Effect of Noida International Airport (Neighborhood Airport): With the upcoming Noida International Airport in close proximity, real estate in Greater Noida and along the Yamuna Expressway is finally expected to see steady capital appreciation, according to Anarok Research. Prime Minister Narendra Modi today (November 25, 2021) laid the foundation stone for Noida International Airport, which will be built to be the largest airport in Asia.
Experts say that the upcoming airport will not only boost the infrastructure in the areas around the airport but also give a boost to the real estate market in Noida, Greater Noida and Yamuna Expressway.
Fixed price estimate
Due to the upcoming airport, Anarok expects a steady rise in capital in Greater Noida and along the Yamuna Expressway. Historically, investor activity has been high on both Greater Noida and Yamuna Expressway. While areas have always looked promising for end users, their livability quotient has been a challenge. Thus many housing developments along the highway remained vacant and were designated “ghost towns”. With the new airport attracting more end users, the region will finally see a steady rise in capital based on actual demand, not speculation, said Anarok’s research.
The Noida and Yamuna Expressway will also provide new affordable options for first time home buyers.
With increased connectivity and several infrastructure upgrades on the anvil, these two areas will witness major real estate developments in the times to come. These areas are more affordable than Gurgaon or Delhi, which are largely unaffordable for many. “First-time budget-conscious homebuyers will have viable alternatives in these areas,” Anaruk said.
Planned developments to gain momentum
According to Anarock, height restrictions for developments near airports and newly developed homebuyer preferences after COVID-19 may combine to enhance the viability of planned developments around Jewar Airport.
Recently, plots of land and townhouses have gained huge popularity in Delhi – NCR. To illustrate – Residential plots around the airport selling at INR 22,000 per square yard annually have seen a price increase to INR 30,000 – 32,000 per square yard so far, depending on the exact juxtaposition of the land opposite the upcoming airport.