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YEIDA On A Jewar High: Prices Climb 38% in Three Years
Realty prices in the Yamuna Expressway Industrial Development Authority (YEIDA) area near Noida is spiking up like never before. The driving force, the upcoming Noida International Airport, is a thrust so intense that the area is now the hottest piece of real estate in India with prices over the past three years surging 38 per cent.
Plots for sale that attracted an average rate of Rs 1,600 per sq. ft in 2019 are, in a matter of just three years, going at around Rs 2,200 per sq. ft. This spike is observed after the announcement of the Jewar International Airport. (Noida International Airport).
An independent organization that tracks the pricing in India’s upcoming development hubs concludes that the YIEDA area around Noida tops the micro markets of the top seven cities. The study further says this trend could hold on as land acquisition drives more realtors and developers into a competing environment.
The findings are in corroboration with YEIDA and Noida International Airport Limited (NIAL). A YIEDA authority figure recently revealed that current market rates in the area are way above the existing YIEDA circle rates.
The current circle rate for YEIDA is Rs 18,510 per sq. m whereas the corresponding market rates are already floating between Rs 25,000 and Rs 30,000 per sq. m.
The area is limited in land availability and with the pandemic, positioning plotted real estate as a favoured long-term investment, land prices registered a natural boost.
A ripple effect ensued a hike in circle rates. And finally, the announcement of the airport—declared the largest in India-- really changed the microeconomic climate of the region.
The domino effect took to new launches as well. As land prices continue to climb upwards developers are pushed to align themselves. Few are adopting a wait and watch, but generally launches at higher pricing are the new accepted norm.
The sentiment has caught up with Greater Noida as well, where plot prices are up 36 per cent. Faridabad follows suit with its Neharpar region up 29 per cent.
The cumulative effect is several plotted development projects along the Yamuna Expressway over the past two to three years. All things considered, this snowball effect is for the long haul, especially as flagship announcements continue to pour in.
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