AIRPORT FINALLY ARRIVING AT #JEWAR
The much awaited and proposed Noida International Airport at Jewar has gone another step ahead in becoming a reality as it has received approval from the Ministry Of Civil Aviation. The total area notified for the airport is 3,000 hectares out of which the first phase would be developed in 1,000 hectares. The total project cost is estimated to be around ₹20,000 crores. This development holds a great significance as now there is clarity over this chapter that has been much talked about for several years. History has been a witness to how infrastructure and connectivity helps a region to grow and perform in all possible avenues. And once the infrastructural development gains momentum in a region, real estate becomes prominent. Gurgaon’s case study is a clear example of how presence of an Airport transformed it’s realty sector completely. Similarly, the upcoming Noida Airport is expected to multiply region’s growth in the long run. Furthermore, once the work will commence, we will witness the emergence of corporate and commercial sectors in the region.
Industry Reacts:
Manoj Gaur, Vice President CREDAI-National & MD, Gaursons India Ltd.
This project will revive the realty sector across various regions in NCR that are being hit adversely due to negative sentiments and slowdown in the market. Soon, there will be an unbelievable change in the shape of NCR realty sector, and the primary boost will be received by the markets of Greater Noida, Yamuna Expressway, Ghaziabad, Noida and even Agra. At present, these markets are receiving moderate views from the public and due to the distance from the capital, it is hard to pull the customers. Once the airport here gets going, these regions will get the right fuel to ignite growth in demand for these regions.
Deepak Kapoor, President CREDAI-Western U.P. & Director, Gulshan Homz
Strategically, the regions of Noida and Greater Noida have a great industrial/commercial potential and consequently, infrastructure would be required. This will also lead to employment opportunities along with economic up gradation. For the sector, a lot of demand for housing and office spaces will erupt along with strong capital appreciation in and around Greater Noida. Jewar airport will be the perfect icing on cake which will give a much needed push to the demand in the regions. Moving further, the Agra-Lucknow Expressway will expand this demand till tier 2&3 cities that will fall in between Agra and Lucknow, thus allowing realty development in the untapped regions.
Rajesh Goyal, Vice President CREDAI-NCR & MD, RG Group
A development of this scale will bring about massive price appreciation and enhanced demand in the markets of Greater Noida, Noida Expressway and Yamuna Expressway. This is extremely important for the overall development of these regions as Greater Noida is moving very slowly and Yamuna Expressway is yet to generate credibility. On the flipside, creating a second airport in NCR before IGI gets exhausted, it may render both airports impractical. The user charges at both airports will surely rise since the operating cost and capital expenditure at both airports would be spread over the same flyer base. But from the realty perspective, the demand for commercial properties will boost up, like it happened in Gurgaon after IGI.
Manoj Chaudhary, MD, Airwil Infra Ltd.
Jewar International Airport would be an integral part of Greater Noida region, which itself has become an important part of NCR , the planning of this region has been done with futuristic vision. The region is a fair mix of ready to move in commercial & residential properties and is also developing as an IT hub. Dedicated freight corridor is also an important feature in this region. Addition of an International Airport to such a planned & rapidly developing area shall give a different magnitude to this region and big growth opportunities in real estate can well be seen in this area, which is on the path of developing as a model region of NCR.
