New Delhi, June 15 (IANS) The commencement of commercial flight operations at the Noida International Airport in Jewar is expected to significantly boost real estate activity in the region, with property values projected to grow at a compound annual rate of 15-20 per cent over the next four to five years, according to industry experts on Monday.

Industry stakeholders believe the airport’s operationalisation holds immense long-term potential to elevate the region’s real estate ecosystem and strengthen its position as a key investment destination.

“The international airport will further attract global occupiers, strengthening Noida’s office market,” industry experts said.

Although the residential market has already factored in the development in terms of prices to an extent, prominent residential localities along the Noida Expressway will see increasing traction in new launches and housing sales, they said.

According to real estate consultancy Colliers India, Noida is expected to witness annual office leasing of 2-3 million square feet, accounting for nearly one-fourth of Delhi-NCR’s Grade A office space absorption from 2026 onwards.

The enhanced connectivity offered by the airport is likely to improve the region’s attractiveness among multinational companies and corporate occupiers, further strengthening demand for premium office spaces.

On the residential front, the airport-led development has already been partially reflected in property prices.

However, prominent residential micro-markets along the Noida Expressway are expected to witness increasing traction in terms of new project launches and housing sales.

Colliers estimates that average capital values in areas surrounding the airport could rise at a compound annual growth rate (CAGR) of 15-20 per cent over the next four to five years, driven by demand in both the middle-income and luxury housing segments.

Notably, IndiGo became the first airline to start flight operations from Noida International Airport (NIA) in Jewar. The first flight was arrived at NIA from Lucknow.

Earlier in March, Civil Aviation Minister Ram Mohan Naidu said the airport, inaugurated by Prime Minister Narendra Modi, would emerge as a major hub for employment, investment and economic growth, benefiting not only Uttar Pradesh but the entire country.

Addressing the inauguration ceremony, Naidu described the launch as a moment of pride for the nation and said the airport would significantly boost the region’s development.

–IANS

ag/