Whether you fly occasionally or are a frequent traveller, having an international airport close by is an attractive proposition. After all, as the outskirts around airports gradually turn into thriving hubs that are well-connected to the city, there is a lot of scope for making profitable investments in realty.
Just consider the example of the new International Airport coming up in Navi Mumbai. Ever since the project started, the property prices around Panvel have been skyrocketing. But are such investments always advantageous? Let’s find out.
Here are the merits and demerits of buying aproperty near an airport.
Pros of investing in a property near the airport
#1 Location advantage
If you’re a frequent flyer, apartments near the airport can be a Godsend. With such a location advantage, you’ll have quick access to well-developed highways surrounding the airports for seamless connectivity.
For example, the office spaces in New Delhi are getting scarce. So, numerous MNCs are now setting up offices in Gurgaon because of its proximity to IGI Airport, New Delhi. This location allows them to function while staying connected to the city and be accessible to the employees flying in from other countries. Executives who frequently travel for work also find this location convenient.
#2 Good returns on investment
If you wish to invest in a property with a home loan, buying one near an airport will give you a good ROI. Over the past few years, Indian airports have become the centre of massive infrastructure initiatives, leading to better capital appreciation. The best example is the town of Devanahalli near Bangalore, which has registered an 8% rise in property rates. It is also home to several Special Economic Zones and Information Technology Investment Regions because of its proximity to the new international airport.
Additional Read: Check Out the Changing Face of Real Estate in Navi Mumbai
Cons of investing in a property near the airport
#1 Health risks
If your property is directly under a flight path, the noise pollution from planes flying overhead may have insidious effects on your health. Consistent noise at night can also disrupt your sleep cycles. So, choose a home near the airport but not on the flight path. If it happens to be under a flight path, then get your home equipped with adequate soundproofing.
#2 High prices
Since areas near airports attract numerous investors, real-estate developers may demand higher property rates and maintenance fees. Luckily, if you still wish to buy a house near an airport and boast a good credit score, you can get a competitive home loan interest rateon a housing loan. This can make the financial burden easy on your pockets.
There are both upside and downsides to buying a house near an airport, but you can ensure a quality purchase with due diligence. See if the property meets the safety standards set by the Directorate General of Civil Aviation (DGCA) and check for noise pollution levels.
Do you want to invest in real estate near an airport? Tata Capital offers loans at competitive rates and customizable for your unique requirements. While you’re still shopping around, consider using our home loan EMI calculator to understand your estimated loan liabilities.
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