Visualised in 2001, project completed in 2012, inaugurated in 2012 -that is the long story cut short of the development of the 165-km-long Yamuna Expressway. But by becoming operational and offering large land parcels, development around and along the Expressway region is only a question of time even as expectations are high with soaring Hopes that it will indeed act as a magnet for realty projects.
Originating from Noida to Greater Noida and then beyond to Agra, the 165-km-long Yamuna Expressway can veritably be termed as a catalyst for growth in the region.
While the National Capital Region (NCR) is constantly expanding towards its peripheries, the Yamuna Expressway has opened up a new area of development along its length. With super connectivity to Agra, which is a major tourist spot, the Expressway region has already attracted the interest of major developers who have announced township and residential projects. In fact, Yamuna Expressway Industrial Development Authority (YEIDA) has already assigned land to 14 builders here.
With the operational F1 -track and upcoming facilities like Jaypee Sports City project, the night safari and others a like will be the source of next wave of development.
“Even people from Bollywood have approached us for a Filmcity as this place is also closer to Agra, Bharatpur , Jaipur , where lots of fi lm shootings happen. They wanted something on the lines of Ramoji Filmcity. I went to Hyderabad, visited the place and liked the concept. Something similar can be created here. This will be near to outdoor locations, and for indoor shooting, there wi ll be the Filmcity. So if they want similar facility, we can provide sufficient land,” said PC Gupta, chief executive officer, YEIDA.
Recently the board of three authorities – Noida, Greater Noida and Expressway have decided to al locate Rs 3,426 crore to YEIDA.
Out of which Rs 1,110 crore has been ea rmarked for developmenta l activities, Rs 1,756 crore for land acquisition.
Although land acquisition issues resulted in a lull last year for the real estate projects in the Noida-Greater Noida-Yamuna Expressway belt, residential prices in this corridor are still among the lowest when compared to other parts of NCR. Hence, investors have the advantage of a larger scope for appreciation.
“We are in already dialogue with farmers on the issue of increasing compensation. We are also in talks with the developers on this matter ,” Gupta said adding that all the basic infrastructure – roads, land for power generation, transmission and distribution, etc. – are being provided. “We have recently provided 80 acres of land for 465 A power generation.”
As per YEIDA records, six janpads were notified when the authority was constituted – Yamuna Expressway, Gautam Buddh Nagar , Bulandshahar , Aligarh, Hathras, Agra and Mathura. There are about 1, 189 villages and 2.361akh hectare land in the notified area.
Said Gupta: “This is a very big notified area from here to Agra. The notified area is in two parts, one is in NCR, Gautam Buddh Nagar and Bulandshahar is in NCR and the remaining four out of the NCR.”
In the first phase, the Yamuna authority has prepared Masterplan 2031 for NCR area that constitutes Bulandshahar and Gautam Buddh Nagar district. Of these, about 20 percent is for industry and 19 per cent for residential, 21 per cent is green, 15 per cent is for transport and rest for institutions and other activity.
“So the basic objective of the authority is industrial development and promoting industry and as ancillary housing and other activity is happening. So our road map is to create the conducive environment to attract industry, ” said Gupta.
Not just that but even the persistent fear due to security issues is being tackled by the horns. Rama Raman, chairman, Noida, Greater Naida & Yamuna Expressway Industrial Development Authority, said: “A separate police district for Yamuna Expressway is under consideration, as the Expressway comprises several districts and if somethinghappens there, it becomes difficu lt to register a pol ice complaint. So the government is considering a proposal of separate pol ice district for Yamuna Expressway. “
Said Surendra Nagar , Member of Parliament, Noida: “We are continuously coming out with new industrial schemes for the Yamuna Expressway. Talks are on with farmers for increased compensation. For increased pay-out, YEIDA can take loan from Noida Authority which has cash surplus. There are plans on separate policing for the region to take care of security concerns. The previous state government also proposed for a separate commissioner for the region. If we come back to power in the state, we will also revive the airport project. With all these and with Delhi Mumbai Freight Corridor , Yamuna Expressway has huge potential in the days to come.”
Vouching for the tremendous potential of the Yamuna Expressway region, Ashok Gupta, MD, Ajnara India Ltd, said: “Yamuna Expressway enjoys the two major factors which helps in any region’s growth – affordability and connectivity. It has provided easy connectivity with major cities like Noida, Agra etc. The upcoming infrastructure and the proposed plans are major demand boosters.”
