The construction of the interchange connecting Eastern Peripheral Expressway (EPE) and Yamuna Expressway in Greater Noida is nearing completion. 80 percent of its work has been completed and it is likely to be commissioned before Diwali. In such a situation, real estate demand has also started increasing in this area. According to officials of real estate developers County Group, Sikka Group and SKA Group, the attractiveness of the surrounding areas in terms of residential, business and investment is increasing and prices have also started increasing. In some areas, the value of land has increased one and a half to two times in just one year.
The role of connectivity is very important in the development of any city or area. Especially in real estate, better road connectivity makes access to an area easier and increases demand.
Now about 80% of the work of the interchange project connecting Eastern Peripheral Expressway (EPE) and Yamuna Expressway in Greater Noida has been completed and the construction agency is preparing to complete the work by the middle of this month i.e. by October 15.
After the commencement of the interchange, access to Yamuna Expressway will become easier for vehicles coming from EPE. Currently many vehicles have to cover additional distance to reach Yamuna Expressway.
How will the property market change with the expressway?
In the real estate market, the value of an area is not determined only by the houses built there or the vacant land. According to experts, connectivity, employment opportunities, commercial activities, schools, hospitals and other facilities also affect the demand for property.
County Group Director Amit Modi says that connectivity infrastructure lays the foundation for the development of an area. Projects like the EPE-Yamuna Interchange will provide easier access for people coming from Western NCR, which can strengthen the long-term prospects of this entire micro-market.
Sikka Group Chairman Harvinder Singh Sikka says that when an area gets better connectivity with other cities and major business centers through expressways, then the commuting time for the people living there can be reduced.
This may also affect the interest of developers. New housing societies, planned developments, commercial projects, warehouses and other activities can develop around the improved road network. This may increase the demand for land and may also impact property prices in the long run.
However, it would not be right to consider the expressway alone as the reason for the increase in property prices in any area. Many other factors like airports, metro, industrial projects, employment centers and local infrastructure also affect the value of property.
Which areas will benefit from EPE-Yamuna Interchange?
The proposed interchange is being built near Jaganpur-Afzalpur village in Greater Noida. It is about 10 kilometers from the zero point of Yamuna Expressway.
After the commencement of the interchange, vehicles coming from EPE will be able to go directly towards Yamuna Expressway.
People coming from western Uttar Pradesh, Haryana and those parts of NCR, who have to go towards Yamuna Expressway and Greater Noida, can benefit from this.
Better connectivity is expected to ease transportation in this corridor and also support real estate activities in the surrounding areas.
Real estate developers say that land in these areas is becoming expensive. Photo Credit: Google Map
According to developers, demand may increase due to connectivity
Real estate developers believe that development of infrastructure in a micro-market can increase the interest of end-users and investors.
Amit Modi, director of County Group, said, ‘With better connectivity, the demand for plots, residential and commercial properties in this area is also expected to be supported in the long term.’ Sanjay Sharma, director of SKA Group, said, ‘Expressways and big infrastructure projects change the connectivity of any micro-market. With better accessibility, there is a gradual change in demand for land and residential property. As connectivity improves, the interest of investors along with end-users also starts increasing in such areas.
According to Harvinder Singh Sikka, Chairman, Sikka Group, ‘The connectivity of Noida International Airport and EPE with Yamuna Expressway is turning this area into a major real estate corridor. Better connectivity around the airport can support both residential and commercial activities. In the coming time, better road network can also promote employment, business and development of new real estate projects in this area.
Importance of corridor increased from Noida Airport
The development of Noida International Airport is also a big factor for real estate in this entire area.
With the strengthening of road and expressway network around the airport, passengers as well as business and logistics activities can benefit.
Yamuna Expressway already provides important connectivity towards Noida and Agra. On the other hand, EPE connects many major parts of Delhi-NCR.
In such a situation, with the creation of a direct connection between the two expressways, this entire corridor may become more important in the future.
Impact can be felt from land to houses
The impact of changes in land prices around the expressway is not limited to just vacant land or plots. As new projects come up in an area, the demand for houses and apartments built there may also change.
As commercial activities increase, there may be a change in the demand for shops, offices and other commercial properties.
Residential and commercial development has increased in the last few years around Greater Noida and Yamuna Expressway. Now with the airport and better expressway connectivity, the market is keeping an eye on the possibility of further increase in the activities of developers in this area.
Not just the road, the entire ecosystem increases the value of property.
According to real estate experts, an expressway can kick-start the development of an area, but for a sustainable rise in prices, the entire ecosystem needs to develop.
When employment, public transport, schools, hospitals, retail and commercial facilities develop along with roads, real demand for living in an area is created.
In this context, EPE-Yamuna Interchange is not being seen as just a road project. If this is combined with the industrial and real estate development happening around Noida International Airport, Yamuna Expressway and Greater Noida, then this connectivity can impact the development of the entire micro-market in the coming years.
At present the construction of the interchange is in the final stage. If it starts as per schedule, then traffic between Western NCR and Yamuna Expressway will be easy. After this, it will be important to see how the impact of better connectivity is visible on the demand for land, residential and commercial property in the surrounding areas.
Source: ndtv.in
