Upcoming Noida airport to boost land prices in Yamuna Expressway region

Development of the airport has already led to an increase in real estate activities in the surrounding areas. Moreover, YEIDA has come up with lucrative affordable housing projects to inject new life into realty market.

As the Noida airport gears up for its grand opening by 2024-end, Yamuna Expressway region has become a preferred destination for builders and developers due to its strategic location and potential for growth. The expressway connects Greater Noida with Agra and it is also well-connected to other major cities like Delhi, Gurgaon and Faridabad.

The airport is being built in Jewar, which is located in Gautam Buddh Nagar district of Uttar Pradesh, along the expressway. It is expected to be the largest airport in India, with a capacity to handle over 100 million passengers annually.

As the airport will bring in more investment, create job opportunities and increase the demand for commercial and residential properties, the prices of land in the vicinity too are most likely to go up.

The development of the airport has already led to an increase in real estate activities in the surrounding areas.

The Yamuna Expressway region offers ample land availability, which is an advantage for builders and developers who are looking to invest in large-scale projects. Many reputed builders are bringing residential projects at Yamuna Expressway.

To inject new life into the real estate market, Yamuna Expressway Industrial Development Authority (YEIDA) has come up with lucrative affordable housing projects. Under the new subvention scheme, YEIDA has launched 200 small ticket size apartments and 80 large size residential flats.

The residential plots offered by YEIDA range in size from 120 to 4,000 square metre (sqm), and the prices vary depending on the location, size and other factors. The plots are generally located in well-planned sectors with good infrastructure and amenities like water supply, electricity, sewage and roads.

Last month, YEIDA also hiked the land allotment rates by 30-40 percent in the next one-and-a-half years for different categories of plots as demand for land soars in the region owing to the upcoming Noida international airport as well as other mega projects.

The decision to hike the rates was taken in the YEIDA board meeting held in Lucknow on Monday, under the chairmanship of the State's Additional Chief Secretary Arvind Kumar, who is also the chairman of YEIDA.

YEIDA CEO Arun Vir Singh, an IAS officer who is also the chairperson of Noida International Airport Limited (NIAL), said, ''We have hiked the land allotment rates in all categories as per the market conditions. The board took this decision after detailed discussions and the new rates will be applicable when we will launch allotment schemes in the different categories.''

The rates were hiked for all segments - residential, industrial and commercial. For the residential plot, the new allotment rate will be Rs 24,600 per sqm against the old rate of Rs 18,510 per sqm. For commercial sites, the rate is Rs 49,200 per sqm against the old rate of Rs 38,000 per sqm, for group housing the new rate is Rs 30,750 per sqm against the old rate of Rs 23,140 per sqm.

The YEIDA officials informed that they have also hiked the land acquisition rates from Rs 2,300 per sqm to Rs 3,100 per sqm, after heeding demands of farmers whose land is set to be acquired for the new and upcoming phases of the expressway.