Why Are Property Rates Rising Rapidly Near Jewar Airport?

Why Are Property Rates Rising Rapidly Near Jewar Airport?


The rapid escalation of property rates near Jewar Airport, officially known as Noida International Airport, is a multifaceted phenomenon driven by infrastructure development, investor interest, and strategic urban planning. This surge is reshaping the real estate landscape of the National Capital Region (NCR), particularly in areas like Jewar, Yamuna Expressway, and Greater Noida.

Strategic Infrastructure Development

The cornerstone of rising property near Jewar Airport values is the extensive infrastructure associated with the airport. Envisioned as India's largest airport upon completion, it is expected to handle 12 million passengers annually in its initial phase. The airport's development is complemented by projects like the International Film City, logistics parks, and an aerospace manufacturing hub. These initiatives are transforming the region into a significant commercial and industrial hub, thereby increasing the demand for both residential and commercial land near Jewar Airport.

Enhanced Connectivity

Improved connectivity is a significant catalyst for Jewar Airport property prices appreciation. The upcoming Ghaziabad–Jewar Regional Rapid Transit System (RRTS) will link the airport to key NCR regions, including Noida, Greater Noida, and Ghaziabad, reducing travel times and enhancing accessibility. Additionally, the Delhi–Mumbai Expressway's spur to Jewar further integrates the area into the national highway network, making it more attractive for investors and residents alike.

Investor and Developer Interest

The anticipation of economic growth has attracted significant interest from real estate developers and investors. In the past year alone, approximately 390 acres of land near Jewar Airport have been acquired by developers, amounting to transactions worth around ₹2,340 crore. This aggressive acquisition strategy underscores the confidence in the area's potential and contributes to the upward pressure on land price near Jewar Airport.

Government Policies and Land Acquisition

Government initiatives have played a pivotal role in shaping the real estate dynamics. The Yamuna Expressway Industrial Development Authority (YEIDA) has increased land allotment rates by up to 35% to fund infrastructure projects, including the airport. Additionally, compensation rates for land near Jewar Airport have been raised to 4,300 per square meter, reflecting the government's commitment to fair compensation and further influencing Jewar Airport property prices.

Projected Appreciation and Market Trends

The region has witnessed substantial appreciation in property values. Reports indicate a 170% increase in apartment prices and a 450% surge in land price near Jewar Airport over the past five years in areas like Yamuna Expressway. Projections suggest an additional 50% increase in land prices by 2030, driven by ongoing infrastructure developments and urbanization related to Jewar Airport impact on property prices.

Emerging Real Estate Hotspots

Several sectors along the Yamuna Expressway, such as Sectors 17, 18, 20, and 22D, are emerging as real estate hotspots near Jewar Airport. These areas are witnessing increased demand due to their proximity to the airport and planned infrastructure projects. The average property prices in these sectors range between INR 3,800 and INR 5,500 per square foot, with expectations of further appreciation as development progresses.

Socio-Economic Impact and Resettlement

The airport's expansion phases involve acquiring land from 14 villages, affecting approximately 8,400 families. The government has initiated surveys to assess the impact and develop rehabilitation plans, ensuring displaced families receive fair compensation and are resettled in areas with adequate infrastructure and amenities. These measures have had a measurable Jewar Airport impact on property prices, especially in adjacent rural and peri-urban zones.

Challenges and Considerations

Despite the positive outlook, challenges such as illegal land occupation and encroachments have emerged. To address this, YEIDA has deployed retired police and army personnel to safeguard reclaimed land near Jewar Airport and prevent unauthorized activities, ensuring the integrity of development projects and investor confidence.

The rapid rise in Jewar Airport property prices is a result of strategic infrastructure development, enhanced connectivity, proactive government policies, and robust investor interest. As the region continues to evolve into a significant economic and transportation hub, it presents lucrative opportunities for those seeking property near Jewar Airport. However, it is essential to navigate the market with due diligence, considering both the opportunities and challenges inherent in such a dynamic environment.

 

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