Noida International Airport, the flagship project of the Uttar Pradesh government, will boost the property prices by 30-40 per cent in the next one-and-a-half years. The upcoming airport, which is located near Jewar east of the Yamuna Expressway, is expected to see its first phase open in March 2024.
“Land prices in the area are already high and I see a further growth of 30 to 40 percent from here in the next one-and-a-half years,” Arun Vir Singh, CEO of Noida International Airport Ltd and Yamuna Expressway Industrial Development Authority (YEIDA), told Moneycontrol in an interview.
He said the Authority has already increased land rates in the area.
“That’s because we have decided to give more compensation to farmers [for land] for the airport as well as for the industrial area. And since they are the major stakeholders and it is their land on which we are building, we decided to give more money to them. And to compensate for that, we have increased the property rates,” he said, according to Moneycontrol.
Apart from land prices, the airport’s proximity to the expressway will also facilitate tourist travel to Agra, Mathura and Vrindavan.
Last month, the Noida Authority increased land allotment rates by 30-35 per cent for different categories of plots, as demand shot up in the region on account of the upcoming Noida international airport as well as other infrastructure projects. The rates were hiked for all segments – residential, industrial and commercial.
In the residential category, the land prices have increased 32.9 per cent to Rs 24,600 per sqm, compared with Rs 18,510 per sqm earlier. The rates for group housing schemes have been raised 32.8 per cent to Rs 30,750 per sqm.
In the commercial category, the Noida Authority raised the prices for commercial land plots (floor area ratio up to 2) by 29.47 per cent to Rs 49,200 per sqm. For commercial plots with an FAR above 2, the increase is 28.47 per cent. The rates for industrial land plots were increased 40 per cent to Rs 13,542 per sqm.
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