Can Jewar Airport trigger a 15-20% surge in Noida property prices despite correction fears?

The start of commercial operations at the Noida International Airport in Jewar is expected to provide a fresh boost to the region's real estate market, with experts projecting property prices to rise 15-20% annually over the next four to five years. However, industry players caution that pockets driven by speculative buying could witness price corrections as the market transitions to more sustainable growth. 

Airport operations

The long-awaited Noida International Airport in Jewar commenced commercial operations on Monday, with IndiGo becoming the first airline to operate from the facility. The inaugural flight arrived from Lucknow, followed by the airport's first outbound service to Bengaluru.

The operationalisation of the Noida International Airport is widely expected to strengthen the Yamuna Expressway and Greater Noida regions as key investment destinations. Industry stakeholders believe improved connectivity and infrastructure will attract businesses, logistics companies and multinational occupiers, creating long-term demand for residential and commercial real estate.

According to property consultancy Colliers India, Noida is expected to record annual office leasing of 2-3 million square feet from 2026 onwards, accounting for nearly a quarter of Delhi-NCR's Grade A office space absorption.

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"The international airport will further attract global occupiers, strengthening Noida's office market," industry experts said.

Property prices

While anticipation around the airport has already been partially reflected in residential prices, experts believe demand is likely to intensify further.

Colliers estimates that average capital values in areas around the airport could grow at a compound annual growth rate (CAGR) of 15-20% over the next four to five years, supported by demand across both mid-income and luxury housing segments.

Residential micro-markets along the Noida Expressway are also expected to witness increased activity in terms of new launches and home sales as infrastructure development gathers pace.

Correction risks

Despite the bullish outlook, market participants do not expect gains to be uniform across the region.

According to experts, some localities that witnessed aggressive speculative buying and rapid price appreciation may see a correction, particularly where valuations have moved ahead of underlying fundamentals.

However, they believe quality developments in well-connected locations are likely to continue attracting both end-users and investors.

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Fundamental growth

Industry players argue that concerns over a broad-based decline in prices are misplaced, as major infrastructure projects such as international airports typically act as economic growth engines.

Gaurav K Singh, Founder and Chairman of Womeki Group, said: "Predictions of a broad-based decline in real estate prices due to the operationalisation of Jewar Airport are not supported by the fundamentals of the market. Major infrastructure assets such as international airports typically act as economic growth engines, attracting industries, logistics hubs, commercial investments, and residential demand. The Noida International Airport has already accelerated infrastructure development across the Yamuna Expressway region, strengthening the area's long-term investment appeal. What we may see is a correction in pockets where speculative buying had pushed prices beyond intrinsic value."

He added: "However, quality projects in well-connected locations are expected to continue witnessing healthy demand from both end-users and investors. As the airport ecosystem matures, real estate growth will increasingly be driven by employment generation, business activity, and urban expansion rather than pure speculation. In our view, the market is entering a phase of more sustainable and fundamentally driven appreciation rather than a phase of declining prices."

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Domestic, international flights 

Located in Uttar Pradesh's Gautam Buddh Nagar district, the airport was inaugurated by Prime Minister Narendra Modi on March 28. It is the second international airport serving the Delhi-NCR region after Delhi's IGI Airport and the third airport in the region after Hindon Airport in Ghaziabad.

Initially, the airport will handle only domestic flights, with international services expected in the coming months. During June, flights will connect cities including Lucknow, Bengaluru, Hyderabad, Amritsar, Jammu and Navi Mumbai, with more destinations set to be added from July.

IndiGo and Akasa Air are currently the only carriers to announce operations from the airport. While IndiGo launched services on Monday, Akasa Air is scheduled to begin flights on Tuesday. As of June 16, IndiGo fares on the Noida-Bengaluru route started at Rs 16,519, with tickets for June 17 priced between Rs 18,447 and Rs 27,916. Akasa Air offered lower fares on the same route, starting at Rs 11,781, while June 17 tickets were priced at around Rs 9,871 per passenger. More airlines are expected to join as operations scale up.

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