Land prices skyrocket around Noida International Airport

New Delhi: With the inaugural of Asia's biggest airport - Noida International Airport, Jewar, Uttar Pradesh, property rates in the areas have sky rocketed in less than two weeks. As per the industry experts and property dealers, multinational companies and individuals from across the country are pouring in at Jewar to purchase land.

With the potential to turn neighbouring locations such as Faridabad, Noida and Greater Noida, into real estate hotbeds, industry experts have said that with potential industrial and commercial development in the horizon, the international airport will give a major impetus to the region's economy, attracting investments.

"The Noida International Airport will help spur residential, commercial, and hospitality activities in the region but the biggest beneficiary will be Faridabad - a city equidistant from Delhi, Gurgaon, and Noida/Greater Noida. A road, the land acquisition for which has begun, from the under-construction Delhi-Mumbai Expressway will connect the city with Noida International Airport and reduce drive time to less than 30 min - an equivalent time taken to reach IGIA, Delhi; thereby making the city accessible to two international airports," said Mohit Goel, MD, Omaxe Ltd.

Local property dealers in Jewar, UP told Bizz Buzz that since November 25-26, inquires to purchase residential plots and agricultural land has magnified by two times. Bitu Garg, owner of Om Real Estate, says that per day he receives over 200 to 300 calls enquiring about residential lands or agricultural lands. With the construction work of the Noida International Airport, Jewar taking place rapidly, the real estate agent says that commercial space remains untapped as of now.

"There is more demand for agricultural land as of now. The Yamuna Development authority has made four parts of 1,300 hectare each and the construction work is taking place at warp-speed. And these four parts will be acquired in four phases. (Construction work) Phase one is already done, work has already begun in the second phase. Work on third phase will begin after March and work on 4th phase will begin by 2023," Garg explained.

He said that the land rates, at present, can range anywhere between Rs.10,000 persq yard to Rs 25,000 per sq yard or Rs 30,000 per sq yard. Before the inaugural of the Noida International Airport here at Jewar, Garg says that the land was priced somewhere between Rs 7,000 per sq yard to Rs 20,000 per sq yard. He also mentioned that while commercial lands are priced at Rs 1 lakh per sq yard, the segment is yet to see any takers.

Pankaj Bajaj, MD - Eldeco Group has said that while corporates and MNCs have always preferred Gurugram over Noida due to the proximity of Indira Gandhi International Airport, over the next few years, this differential will disappear.