‘Noida International Airport has put Jewar on map’: Property prices surge amid real estate boom

Around 3 km from the inauguration site, Bhav Sharma (29), a property dealer, sat with his father inside his office. “Before November 2021, so many people had not heard of Jewar. The airport has put the town on the map,” he said as he shared that his family has been running the property business — ‘Jewar Real Estate’ — for about 15 years now, which primarily deals with sale and purchase of agricultural land. He said they have clients based in Delhi- NCR, including Noida, Ghaziabad, and Faridabad, and now, they have been able to build a customer base abroad too.

According to Bhav, it was in 2019 that an uptick in inquiries for property purchases was seen. However, a significant increase happened after 2021 when PM Modi laid the foundation stone of the airport. “Clients now primarily ask about the airport. The area is set to see more industries, warehouses, and residential localities— it is, in true sense, a real estate boom,” he said, predicting that more industrial units will be set up in the area, not in a span of years, but months.

Jewar, which just had 25 real estate offices till a few years ago, now has around 200 such offices, according to MK Sharma (45), owner of SN Enterprises. “There is a lot of development needed here…But after today’s inauguration, I can see multiple opportunities,” said the property dealer, who handles sale and purchase of plots, flats and agricultural land.

He recalled how he changed his business pitch after 2021. “My selling point has become the airport now. Earlier, I used to say that this place is a less-crowded substitute for Delhi,” he said.

However, rules and regulations have become tighter as the development unfolds, he added. “The authorities have taken a lot of land under them, and there are demolitions every month to raze unauthorised structures. We get a lot of clients asking for private freehold land, but now it is under stringent laws. Getting land under the Yamuna Expressway Industrial Development Authority (YEIDA) is a little difficult as it takes a lot of formalities, there is a lottery system involved, and it takes time to get possession,” he explained.

Manish Kashyap (27), who also works with Bhav Sharma, pointed out that people pointed out a key trend.

“For instance, many people in the aviation sector are buying property here, perhaps hoping to get jobs in future. They also know the benefits of land near the airport facility in terms of high interest rate. The area is expected to develop massively in the coming years,” he said.

The prices of properties in the area around 40 km of the international airport have shot up in the last seven years, he added. “Tappal, a locality, which is located just 8 km from the airport, has drawn a lot of investment. The prices increased from Rs 3 lakh per hectare to now Rs 26 lakh per hectare,” he says, adding that earlier the project delay had triggered insecurity among clients. “But now, after the inauguration, the area is set to have industrial and infrastructural development,” he added.

Meanwhile, another property dealer, Pravesh Talan (40), shared that some prospective buyers have become anxious too. “They think that even if they buy land, what if the authorities in the next phase, acquire it. Earlier, they used to take risks hoping the compensation will be high, but since the rate has been fixed for Rs 4,300 per sq m, they are no longer interested,” he explained.