Impact of Jewar Airport on Real Estate Markets of Yamuna Expressway, Greater Noida & Noida.

BJP Govt won the election once again on 10th March 2022, let’s understand how this result will translate in terms of impact on Real Estate in the micro markets like Yamuna Expressway, Greater Noida and Noida. Jewar airport touted as the pet project of BJP will soon attain its full glory in terms of pace of development, BJP Govt would want to fast track the progress to ensure the first flight takes off  by 2024, more than its need, it’s a symbol of pride for the current BJP Govt

Noida International Airport also known as Jewar airport was inaugurated by PM Narendra Modi and CM Yogi Adityanath, in its 2nd term as the CM of UP on 25th Nov, 2021. The project is being developed by Zurich Airport International. The project is spread over 1380 acres of land and all the nearby area is notified by the UP Govt. This step will ensure unplanned development does not mushroom near the Noida International Airport. 

Noida International Airport (Jewar airport) could be the game changer for the real estate market nearby due to the following reasons:

• Increase in business activities which will attract working professionals.
• More needed space for commercial and industrial real estate.
• Increase in residential requirement.
• Price appreciation.
• Increase in Rental Yield.

This will still require 2 to 3 more years, since all this is possible only once the construction begins. What real estate developers have to say about Noida International airport?

1. “The inauguration of Jewar Airport will increase business activities as well as residential and commercial activity. We have completed Gaur Yamuna City (GYC), a township of 250 acres on Yamuna Expressway” said Manoj Gaur, CMD of Gaursons and VP of North CREDAI National.
2. “Jewar Airport will act as a pivotal factor in the overall development of Noida and Greater Noida region, the connectivity will strengthen. We have already seen that residential demand in the micro-markets around the upcoming airport have gained momentum with September 2021, surpassing the 2020 levels, ” said Ankita Sood, Head Research, Makaan, Housing and PropTiger.
3. “Noida International airport will locate Noida on the world map. It will bring lots of investments from multiple industries, and a new section of the corporate class, including HNIS, UHNIs.” said Deepak Kapoor, Director, Gulshan Group.
4. “The nearby area of Jewar airport will entice investors and end users attention resulting in an increase in real estate activities like new launches and sales activity of upcoming projects” said Sanjay Sharma, Director, SKA Group.

Apart from what real estate players say, let’s have a look at the price trend of Yamuna expressway.

The prices of Jewar or Yamuna expressway have increased by 200% in just a span of 2 Years. Now just imagine the future of Yamuna expressway, once the airport gets operational.
This development and/or probability of development has resulted in the revival of interest in the Real Estate market of the nearest cities like Greater Noida & Noida Sec 150, 144 etc by both investors and end users.

Facts & Stats about Jewar Airport: Things you should know about Jewar Airport.

•   Jewar airport is the 4th largest airport in the world and the largest airport in Asia.
•   Jewar airport is being built by Zurich International airport, they signed a concessionaire agreement with the state government.
•   Airport will be completed in early 2024 and will take approximately 36 months for completion of the first phase.
•   In the first phase, 12 million passengers would be catered annually.
•   The estimated total cost of the project is 29,560 Cr.
•   The project will be finished in 4 phases.
•   The estimated time for completion of all the four phases of airport would be 30 years and it depends on the number of passengers to be catered per year.
•   After the completion of 4 phases, around 70 million passengers would be catered annually.
•   Almost 178 planes can be parked in hangars.
•   The Jewar airport is located 72 km from the IGI airport.
•   Jewar airport is 36 km from Bulandshahr, 38 km from Palwal, 48 km from Greater Noida, 60 km from Noida, 65 km from Gurgaon, 65 Km from Aligarh, 70 km from Faridabad and 130 Km from Agra.

Once the airport is functional the people residing in 30 districts of western UP, Faridabad, Palwal and Ballabhgarh of Haryana will be benefited.

• India’s biggest aircraft centre MRO( Maintenance, Repair and Operations) will be built in Jewar. At present, we have a small MRO centre in Nagpur. Usually it costs 15,000 Cr to send aircraft abroad for maintenance and repairs.
• The UP government has approved 1000 acres film city with an investment of 10,000 Cr.
• Yamuna authority has planned to connect Jewar airport with the Delhi Mumbai expressway via link road. 
• The jewar airport and film city has planned to be connected using pod taxis and build a 150 acre amusement park.
• For development of the 2nd stage of Jewar airport the government has acquired 1185 hectares of land from 6 villages: Karauli Bangar, Dayanatapur, Kuraib, Ranhera, Mudhrah and Virampur for the expansion of phase 1 & 2. It is acquired for the 3rd runway, MRO (maintenance, repair, overhaul) facility and aviation related work.