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.