The establishment of the Noida International Airport at Jewar is a milestone in the development of the National Capital Region (NCR). There has been an emphasis on the developments in Noida, Greater Noida and the Yamuna Expressway corridor, but the impact of this changing infrastructure is much wider. Faridabad is one of the most impacted areas. It has had all of the potential for growth that is needed but has lacked the infrastructure impacts to enable the real impact on the market. Aman Gupta, Director, RPS Group shares insights. A New Growth Catalyst for FaridabadFaridabad has been known as a market that is affordable as it relates to residential real estate and has a strong base of industrial activity. The strategic location between Delhi, Gurugram and Noida offered and advantage that was inherent. The development of Jewar Airport has enhanced this benefit for Faridabad, as it improved the connectivity of the region and added another dimension by bringing Faridabad closer to a global airport. The combination of value, affordability, adequate infrastructure and a good quality of life leads to interest from end-users and investors alike. There is a positive correlation in this regard. It is clear that Faridabad is one of those destinations and is benefitting from the infrastructure focused development that is occurring across the NCR.
Impact of Jewar airport is far reaching
Residential Demand Set to RiseThe most impactful effect of the airport construction is the increased demand for housing. Buyers are looking for more than just a house. They want an investment with the ability to appreciate. New roads and other infrastructure that connect Faridabad to Jewar are attracting interest to the city from professionals and families looking for affordable housing, as well as from businesspeople looking for larger housing areas. Improved transportation systems have always made buying a home in the city outside the central business district more appealing. Faridabad is experiencing the same phenomenon. Buyers are looking in Faridabad for affordable housing with the prospect of future investment.Expected Growth in Commercial Real EstateThe effects on the commercial real estate market are the same. Airports are the epicenter of economic growth. They bring business and commerce. Jewar Airport’s position as a center of aviation and commerce will bring economic growth and new business to the NCR. This opens new opportunities for Faridabad to become a center for doing business. Companies will demand cost-effective connected locations for new offices, new retail spaces, new warehouses, and new real estate projects with multiple uses.Infrastructure Driving Investor ConfidenceAnother factor we can cite is the increase in investor confidence. Infrastructure-driven growth has always been one of the strongest accelerators for real estate appreciation. Markets linked to key transport hubs have an increasing pool of investors thanks to their long-term growth opportunities. Road network improvements, including proposed rapid corridors connecting Faridabad with Jewar Airport, are increasing the investment attractiveness of the city. Because infrastructure projects progress, most institutional and personal investors will start examining the opportunities available in the city for both residential and commercial projects.The Affordability AdvantageRegardless of the rising prices that many of the NCR markets are experiencing, Faridabad manages to retain its value. The city still makes it possible for home buyers and investors to get in at comparatively good price levels, in relation to several surrounding micro-markets. The balance between affordability and the potential for growth makes it possible to predict more demand in the future. The conditions already incite greater activity from developers and buyers in the key growth corridors of Greater Faridabad.Jewar Airport is the first of many wonderful aviation infrastructure developments. It will bring to Faridabad a connected, robust economy with vast investment opportunities. Improving connectivity and new infrastructure developments give Faridabad the potential to become one of the most desirable residential and commercial markets in NCR in the coming years. Continued developments show that it is moving away from being a market on the periphery, and is developing into a significant growth center, especially with one of India’s most high profile infrastructure projects.