Curator: Business desk
Edited by: Muhammad Haris
Last updated time: 06 March 2023 at 17:55 IST
The construction of Noida International Airport is in full swing. (Photo: IANS)
Apart from the land price, the proximity of the airport to the expressway facilitates tourist travel to Agra, Mathura and Vrindavan.
Noida International Airport, the flagship project of the Uttar Pradesh government, will increase real estate prices by 30-40 percent in the next one and a half years. The first phase of the upcoming airport, located near Jewar, east of the Yamuna Expressway, is expected to open in March 2024.
Arun Vir Singh, CEO, Noida International Airport Ltd and Yamuna Expressway Industrial Development, said, “Land prices in the area are already high and I see 30-40 per cent growth from here in the next one and a half years.” Authority (YEIDA), said Money control in the interview.
According to him, the mayor’s office has already grown land plots in the district.
“Because we have decided to give more compensation to farmers [for land] for the airport as well as for the industrial area. Since they are the main stakeholders and it is their land that we are building on, we decided to give them more money. “To compensate for that, we have increased real estate rates,” he said Money control.
Apart from the land price, the proximity of the airport to the expressway facilitates tourist travel to Agra, Mathura and Vrindavan.
Last month, the Noida authority increased the land allotment rate for various categories of plots by 30-35 per cent as demand for the upcoming Noida International Airport and other infrastructure projects in the region increased. Rates have been increased for all segments – residential, industrial and commercial.
In the residential category, land prices increased by 32.9 per cent to Rs 24,600 per square meter from Rs 18,510 per square meter earlier. Rates for group housing schemes rose by 32.8 percent to Rs 30,750 per square meter.
In the commercial category, the Noida authority has raised the price of commercial plots (floor area ratio up to 2) by 29.47 per cent to Rs 49,200 per square meter. For commercial plots above FAR 2, the increase is 28.47 percent. Rates for industrial plots have gone up by 40 percent to Rs 13,542 per square meter.
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