Envisaging the airport of the future, the upcoming Noida International Airport or Jewar Airport came into existence, and the government of Uttar Pradesh has left no stone unturned to make this mammoth project a reality. The construction work of Jewar Airport is at full pace, and the first phase is likely to be completed by the year-end of 2024. Once the airport becomes functional, it will connect cities like Agra, Mathura, Noida, Greater Noida, etc., to the aviation network of the world. Additionally, it will improve industrialization and air connectivity, which will open new growth avenues for businesses and individuals.
The project is being developed under the public-private partnership (PPP) model. Yamuna International Airport Private Limited (YIAPL), a fully owned subsidiary of Swiss firm Zurich Airport International AG, is the project management authority. As per the reports, two runways will be ready for operations in the first phase, enabling this airport to facilitate people and ease accessibility in connecting cities.
The development of this green field airport at Jewar has already impacted the Real Estate industry in Noida, boosting investment in both residential and commercial segments. In this article, we will discuss how Jewar Airport influences the Real Estate Industry in Noida and Greater Noida.
Facts To Know About the Noida International Airport (NIA), Jewar
- Spread over an area of 5,000 Hectares approximately.
- Located in Jewar, Gautam Buddha Nagar District, Uttar Pradesh
- Estimated cost of the project – Rs.30,000 Crore
- Project Development Authority: Yamuna International Airport Private Limited (YIAPL), an entirely owned subsidiary of Swiss firm Zurich Airport International AG.
- According to the state government, the Noida airport will be India’s first net-zero emissions airport.
- NIA will be the second International Airport in Delhi-NCR after Indira Gandhi International Airport, Delhi.
- The first phase is likely to be operational by the end of 2024.
- Once completed, UP will be the only state to have 5 International Airports in India (Jewar, Lucknow, Varanasi, Kushinagar and Ayodhya-Under Construction)
- The airport will be connected to the planned Delhi-Varanasi High-Speed Rail Corridor, enabling people to cover the journey from Delhi to the airport in just 21 minutes.
- There will be a Ground Transportation Centre consisting of a multimodal transit hub that will feature metro and high-speed rail stations, taxi, bus services and private parking.
- It will be connected to the all-major nearby roads and highways like the Yamuna Expressway, Eastern Peripheral Expressway, Western Peripheral Expressway, Delhi-Mumbai Expressway, etc.
- The airport will have a dedicated cargo terminal with a capacity of 20 lakh metric tonnes, which will be extended to 80 lakh metric tonnes.
- Distance from the key locations in Delhi NCR:
- IGI Airport – 80 KM
- Delhi – 70 KM
- Noida – 50 KM
- Greater Noida – 40 KM
- Gurgaon – 65 KM
- IATA-International Air Transport Association has recently allotted a unique three-letter code, DXN, to this greenfield airport.
Impact of Jewar Airport on Noida and Greater Noida Real Estate
Ever since the government proposed to build a new international airport in Jewar, the entire Real Estate market has experienced a substantial growth trend in Noida and Greater Noida. Real estate infrastructure projects are growing rapidly, creating exceptional investment opportunities for millions of people around the world.
Anticipating the growth and overall development of Delhi NCR, top Real Estate developers have launched multiple commercial projects that offer premium spaces for offices, retail shops, restaurants, hypermarkets, multiplexes, etc. IThum Heights, IThums 73, IThums 62, and IThums Galleria are some of the best commercial properties in Noida and Greater Noida by IThum World, which promise best-in-class investment opportunities. Similarly, there are plenty of opportunities in residential properties that offer luxury residential apartments.
With its strategic location, planned infrastructure and sustainable features, this futuristic airport has the potential to transform the lives of people residing in nearby cities. Here are the key factors below that fuel Real Estate investment opportunities in Delhi NCR.
Road and Metro Projects to Enhance Connectivity
Jewar airport has become an epicentre of growth in Delhi NCR that plays a pivotal role in attracting investors to Noida and Greater Noida. In recent years, several roads, metro projects, rail corridors, and industrial projects have been announced, and the numbers are growing. New roads and metro lines will be developed to connect this airport to Delhi NCR, enabling people to access the airport and their respective destinations effortlessly. This positive boost in infrastructure development in Delhi NCR will create numerous job opportunities and economic activities that will transform the entire dynamic of this region.
Increased Demand for Commercial Property
As per the analysis of Commercial Real Estate growth in Noida and Greater Noida, it is evident that post-announcement of Jewar Airport, Commercial Real Estate demand has reached another level. People and businesses are rushing towards this region in search of better liveability, enhanced connectivity and an advanced business ecosystem. Finding an appropriate property for living or working within your budget is not a straightforward task. Property prices are increasing consistently and will continue to soar. Therefore, you need to analyze the various factors, such as location, price, amenities, developer, etc., before buying property to ensure high returns.
Real Estate Price Appreciation
Earning high returns on investment is the ultimate goal of every investor. Therefore, properties and locations with a higher potential for price appreciation are always in demand. The neighbouring area of Noida International Airport in Gautam Buddh Nagar district of Uttar Pradesh is the most prominent location for investment as it has unprecedented growth potential. As the airport becomes operational, it will attract businesses, investors, tourists, etc., increasing the demand for commercial spaces and prices.
Rental Yield Potential
Rental income from commercial and residential space is one of the ideal and popular sources of passive income. Noida and Greater Noida have significant numbers of IT/ITES companies, MNCs, builders, hospitals and educational institutes, creating exceptional opportunities for rental yield. More companies and businesses will shift to this place in times to come to capitalize on the growth prospects. By offering modern workspaces or residential spaces that are well-maintained and conveniently located, property owners can ensure higher monthly rental income.
In summary, we can say that there will be promising economic growth, infrastructural development, improved connectivity, and an enhanced business environment in the surroundings of Noida International Airport, Jewar. If you are an investor, don’t delay your investment plans. Invest early for great financial success.