Amid improving infrastructure & Connectivity push and mega residential, commercial, industrial and logistics developments, the operationalisation of Noida Airport is set to drive the NCR’s next phase of real estate expansion, transforming Greater Noida, Yamuna Expressway and surrounding regions into high growth investment destinations. But the big question is – Will the opening of the first phase of Noida International Airport trigger a price boom?

Vinod Behl

There is a lot of hype about the likely boom in property prices in Greater Noida/Noida, following the airport opening. A recent report by online proptech platform- Square Yards says that with infrastructure upgrades, improvements in livability and work space, besides employment generation, the growth trend is expected to continue with both plot and apartment values likely to rise by 28% and 22% respectively over the next two years.
A study by Noida-based InvestoXpert Advisors says that with aviation- linked industry, logistics parks, data centres and the film city project, 20-30% upside in property prices is expected in the near term. Plot prices are likely to rise by 20%, and apartments by 25%, with annual appreciation of 12-18%. High impact micro-markets including YEIDA sectors 18, 20, 22D, 32, Sector 150, Greater Noida West and Delta-Zeta are set to benefit.
However, amid this price euphoria, it is worthwhile to note that much before its opening, Noida Airport had already resulted in a real estate boom. Land and housing prices along Yamuna Expressway saw sharp appreciation, largely fuelled by anticipation rather than actual on-ground transformation. So, now the big question is-Will the airport opening trigger another rally or the market has already captured the upside?Is the price boom overdone? How much upside is left?
According to the Square Yard report, property values along the Yamuna Expressway corridor saw a tremendous spike between 2020-25. Apartment prices nearly tripled over the past 5 years while plot values rose by an average 1.5X with select micro-markets witnessing up to 5X growth.
As per a recent study by Real X Stats by InvestoXpert, Noida micro-markets delivered nearly 5X returns (30-35% CAGR), Yamuna Expressway apartment prices rose 158% and plots 536% with land appreciating 5-6X and residential assets 2-2.5 X.Top performing apartment sectors- Chi4, Chi3 and Sector 27 saw prices rising respectively from INR 4100 psf to INR 12100 psf, INR 3100 psf to INR 8300 psf and INR 4900 psf to INR 11200 psf. In top performing plotted sectors of Chi Phi, Chi 3, Sector 22D prices respectively went up from INR 2350 psf to INR 11300 psf, INR 1200 psf to INR 12950 psf and INR 2150 psf to INR 11300 psf.
Real estate markets tend to price in future potential well in advance and Noida/ Greater Noida markets have followed this trend. With property values having seen a sharp rise in the last few years, the post- inauguration phase of Noida Airport may see a shift from rapid appreciation to more measured fundamentals-driven growth. Experts are unanimous that the real estate price growth cannot be sustained just by infra upgrades, it ultimately depends on job creation, overall economic activity and end-user demand.
Cutting through the hype and looking at fundamentals, the short-term price movement is expected to be moderate, medium term to be steady infra-led growth and long-term growth will depend on strong economic activity. So, for buyers entering the market now, runway price appreciation may well be behind them and the real story now is less about windfall gains and more about long-term value.