Jewar: The Making Of A New Property Market

Demand for real estate in the area has taken off thanks to the Noida International Airport

- Madhurima Nandy

When Sandeep Kaushal told his wife Pooja that their application to buy a plot near the Noida International Airport in Jewar did not make it in the lucky draw, she was upset.

The Kaushals, who live in a rental apartment in Greater Noida, Uttar Pradesh, were among the over 100,000 applicants for residential plots along the Yamuna Expressway, a 165-km stretch connecting Greater Noida with Agra. There were only 451 plots available in the scheme launched by the Yamuna Expressway Industrial Development Authority (Yeida).

"We applied for a 200 square metre plot, which would cost around ₹52 lakh. In Greater Noida or Noida, land is sold mainly through online auctions to builders. The Yeida scheme was a good opportunity for people like us to buy a plot. We will apply again when their next scheme opens," Kaushal said.

Earlier last year, Yeida had launched another scheme with 361 plots. That scheme attracted over 200,000 applications. A third one is expected to be launched soon.

The tremendous response to Yeida's housing schemes is a testament to the surge in demand for property in the area. That demand has been driven by a single factor: the upcoming airport in Jewar, a small town in western Uttar Pradesh.

Real estate experts believe that once operational, the new airport will be a gamechanger, not only for real estate along the Expressway, but also in Greater Noida and Noida.

REALTY GAMECHANGER

Even after the Yamuna Expressway opened over a decade ago, the real estate market around it never took off. Despite the launch of large townships and decent connectivity, the livability quotient in the area was questionable.

That perception changed with the new airport. Suddenly, Jewar became a sought-after market. Last September, the Uttar Pradesh government approved Master Plan-2041, based on which all industrial and urban development around the Noida international airport, and in areas along the Expressway, will happen.