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Month: August 2022
Upcoming Jewar airport pushes Yamuna Expressway land rates up 38% in 3 years; highest in India
Land price around the upcoming Jewar airport in Uttar Pradesh is rising sharply because of high demand among realtors, combined with low availability of land.
Yamuna Expressway Industrial Development Authority (YEIDA) area or the destination of the upcoming Jewar airport near Noida in Uttar Pradesh is currently the most-in-demand in India and has registered 38 per cent rise in rates in three years, the highest in the country.
A report released by real estate researchers Anarock on Thursday showed that the average prices of plots on Yamuna Expressway stood at Rs 1,600 per sq ft in 2019 but have now shot up to Rs 2,200 per sq ft.
“The sharp rise in prices of the YEIDA area is the result of the construction of the Jewar International Airport. Since the time when the project was announced, prices in the region have shot up around 30-40 per cent. This is the highest land price rise that a micro market has seen among all the top seven cities,” Santhosh Kumar, Vice Chairman, Anarock told Business Today.
CEO of YEIDA and Noida International Airport Limited (NIAL) Arun Vir Singh told Business Today that the prevailing market rates of the land in YEIDA is much higher than the circle rates at which YEIDA is offering plots.
“Our current circle rate for YEIDA is Rs 18,510 per sq m. The market rates for these plots, we have learned, is around Rs 25,000 to Rs 30,000 per sq m,” Singh said.
Kumar added, “Plotted land price witnessed a sharp rise over the pandemic years. The other reason for the sharp rise cited was the limited availability of land in the area as well. Additionally, the price hike is also the effect of a rise in circle rates.”
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The Delhi Metro Rail Corporation (DMRC) has submitted the Detailed Project Report (DPR) to the Yamuna Expressway Industrial Development Authority (YEIDA) for the Noida Metro-Noida International Airport at Jewar.
DMRC proposed the link metro from Knowledge Park-2 to Jewar Airport at the cost of Rs 5,329 crore.
The proposed metro rail line will be 35 km long with six stations and parallel to the Yamuna Expressway. This will benefit the people of Yamuna city along with Noida, Greater Noida and Delhi.
In the project, 4.18 km of the line will be underground, while 31.26 km of elevated line will be built. About Rs 5329 crore will be spent on the project.
According to a report by Nav Bharat Times, DMRC estimates that this link metro rail line can be built in 1.5 years.
Also, YEIDA plans to build another link metro rail line between the upcoming Noida airport and the existing IGI airport in Delhi.
In September 2021, YEIDA signed a memorandum of understanding with DMRC to prepare a feasibility report for a metro corridor connecting Delhi’s Indira Gandhi International Airport to the upcoming Noida International Airport at Jewar.
Along with metro access to IGI Airport, Noida International Airport at Jewar will have a spur route to the Delhi-Mumbai Expressway.