Jewar Land Prices Up 40% as Airport Fuels Growth

New Delhi, Dec 9 (PTI) Jewar, a small town along Yamuna Expressway in Uttar Pradesh, is emerging as one of the fastest-growing real estate micro-markets because of an upcoming international airport, leading to a 40 per cent appreciation in land prices in the last five years, according to Colliers.

Land prices in Jewar township are likely to rise 50 per cent by 2030, real estate consultant Colliers India said in a report 'Infrastructure & Mega Projects - The Key Enablers of Urban Expansion in India' released on Monday.

"Jewar is a small town located along Yamuna-Expressway. It is rapidly transforming into a prominent investment destination with a combination of strategic infrastructure, industrial expansion and robust government initiatives," the report said.

The consultant noted that Jewar is emerging as one of the fastest-growing real estate micro-markets, driven by robust economic growth prospects fuelled by key infrastructure developments such as the Jewar Airport (Noida International Airport), metro extension and themed city projects.

The Jewar airport, spread across 1,334 acres, is under construction and the estimated completion is by 2025.

"The upcoming Jewar airport is the biggest catalyst for urbanisation in Uttar Pradesh. Its strategic location along the newly built Yamuna Expressway, connecting the urban centres of Delhi, Noida and Agra serves as a distinct advantage," Collier India said.

The government initiatives like YEIDA, International Film City and Metro Line expansion have provided further impetus to the growth of Jewar as a township, it added.

"These initiatives have contributed to a land price appreciation of nearly 1.4x in the last 5 years from Rs 5,000 to Rs 7,000 per sq ft (2020-2024)," the consultant said, adding that the land price is estimated to rise further to Rs 10,482 per square feet by 2030.

Jewar is among eight emerging micro-markets in India thriving through major infrastructure development.

The other seven micro-markets are Sonipat, NCR; Khopoli, MMR, Maharashtra; GIFT City, Gandhinagar, Gujarat; Sanand, Ahmedabad, Gujarat; Doddaballapur, Bengaluru, Karnataka; Oragadam, Chennai, Tamil Nadu; and Mucherla, Hyderabad, Telangana.