Why future of real estate is promising in Yamuna expressway.
The growth in real estate of India in the last 5 years have touched all the hot regions of the country, areas along the Yamuna Expressway included. The region was primarily dominated by developers before 2014 turned into a place where buyers emerged as the ultimate winners. During the boom time in this area, the prices were increasingly exponentially, but now prices have cooled down and are stable. Data available with PropTiger.com show rates of property in Yamuna Expressway currently stand at Rs 3,100 per square foot (psf) while average rent for a 2BHK unit is Rs 15,000 per month. As the year progresses, trends indicate, rates may again show upwards movement, something that will motivate investors and buyers to invest in this region.
What could trigger the possible rise in property value in this region?
To start with, first point is the plan of building the 2nd largest international airport in the Jewar. For this the U.P government has allocated a budget of Rs.800 crore. The Noida authorities has also started acquiring land for the airport from the landowners. For that purpose, the state had already allocated the Noida Authority Rs 1,260 crore. If all goes according to the plan, Phase-I of the Jewar International Airport could be ready by 2023. Since the upcoming airport would also have a Metro link, it would be a smooth ride for residents of Yamuna Expressway to national capital Delhi. The fact that the state government has declared the area as an electronic manufacturing zone would also ensure global manufacturing giants set their facilities here, generating thousands of jobs. “Country-specific industrial parks will be set up in the region which will virtually act as a home away from home for the foreign companies,” a highly places government official had said last year.
So, these two factors would highly add up to increase the charm of Yamuna Expressway real estate that runs across six cities and connects the national capital with home of the Taj Mahal, Agra. Residential as well as rental real estate along the 2,689-square-kilometre Yamuna Expressway would get a boost from enhanced connectivity, improved infrastructure and the arrival of employment opportunities.
Landlords can expect better rents in the time to come as more and more people come here for job opportunities. Homebuyers on the other hand may have to pay more to buy property here. Those who have not yet invested in this affordable real estate hotspot still have a chance while the prices are still stable. Data show developers have an unsold inventory of nearly 11,700 units, of which approximately 40 per cent are plotted development. Those who prefer large spaces can also find luxury villas here for affordable rates. It may be the apt movement to strike a favourable deal now if you have not already.
Yamuna Expressway’s growth can be attributed to robust inter and intra city connectivity. Moreover, the peaceful backdrop of the region, with abundant water bodies and green spaces, has also worked in its favour. This has cajoled several developers to utilise the stretch for industrial, residential, and commercial projects. Additionally, with Centre’s ‘Make in India’ initiative doing the rounds, Yamuna Expressway could soon transform into a manufacturing hub for electronic products. As the stretch is meant to be developed as a manufacturing and logistic hub, the demand for housing will multiply in the times to come. Further, it is expected that by 2021, Yamuna Expressway will be connected by metro to the inner parts of NCR, thus making it accessible for middle-income class group.