Home News Residential Searches Decline Amidst Price Surge Near Jewar Airport: Magicbricks

Residential Searches Decline Amidst Price Surge Near Jewar Airport: Magicbricks

by Our Corresspondent - Feb 04, 2025
Residential Searches Decline Amidst Price Surge Near Jewar Airport: Magicbricks, News, KonexioNetwork.com

New Delhi: With the recent budget announcement reinforcing the UDAN scheme and boosting regional connectivity, the government aims to enhance air travel accessibility and stimulate economic activity stimulate economic growth. Historically, advancements in airport infrastructure have fuelled real estate expansion, attracting new developments and driving investment in surrounding areas. In one such instance, Magicbricks has observed that property prices near Jewar Airport have nearly doubled over the past five years. However, the demand now appears to be waning.

Analyzing data from key sectors around the airport, Magicbricks found asking prices in Zeta-Eta-Theta, sectors around Yamuna Expressway, and Omega-Chi-Phi areas increasing by 49%, 53%, and 28%, respectively during October-December 2024.

The current price points in these areas are approaching parity with more established and accessible metros, which offer superior social and medical infrastructure. The average price in Zeta-Eta-Theta stands at INR 7858 per square foot, while Yamuna Expressway is at INR 7218 per square foot and Omega-Chi-Phi at INR 9706 per square foot. Some areas, such as Jaypee Greens (INR 12434 per square foot) and Alpha Beta Gamma Delta (INR 10841 per square foot), exhibit even higher average rates.

Furthermore, Magicbricks found a notable decrease in residential searches (demand). For instance, searches in Zeta-Eta-Theta, sectors around Yamuna Expressway, and Omega-Chi-Phi declined by 48% YoY, 39% YoY, and 37% YoY, respectively in Q4 (October-December 2024). Despite the declining search interest, residential supply in these areas continues to surge. Listings in Omnicron-Mu-Xu have increased by 77% year-over-year, while listings around Yamuna Expressway have seen a 53% YoY increase.