In an interesting tale of two cities, till now Gurugram had an edge over Gautam Buddha Nagar i.e. Gurgaon over Noida. The biggest reason being the presence of Indira Gandhi International Airport (IGI) in Gurugram. That dynamics are all set to change with the Jewar or Noida International Airport.
The first phase of the upcoming airport, located near East of the Yamuna Expressway, is expected to be opened in March 2024. And the process of land acquisition for the second and third phases of the airport has also begun.
Apart from the airport, the under construction Noida-Greater Noida Expressway will directly connect Greater Noida with Faridabad and Gurugram as also facilitate tourist travel to Agra, Mathura and Vrindavan. The Metros will ease the travel between Delhi and Greater Noida and the work on a direct line of pod taxis and Metro to Delhi Airport is underway.
As per Anand Vardhan Additional CEO, Greater Noida Authority, “Gautam Buddha Nagar district has emerged as a hub for homebuyers as the city has been meticulously planned keeping in mind the needs of the commuters and residents.”
Not surprisingly, the 166 land parcels near Jewar airport were recently auctioned by Greater Noida Authority for triple their reserve price due to city's connectivity with the airport. Yamuna Expressway Industrial Development Authority (YEIDA) too increased land allotment rates for different categories of plots for all segments – residential, industrial and commercial. The land prices were hiked by 30 -40% due to the higher compensation paid to farmers for their land.
According to Arun Vir Singh, CEO of Noida International Airport Ltd. and Yamuna Expressway Industrial Development Authority (YEIDA), “The Authority increased land rates in the area because we have decided to give more compensation to farmers for land for the airport as well as for the industrial area. And to compensate for that, we have increased the property rates,” he said.
The large scale real estate developers realizing the potential of the region have jumped on to the bandwagon to make the most of the current prices, before any further escalation.
Harvinder Singh Sikka, Managing Director, Sikka Group informed that the Greater Noida Authority has taken a slew of decisions for the infrastructural development in the region. “The Authority has set a whopping Rs 2,200 crore as Greater Noida’s share for the Jewar airport project; Rs 460 crore has been allocated for health and urban services with an eye on Swachh Survekshan. It is apparent that the focus is to improve the livability index of Greater Noida. The cleaner Greater Noida would be a lucrative option for the realty seekers and add feathers to the increasing popularity after the announcements related to Jewar Airport and Film City.”
BPTP Group, NCR’s leading real estate developer concurred that the airport’s development has already brought a boost to the region’s real estate. A number of commercial projects, including mixed-use developments, shopping centres, office spaces, etc. are attracting considerable traffic of customers to the region.
Vijay Verma, CEO, Sunworld Group shared that the news on Jewar Airport has stood out enough to be noticed. “Property here has a great foundation, and individuals are becoming more mindful of the space's latent capacity, particularly with the announcement of Jewar Airport. The market is now flourishing as people are attracted by the guarantee of a perfect climate here.”
WHY INVEST IN JEWAR
New Jewar International Airport, the Rapid Rail Transit System (RRTS), the continually growing Metro network and bettering roads has increased the demand for commercial and residential properties due to the expanding number of businesses in Delhi-NCR. Investors are cashing in on the opportunity to profit from the rising demand, given the area’s inter-city and intra city connectivity.
In addition, the Yamuna Expressway connects Agra Ring Road to the Noida-Greater Noida Expressway. It will soon merge with other major towns like Gurgaon, Sonipat, Rohtak and Manesar in Haryana and Meerut, Hapur and Ghaziabad in Uttar Pradesh. Yamuna Expressway will also join cities such as Lucknow, Gwalior and Kanpur, reducing the travel time and distance.
Social & Economic Infrastructure
The Gautam Buddha University is located near Jewar on the Yamuna Expressway. Yamuna Expressway also boasts India's first and only Formula 1 Circuit. Other sports amenities like a cricket stadium, tennis court and a multi-purpose stadium are also on the anvil.
The upcoming Delhi- Mumbai Industrial Corridor will pass through Dadri, enhancing Logistics, Warehousing Hubs and Special Development Zones along the Yamuna Expressway. Many foreign companies are setting up manufacturing plants near Jewar international airport. YEIDA’s proposed IT hub too will come up in this region enhancing economic and job environment.