About his company’s investments, Ajnara India managing di rector says: “Ajnara India has launched its residential project, Ajnara Panorama’ on the Yamuna Expressway. The project is just opposite the Budh International Circuit overlooking the race tracks. The project is a township project spread across 22 acres and will have flats, studio apartments and villas. Its location and competitive pricing along with world class facilities are its highlights.”
“Right now with the development at the Yamuna Expressway at its growing stage, it is the right time to invest. Once the development is in its full swing there can be a drastic increase in demand leading to a major price increase.”
On the many plans YEIDA has for the region, like the Metro rail system, BRTS etc, he says: “These plans are the very basis on which we, the developers, are developing projects and investing heavily. These proposed plans have helped in pushing the demand. And once these plans are executed, it would be one of the most favoured realty destinations.”
In the recent board meeting, YEIDA has cleared 20.6km metro rail track between Greater Naida and Expressway. This will run between Pari Chowk in Greater Noida and Sector 22 in YEIDA area . This wi ll connect 12 developing residential sectors and over three dozen villages. YEIDA wi ll ask Delhi Metro Rail Corporation (DMRC) to prepare a detailed project report (DPR) and feasibility report for the same.
Developers also bel ieve that the Yamuna Expressway area has the potential of becoming one of the best investment options for affordable housing. Noida and Greater Noida being IT as well as technical and educational hubs, having BPO centres and other industries with tremendous job opportuniti es, a huge demand for housing in affordable segment is only too natural.
“Since the cost of the apartments in Noida is too high, they are beyond the reach of the midd le income group. As a consequence, developers widened their horizons and entered regions like Greater Noida West (Noida Extension) and Yamuna Expressway. Here, we offer flats at affordable prices due to comparatively lower land cost and other favourable factors. With the development authorities adding international level infrastructure and improving connectivity, these apartments are well accepted by both end users and the investors as wel l,” said RK Arora, chairman and managing director(CMD), Supertech Ltd.
“Planned development, upcoming infrastructure, F1 -race track and great potential of growth make the Yamuna Expressway an ideal desti nation for investment in both residential and commercial segments,” added Arora.
“Some stretches on the Yamuna Expressway have the potentia l for affordable housing while at some places it is practically not possible to develop such project. But for investment purposes, Yamuna Expressway is just the right place,” agreed Manoj Dwivedi, chairman and managing di rector , Shri lnfratech which has a project ‘Vedic City’ right on the Expressway.
Experts and analysts too bel ieve that affordable housing in NCR is looking for a new address. “Bhiwadi, Greater Noida West, Neema rana and Yamuna Expressway are competing for the coveted spot. But Yamuna Expressway possesses ready infrastructure of the Expressway and with the availability of land parcels, it is capable of offering housing solutions at rates which are significantly lower than other places,” Ashim Bhanja Chowdhu ry, head, Research &Ana lytics, BOP.
The residential plot prices have also remained relatively stable over the past one yea r after showing a 35-40 per cent appreciation initially. With the Expressway operational, appreciation is likely to show an upward trend here, though the other established residential corridors in NCR may cause such appreciation to be slower and slower going forward.
“But the Yamuna Expressway is a landmark infrastructure project and it is just the right place to own a property or invest considering the planned development on this stretch and infrastructure projects lined up to provide mu lti-modal transportation system between Agra and Delhi,” Dwivedi of Shri lnfratech said.
Arora of Supertech too agrees that the projects along the Yamuna Expressway are quite affordable to rest of its counterparts in Delhi, Gurgaon and Faridabad. “There has been a tremendous growth in the construction of commercial property which has in turn encouraged demand for residential property. Great infrastructure, good road network and Metro connectivity to all key destinations are other factors creating buzz around the region and have enticed the buyers and investors to this area. So this may be one of the main rationales behind price appreciation,” he said.
“The property prices are set to increase along with the increasing demand so anyone looking out for a good property with good returns should invest right now. We expect 15-20 per cent price increase by the start of next financial year ,” Sushant Muttreja, managing di rector of Cosmic Group.
“Once an area is developed, it certainly brings in hike in prices, so we can expect it the near future. Forti me being, it is one of the best investment options for the investors,” said Nikita Aga rwal, head (sales & marketing) of JM Housing .