by THO
With the upcoming Noida International Airport (NIA) at Jewar in Western Uttar Pradesh successfully completing its validation flight procedures a few days back and marking a key step towards the airport starting commercial operations next year, experts see interest building up from both end-users and investors in real estate projects coming up in Yamuna Expressway, fueled by infrastructure and economic opportunities taking shape in the region.
Real estate experts believe that once operational, the airport will be a game changer not only for the residential markets in Noida and Greater Noida, which have recently witnessed the launch of several luxury housing projects, but also for projects that may be launched along the Yamuna Expressway.
YEIDA schemes
In November, Yamuna Expressway Industrial Authority (YEIDA) floated a group housing plots scheme in YEIDA city. The scheme, which offers 20 group housing plots, closes on December 18, 2024. These plots are located in sectors 22D (9 plots), 18 (six plots), and 17 (five plots). Real estate experts believe a housing stock of about 25,000 to 30,000 units may appear on these plots once allotted.
YEIDA is also seeking a consultant to develop a residential township in Sector 24A, spanning roughly 100 acres. This initiative aims to support the growth spurred by the upcoming Noida International Airport (Jewar Airport), scheduled to open on April 17, 2025, and bolster YEIDA’s industrial and residential capacity. The Authority has issued a request for aproposal document in this regard.
The fact that buyers are willing to invest close to the upcoming Noida International Airport is clearly evident if one takes into account the response received for the residential plots scheme launched by the Yamuna Expressway Industrial Development Authority (YEIDA) during Diwali—1.12 lakh applications for 451 residential plots in sector 24 A.
The back story
It should be noted that Greater Noida and Yamuna Expressway have witnessed speculative activity in the past few years. While these areas always looked promising for end-users, liveability was a challenge. Several housing projects along the Expressway remained unoccupied and were largely ghost towns. The residential stock that came up in these areas was mostly inhabited by students who attended universities in the vicinity.
With the new airport expected to be operational next year, the real estate market along the Yamuna Expressway is likely to attract more end-users. However, the first movers are investors.
The new airport may witness the launch of several housing projects in 2025 and eventually commercial developments such as office spaces and retail. In fact, experts say, office spaces will eventually and inevitably proliferate along the region as rentals will be relatively cheaper than in Gurgaon and Delhi.
They said logistics would emerge nearby, followed by ancillary airport-related activities. Warehousing is also expected to benefit.
Here’s what real estate experts have to say about investment opportunities along the Yamuna Expressway
The recent flight-testing milestone has elevated confidence in the region’s residential real estate market, making it a magnet for investors and end-users.
With YIEDA opening new land parcels, “we observe interest in residential plots, followed closely by apartments. The demand has pushed the property prices along this corridor, which have doubled since 2020, underscoring its rising prominence. As the airport nears full operational status, we anticipate sustained momentum, with developers strategically positioning themselves to meet the robust demand from homebuyers eager to capitalise on this unprecedented growth opportunity,” said Vikas Tomar, executive president and business head of Square Yards.
Sahil Agarwal, Chief Executive Officer of Nimbus Projects Limited, believes that the successful first flight validation test at Noida International Airport on December 9 marks a significant milestone in developing the long-awaited Jewar Airport. With the airport’s official opening scheduled for April 2025, this achievement brings the project closer to reality.
The Jewar Airport has already triggered significant demand for real estate in its vicinity, revitalizing areas like Greater Noida and the Delhi-Noida Expressway.
He said the surge in real estate interest is not solely due to the airport. A range of government-planned infrastructure projects, including industrial parks, medical manufacturing hubs, IT zones, and Film City, are collectively driving the real estate market in the region. As these initiatives near completion, the area is expected to experience sustained growth.
“With growing interest from both end-users and investors, we expect demand in this region to remain strong, fueled by the promising infrastructure and economic opportunities taking shape,” he added.
Investors and end-users mix
More investors than end-users are investing in plots and the existing housing stock along the Yamuna Expressway. Having said that, as more group housing projects get launched next year after the airport is operationalised, more end-users may come forward to buy property in this market. It should be noted that it’s been almost a decade since housing stock in the medium to premium segment was released in this micro market after Noida Extension or Greater Noida West, which were primarily affordable housing markets.
According to Gaurav Mavi, co-founder of BOP.in, currently, there are 70% investors and 30% end-users. This is because end-users usually prefer to enter the market when properties are near completion. Investors generally enter at the launch stage and exit in a few years, just when the market is about to mature.
A few private builders have recently launched plots at ₹1.35 lakh to ₹1.50 lakh per sq yard, and 3—and 4-BHK units are being sold at around ₹10,000 to ₹12000 per sq ft, he said.
“Several people residing in Lucknow, Kanpur, Agra, Gorakhpur and Delhi-NCR have shown interest in investing in this area. Compared to Noida Extension, which came up more than a decade ago, this area has been better planned.
Mavi said the planned new metro rail corridor, the rapid rail network, and connectivity through the Yamuna Expressway and Eastern Peripheral Expressway will also play a major role in improving the accessibility of this region from all parts of NCR.
Mudassir Zaidi, Executive Director—North, Knight Frank India, points out that the airport is a major demand driver for the area, especially considering that once it is operational, several allied industries will require logistics and commercial office space in and around it.
He explained that residential projects will be launched first to cater to the housing needs of those who start working in the area, followed by logistics, commercial office space, and hospitality.
Even though a housing stock of 30,000 units is envisaged for the 20 new housing plots that have been floated, these are expected to come up gradually and not at once.
“These projects will not be launched simultaneously and will get absorbed over a period of time. Hence, returns would initially be in single digits, but once the market gets developed and commercial activity builds up, the return on investment would only get better,” he said, adding this would also be an area where mid-segment/premium housing stock will emerge after a long time considering that the thrust in the recent past has been on ultra-luxury, especially in markets such as Gurgaon, Noida and Greater Noida.
How have prices moved in the area so far
According to a report by Colliers India, land prices in the area have risen by 40% over the past five years and are estimated to increase by 50% by 2030.
Real estate consultant Colliers India said in a report ‘Infrastructure & Mega Projects—The Key Enablers of Urban Expansion in India’ that land prices in Jewar township will rise 50% by 2030.
This is fuelled by key infrastructure developments such as the Jewar Airport (Noida International Airport), metro extension, and themed city projects. Initiatives like YEIDA, International Film City, and Metro Line expansion have further accelerated Jewar’s growth as a township.
“These initiatives have contributed to a land price appreciation of nearly 1.4x in the last five years from ₹5,000 to ₹7,000 per sq ft (2020-2024),” Colliers said, adding that the land prices are estimated to rise further to ₹10,482 per square feet by 2030.
