Following PM Narendra Modi’s foundation stone laying event, real estate developers have begun planning new launches in 2022 surrounding Noida International Airport in Jewar, providing a fresh push to the local realty market.
Despite the setback caused by the new Covid-19 variant, brokerage companies report that demand for commercial property in Noida in the micro-markets surrounding the projected airport has surged, nearing 2020 levels.
The new airport alters the dynamics of NCR real estate, putting Noida on a level with Gurugram. Current land prices, commercial spaces in Noida, and office rentals in the vicinity are far lower than Gurguram. If the airport is completed on time, we believe the gap will close significantly.
The Yamuna expressway has lately been a popular location for mid-segment commercial property purchasers due to the state government’s enormous infrastructural programme. The forthcoming Jewar airport and the rapid pace at which it is being developed have had a considerable influence on regional demand.
In the previous three years, the market has more than doubled. Furthermore, the desire for improved air quality and less populated regions has developed dramatically post-pandemic, evident at Yamuna expressway due to the vast green spaces present.
According to property specialists, the pricing of commercial property in Noida and Noida Extension developments, future projects, and land on the Yamuna Expressway would be determined by market attitude and how things develop shortly.
The projected Delhi-Mumbai Industrial Corridor, Eastern & Western Freight Corridors, Integrated Industrial Townships, Logistic & Transport Hubs, and Film City provide significant opportunities for expansion in the region. Microsoft, for example, has already begun work on establishing a technological cluster in Greater Noida.
Following the announcement of the commencement of work at the international airport, the real estate industry has seen an increase in enquiries and bookings. People have begun to recognise the advantages of investing in real estate holdings before demand and prices rise. Investors must purchase assets with a long-term outlook of 8–10 years. Overall, end-users seeking capital appreciation are the region’s biggest buyers, and their numbers are growing by the day.
A low-cost investment in this area is sure to pique the interest of the service class and professionals. Yamuna Expressway’s micro-market quickly develops as a go-to real estate destination for long-term investors and end-users.
There is an abundance of available land parcels and entirely constructed infrastructure in the region, providing several options for real estate developers and investors to create projects in the area.
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