Image Source : FREEPIK Construction site with cranes
In a newly approved project by the Uttar Pradesh government, the ‘New Noida’ development near Greater Noida is expected to boost real estate and infrastructure in the National Capital Region (NCR). Over the next 15 years, a newly created city of the scheme will include industrial, residential and commercial. Jewar will also benefit from the upcoming Noida International Airport which is designed to boost land value and economic growth in the region.
New Noida City plan: An overview
The Uttar Pradesh government recently gave the green light to ‘New Noida’, a city planned to develop NCR’s real estate and infrastructure. The project is managed by the Noida Authority and focuses on land development in Dadri, Noida and Ghaziabad districts. This massive project will involve land acquisition from villages in Gautam Buddha Nagar and Bulandshahr districts and will be carried out in four phases over 15 years, with the first phase expected to be ready in four years.
Industrial and residential growth expected
New Noida is designed to be a hub for industrial and logistics development, affordable housing and commercial areas. The city will have industrial towns integrated with working-class residential and residential areas. In addition, special industrial zones such as ‘Korean City’ and ‘Japanese City’, as well as ‘Olympic City’, are being planned. These developments are expected to boost growth in the Noida-Yamuna Expressway area, spur real estate activities in various sectors and contribute to the economic growth of the state.
Jewar Airport: A catalyst for development
The Noida International Airport at Jewar is scheduled to be operational by April next, forming an integral part of the New Noida project. The airport has already boosted land transactions and land values in the area. The values of land have tripled since construction began in 2018, which underscores the economic potential associated with proximity to an airport. The significant increase in demand has forced officials to acquire land near the airport for further development.
Impact on NCR property market
The prices of land and real estate activity in Greater Noida and Yamuna Expressway are already getting impacted because of the New Noida project and the impending opening of Jewar Airport. Property prices have risen 20-25% in recent years. With improved infrastructure and connectivity, Greater Noida is set to post the highest growth rate, attracting investments in office, retail and data centre sectors. Experts predicted an expansion of commercial activities in Noida and Gurugram will greatly benefit the region.
When will New Noida be ready?
The work near the new airport is expected to be ready in the next three to four years and real estate developers are also stressed upon completing the work. The region is poised for a rise in housing and commercial development as soon as the Jewar Airport gets completed. Economic activity and employment will further boost the demand for real estate in New Noida. Recently, developers bought nine plots worth Rs 1,034 crore for a luxury housing development near the airport through e-auction, indicating that the community is enjoying a surge in interest.
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