Jewar, Dankaur and Yamuna Expressway are the prominent residential areas of the region. Going by the current price trends, the land prices are already on an upward trajectory in these areas. The big developers like Gaurs Group, ATS, Risland, Panchsheel Group, Vihaan to name a few have residential projects in Jewar and they are increasing their prices in sync with the progress of the airport construction. Expecting substantial appreciation, more and more people are now investing in residential projects or plots near Jewar International Airport.
For commercial projects, Yamuna Expressway, Jewar, Knowledge Park 5, Knowledge Park 3 and Yamuna Authority Plots near Jewar Airport are the popular destinations. The logistics and manufacturing hub near Yamuna expressway has domestic and foreign manufacturing units coming up. Once completed, Jewar Airport will also push economic activities. All these developments will create a demand for commercial and retail properties in the area fuelling price rise.
Yamuna Authority offers a range of residential and commercial plots known as authority plots near Jewar (Jewar International Airport) in Yamuna Expressway, Greater Noida. Various plot configurations are available, allowing potential buyers to build independent houses and commercial establishments.
YEIDA MASTER PLAN 2031
According to the Master Plan 2031, Sector 22 F, located near the Yamuna Expressway, has been designated as a green recreational area and could potentially be used for the park. The Yamuna Authority, which oversees development in Greater Noida, is planning to build an Olympic Park near the Noida International Airport in Jewar. The proposed Olympic Park would have facilities to host the Olympic Games and various sports, given its proximity to the Noida International Airport for international delegate’s easy travel to the site. The Noida administration has also approved building an international cricket stadium in Sector 150.
YEIDA has announced plans to develop an Aerotropolis with commercial and residential spaces near the upcoming Noida International Airport in Jewar. This will be a metropolitan sub-region where the economy, land use, and infrastructure will be centred on the airport, catering to both residential and industrial needs and featuring state-of-the-art infrastructure. The development will be located on the other side of the airport, with the Yamuna Expressway running through it.
YEIDA MASTER PLAN 2041
The YEIDA has proposed other projects in its Master Plan 2041, such as a golf course, a central business centre, and logistics hubs. The plan proposes multiple land uses, including hospitality and industries, in the vicinity of the airport. The Authority also plans to build affordable housing for workers near the industries. These projects will be developed in the areas surrounding the airport in Gautam Budh Nagar and Bulandshahr. YEIDA also announced plans to develop a heritage circuit within a 30km radius of the airport.
THERE ARE PLANS TO HAVE JEWAR AIRPORT AEROCITY SIMILAR TO THE ONE AT THE IGI AIRPORT. DETAILED PROJECT REPORT (DPR) IS UNDER PROGRESS FOR METRO LINK BETWEEN JEWAR AND IGI AIRPORTS. THERE IS ALSO A PROBABILITY OF LINKING THE JEWAR AIRPORT WITH SARAI KALE KHAN, BUS TRANSIT DEPOT THROUGH A DEDICATED RAPID RAIL TRANSIT SYSTEM AS ALSO CONNECTING THE AIRPORT WITH THE EASTERN PERIPHERAL EXPRESSWAY THAT CONNECTS HARYANA’S PALWAL WITH KUNDLI, BYPASSING THE DELHI. OTHER INFRASTRUCTURE DEVELOPMENTS LIKE THE GURGAON-SOHNA EXPRESSWAY, KMP EXPRESSWAY, FREIGHT CORRIDOR, ORBITAL RAIL CORRIDOR, CONNECTIVITY TO THE PROPOSED JEWAR AIRPORT WILL ADD TO THE PROSPERITY OF THE REGION AROUND THIS GREENFIELD AIRPORT.
AS PER YEIDA PROPOSED MASTER PLANS FOR THE FUTURE DEVELOPMENT, REGION AROUND THE JEWAR AIRPORT IS EXPECTED TO WITNESS SCALING OF TOURISM, SPORTS FACILITIES, INDUSTRIAL PROPERTIES AND OVERALL ECONOMIC DEVELOPMENT.