Realty in fast lane on YAMUNA EXPRESSWAY
Real estate development along Yamuna Expressway is on a fast track with innumerable projects lined up for the corridor, even as housing rates remain within reach of middle-class buyers.
Source: TOI Dated 23rd June 2018
Yamuna Expressway is one of the forthcoming growth corridors in the National Capital Region (NCR).
The 165km-long stretch comes under the jurisdiction of Yamuna Expressway Industrial Development Authority (YEIDA). This micromarket is today an affordable option for both residential and commercial real estate.
Recently, the UP government has come up with a “Uttar Pradesh Electronic Manufacturing Policy”, which envisages Yamuna Expressway as one of the electronic manufacturing zones of the state.
“ YIEDA has entered into nearly $100 billion worth of MoUs with many national and international companies during UP Investment Summit of 2018. The Uttar Pradesh government is working with YEIDA to fast track land acquisition for the new airport at Jewar, which is estimated to cost Rs 6,820 crore. The transitoriented infrastructure development is expected to spur economic activity in the vicinity, which would lead to price appreciation of real estate developments along the whole belt,” Sanjay Chatrath, executive director (NCR) at Colliers International India, said.
Many developers have offices here and are readying for commercial projects in this micromarket, which commands average rentals of around Rs 30-35 per sq ft per month. This is expected to grow as more and more commercial office spaces appear over the next 3-5 five years. Developers who have townships and residential projects along this stretch include Gaursons, Supertech, ATS, Viridian Red, and Ajnara Group.
“In the residential sector, the expressway falls in the budget category with an average rate between Rs 3,200 and Rs 5,200 per sq ft. Currently, demand-supply equilibrium is titled towards the supply end, which has deterred prices in recent years from shooting up. This market is known to be investor-driven owing to lack of end-user occupants in the present projects. However, this may change soon as developers have cut down in the number of new launches. Also, the launch of future infrastructure amenities like the Metro link and Yamuna Power Generation Company and the forthcoming Jewar airport will give a fillip to the overall real estate development in this area,” Chatrath said.
YEIDA approved the Metro link between Pari Chowk till Sectors 18 and
20. The proposed route is around 21km long, of which around 6km will be in Greater Noida while the rest will be along Yamuna Expressway. This will help in drawing attention of homebuyers and make it liveable in the next couple of years.
Developers say that the huge land parcels available along the entire stretch of the expressway will complement the fastpaced development in this corridor.
“The future is very bright for this area. Scores of people, both investors and end users, have invested in this region looking at its potential and the growth it is bound to have in the years to come. Largescale developments are lined up in the area along with the Jewar airport and the Metro link to the airport, which will make the whole region more accessible from other cities across the country and raise its profile,” Deepak Kapoor, president of Credai-Western UP and director of Gulshan Homz, said.
Also, development of the electronics manufacturing hub is expected to create tremendous demand for this area.
“The area is bustling with several reputed IT firms and many industries are also being set up here. All this will accelerate urbanization and migration of professionals from different states. The sixlane, 165km-long expressway has played a vital role in eliminating connectivity issues and providing direct access from Delhi to Agra. Further, higher demand is expected on this stretch with the coming of Jewar airport along with connectivity with EPR and FNG corridor with the development of India’s first mobile openexchange cluster (MOX). Property prices are nudging upwards, though they are still competitive. This will be a lucrative area for investors from the long-term perspective,” Ashish Arora, director of Viridian Red, said.
Ashok Gupta, CMD of Ajnara India Ltd, says: “The region has been very meticulously designed with residential, commercial, and industrial set-ups, with each segment given a separate area. This corridor will become self-sustaining once it is fully developed.
“ Also, the proposed airport at Jewar and the Metro link to the airport will only boost the liveability quotient of the region. Land parcels along the expressway are still reasonably priced and can be used for the development of affordable housing under the PPP model.”
Projects such Shubh Villa having the best project option among the home buyers and investors as well.
