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Yamuna Expressway Project
Apartment prices have increased by 170% and land prices have soared by an astounding 450% along the Yamuna Expressway in the Delhi-NCR region, revealed a report by property consulting firm GeetanjaliHomestate.
Key Findings:
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The average price of flats/apartments has risen from Rs 2,800-3,000 per square foot in 2019 to Rs 7,900-8,100 per square foot in 2024. -
Land prices have seen an even more dramatic increase, from Rs 1,200-1,300 per square foot in 2019 to Rs 6,900-7,100 per square foot in 2024. -
Driving Factors: The growth is primarily driven by the upcoming Jewar Airport, improved infrastructure, and increased demand for suburban living. -
Builder Floor Prices: Builder floor prices have also seen a significant rise, increasing by 35.6% in the last year.
Year-on-Year Breakdown of Property Prices
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The real estate market along the Yamuna Expressway began to gain momentum in 2021, driven by the gradual return to normalcy and increased interest in suburban properties. Apartment prices rose to Rs 3,400 – 3,600 per square foot, while land prices saw a notable increase to Rs 2,000 – 2,200 per square foot. “By 2022, the effects of improved infrastructure and the growing desirability of the Yamuna Expressway as a prime residential and commercial location became evident. Apartment prices surged further, reaching Rs 3,600 – 3,800 per square foot, while land prices nearly doubled to Rs 3,400 – 3,600 per square foot. This year was particularly crucial as it underscored the region’s emergence as a preferred destination for investors and homebuyers,” noted the report.
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By 2023, the average price for apartments skyrocketed to Rs 4,900 – 5,100 per square foot, while land prices soared to Rs 5,900 – 6,100 per square foot. This was largely attributed to several key developments, including the upcoming Jewar Airport, the expansion of the Noida International Airport, and enhanced connectivity through the Delhi-Mumbai Industrial Corridor (DMIC).
As of 2024, the report highlights that apartment prices along the Yamuna Expressway have reached an average of Rs 7,900 – 8,100 per square foot, with land prices now averaging between Rs 6,900 – 7,100 per square foot. This year-on-year surge reflects a 170% increase in apartment prices and a staggering 450% growth in land prices over the past five years, making the Yamuna Expressway one of the fastest-growing real estate corridors in India.
Builder floor prices have also shown a robust increase, with a notable 35.6% rise in just the last year and a 43.5% increase over the past three years.
” The remarkable price surge along the Yamuna Expressway can be attributed to several key factors. The strategic location, coupled with the upcoming Jewar Airport and other infrastructural developments, has significantly enhanced the area’s connectivity and appeal. Additionally, the rising demand for residential and commercial spaces, fueled by the growing interest in suburban living, has driven property prices to new heights. The Yamuna Expressway is rapidly emerging as a real estate goldmine, offering substantial returns for investors,” said Sunil Sisodiya, Founder of GeetanjaliHomestate.
The report further notes that the increasing preference for spacious living, driven by the remote work culture and the desire for a better quality of life, has played a crucial role in driving demand for properties along the Yamuna Expressway.
First Published: Sep 02 2024 | 2:04 PM IST
