According to real estate experts, the airport can curb the severe effects of the COVID-19 outbreak on the sector.
Noida International Airport at Jewar is being developed by Flughafen Zürich AG (Zurich Airport) Greater Noida in the south of Greater Noida with a 4 phase master plan. The airport is expected to handle 60 million passengers per annum in the future.
Located in Gautam Buddh Nagar district of Greater Noida, Jewar is about 72 km from the IGI Airport and 40 km from Noida. According to Zurich Airport International Asia, phase-I of the Noida airport project is expected to be completed by September 30, 2024.
But, there is much more to this. The arrival of the airport would bless the property market in Greater Noida with several other infrastructural developments. Pressure built by covid-19 on the real estate developments is expected to be lifted by this major development in the region closely connected to the airport. Since hon’ble prime minister Shri Narendra Modi has laid the foundation for the airport on 25th November 2021, the rates of the property along the area have already started to rise substantially.
From the broader perspective, the Jewar airport will connect several key cities of UP, including Agra, Mathura and Greater Noida West, to the world’s aviation network. It will also provide the western UP region with a highly robust connectivity net. As connectivity will increase due to the airport, there will be a significant boost in the real estate sector in Greater Noida and Yamuna Expressway regions. It will kick-start more real estate developments, including housing, commercial, retail, and hospitality projects. It is predicted that the new airport could be a big blessing for the first-time homebuyers and real estate market in western Uttar Pradesh. In the days to come, more and more office spaces will be developed and required in the regions like Noida, Greater Noida West and close to Yamuna Expressway.
According to the sector experts, land prices near the Jewar airport could appreciate by up to 100% while prices of flats and apartments in the areas along the proposed airport site are also likely to increase by up to 50% over the next five to seven years.
The upcoming airport is touted as the game-changer for Uttar Pradesh as it will unleash the potential of Uttar Pradesh to the world, and help establish the state on the global logistics map.