When did the first commercial flight start from Jewar Airport? What impact will Noida International Airport have on the real estate market? How much have property prices increased around Jewar Airport? Will investment in Yamuna Expressway area increase due to Jewar Airport? Which new business hubs can be developed around Jewar Airport?
Jevar Airport Impact on Delhi NCR: The first commercial flight took off from Noida International Airport in Jewar on Sunday. This is being considered an important achievement not only for the aviation sector but also for the real estate market of Delhi-NCR. For many years this airport was considered the main basis for the development of Yamuna Expressway area. Now that the airport has started operations, developers, investors and homebuyers are looking to see if the area will be able to grow as fast as other airport-based economic hubs in the country. Experts in the real estate sector believe that the impact of the airport will not be limited only to the movement of passengers. There are huge possibilities of development of employment, industry, logistics, commercial hub and residential projects around it.
Aerotropolis model can change the image of jewelry
Hero Realty CEO Rohit Kishore says Jewar should not be seen as just an airport project but as an “aerotropolis”. Aerotropolis is an urban ecosystem that develops around a major airport. According to him, the biggest strength of Jewar is the large and interconnected land area available here. It is difficult to find such large and continuous land in other parts of NCR. This is the reason why there is a possibility of development of large scale industrial, commercial and residential projects here.
Effect is already visible in property prices
The impact of the airport’s operations is already visible in the local property market. According to Ashish Bhutani, CEO of Bhutani Infra, several micro-markets located around the airport have seen prices increase by 40 to 80 percent in the last few years, even before the start of commercial operations. He said that now the next phase of development will be driven by real business activities, employment generation and infrastructure expansion. According to Bhutani, residential property prices around the Yamuna Expressway and Jewar Airport area currently range between Rs 8,000 to Rs 12,000 per square foot. These may increase further in the coming times due to increasing demand in housing, office, retail, hospitality and logistics sectors.
Real estate demand will increase due to increase in employment and business.
Experts believe that airports promote economic activities in any region. Industries and businesses come up around the airport, creating employment opportunities. As employment increases, demand for homes, offices, hotels, warehouses and retail space also increases. Such development has been seen around many major airports of the world. The real estate sector hopes that jewelery can also move forward on the same model in the next few years.
Housing demand may get new momentum
Better connectivity has always been a big attraction for the residential market. After the opening of the airport, Yamuna Expressway and Greater Noida area may become more attractive for home buyers and investors. Apart from this, plans to connect the airport with better road, rail and metro networks are also strengthening the prospects of the region. According to industry estimates, apartment prices in the airport-based development corridor may increase by about 22 per cent over the next two years. At the same time, the prices of plotted development may see an increase of up to 28 percent. The attraction for home buyers is not limited to investment alone. As companies and industries come to the area, living close to their workplace may also become an important reason for people.
Office space and commercial real estate will benefit
The impact of Noida International Airport can also be significant on the commercial real estate sector. Experts believe that technology companies, multinational companies, logistics operators and aviation-related businesses may show interest in increasing their presence around the airport. Office and business spaces in this area are already being launched at prices ranging from Rs 8,000 to Rs 15,000 per square foot. Whereas the prices of premium retail properties are even higher. Noida’s Mahamaya-Advant corridor may also benefit from the opening of the airport. Even though it is located at some distance from the airport region, better connectivity, developed commercial ecosystem and strong social infrastructure may make it attractive for companies looking to expand in NCR.
Faridabad and surrounding areas can also get benefits
Real estate experts believe that the impact of the airport will not be limited to Noida and Greater Noida only. According to Manik Malik, CEO and President of BPTP, Faridabad can also benefit from many big connectivity projects. These include projects like FNG Expressway, Greenfield Expressway, Delhi-Mumbai Industrial Corridor (DMIC) and the proposed Namo Bharat Corridor. After the completion of these projects, the connectivity of Jewar Airport and surrounding areas will be further strengthened, which can give a new impetus to economic activities and real estate development in the entire NCR.