rise in land prices has also encouraged local landowners to sell their properties, further fueling the real estate boom.

Industrial and Residential Development

The transformation of Jewar is not limited to land prices. The region has witnessed rapid road construction and the conversion of agricultural land for industrial and residential purposes. Massive land parcels have been exchanged between government and private entities, further driving up land prices. The surge in demand has attracted real estate developers, leading to the launch of several key residential projects. For instance, Nimbus Realty and Gulshan Group, in partnership with Jaypee Group, are developing a luxury residential project along the expressway, covering 1.5 million sq. ft.

In addition to residential projects, there are numerous commercial and industrial projects in the pipeline. The development of industrial parks, logistics hubs, and business centers is expected to provide a significant boost to the local economy. These developments are anticipated to create thousands of jobs, attracting a workforce that will need housing and amenities, further driving the demand for residential properties.

Data from Housing.com reveals a steady rise in average per square-foot home prices in Jewar since 2019. Prices have increased from Rs 4,700-4,900 per sq.ft five years ago to Rs 5,200-5,400 per sq.ft in 2021. Currently, in mid-segment and premium projects, the average price ranges between Rs 7,500 and Rs 10,000 per sq.ft. This significant price escalation underscores the growing demand for residential properties in the region.

Economic and Employment Opportunities

Industry veterans highlight the domino effect of the airport project on regional development. Activities led by authorities in Noida and along the Yamuna Expressway are anticipated to attract investments, create jobs, and enhance various businesses. The airport expansion is expected to serve as a catalyst for the development of housing, commercial, retail, and hotel projects, generating employment opportunities and driving demand for residential and commercial properties.

The Yamuna Expressway Industrial Development Authority (Yeida) is actively acquiring additional land around the upcoming airport for industrial and residential projects. Recently, Yeida secured Rs 3,000 crore from the Uttar Pradesh government and plans to raise another Rs 3,000 crore to acquire 5,000 hectares of land. Experts predict that these initiatives will likely lead to a further increase in land prices over the coming years.

Infrastructure and Connectivity

The upcoming airport is set to enhance the region's connectivity significantly. Improved road networks and transportation facilities are expected to make Jewar more accessible, reducing travel time to major cities like Delhi and Agra. The enhanced connectivity will attract businesses looking for strategic locations with good transport links, further boosting the area's economic prospects.

Additionally, the government has plans to introduce new public transport options, including metro extensions and bus services, to cater to the growing population. These infrastructure improvements will make commuting easier for residents and workers, adding to the appeal of Jewar as a prime location for living and doing business.

Future Prospects

The completion of the Noida International Airport is poised to be a game-changer for the real estate market in Jewar. The airport is expected to enhance connectivity, reduce travel time, and boost economic activities in the region. The improved infrastructure will attract businesses, leading to the establishment of new industries and commercial hubs. Additionally, the increased economic activity will drive demand for housing, benefiting both investors and homebuyers.

Moreover, the development of Jewar as an industrial and residential hub will have a positive impact on the overall real estate market in Delhi-NCR. The influx of investments, creation of job opportunities, and establishment of new businesses will contribute to the region's economic growth. As a result, the real estate market in Jewar is expected to continue its upward trajectory, offering lucrative opportunities for investors and developers alike.

Conclusion

The nearing completion of the Noida International Airport has triggered a remarkable transformation in Jewar. The surge in land prices, rapid industrial and residential development, and increased real estate investments highlight the region's growing potential. With the ongoing infrastructure projects and anticipated economic growth, Jewar is set to become a prominent real estate destination, offering significant returns to investors and promising a bright future for the region.

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