However, rejected as a far-fetched land route connecting primarily Delhi and Agra, the Yamuna Expressway is currently taking the headlines of the spectacular real estate boom. In the past five years, the prices of real estate in this corridor have experienced a phenomenal rise and this has made it one of the most active investment areas within the National Capital Region (NCR).
The Numbers Tell the Story
InvestoXpert, a property consultancy firm, says that over the last five years apartment rates along the Yamuna Expressway have increased by an incredible 158 percent and that plot rates have increased an unbelievable 536 percent. A plot that was bought half a decade ago at 10 lakh may be valued at more than 60 lakh nowadays. Conversely, though the growth of apartments has been high, it has given lower returns than that of land parcels.
The Noida International Airport Impact.
Central to this burst is the new Noida international Airport at Jewar which will be opened on October 30. The first commercial flights will leave in 45 days after the launch, and at first it will have to connect at least 10 cities in India. To most investors and homebuyers, the airport is not merely an aviation center, but rather an opportunity, connectivity and a potential of economic development.
Real estate biz experts reckon that the project has the potential to be as transformative as the Indira Gandhi International Airport was in Gurugram 20 years ago in Western Uttar Pradesh. The airport will boost demand in various industries that include residential housing, logistic hubs, industrial hubs, retail spaces, hospitality projects and office parks.
More Than Just Hype
Although the airport is a game-changer, it is not the only variable. Yamuna Expressway area is undergoing colossal development in terms of infrastructure-:
- Upcoming film city projects
- Educational and institutional new campuses.
- Increase in metro accessibility to Jewar.
- Industrial parks and warehousing areas are planned.
All these changes altogether are altering the vision regarding what used to be viewed as too far or too risky by the property buyers.
Who’s Benefiting the Most?
- Plot investors were evidently the winners as land values have increased more than five-fold within five years.
- The affordability among the homebuyers was also valued here since even today, the rates along the Expressway remain lower than those in central Noida or Gurugram although the rates have increased recently.
- Long term potential is being looked into by developers and businesses and various new ones.announcements of projects about every quarter.
What Lies Ahead
As the airport is set to receive the arrivals and the commercial life is soon to lift off, the Yamuna Expressway is not the future but the present. The real estate observers feel that in a period of five years, this might be even greater and the expressway might become as famous as the commercial hubs of Gurugram or Noida as it is today.
Bringers and investors who are yet to make a choice would get the message: the affordability window is narrowing at a rapid pace.
source : Economic Times
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