Big benefits from Jewar Airport for residents of nearby areas! Check top 5
Jewar Airport is again in the news as Zurich Airport has won
the bid to develop it. Once completed, the Jewar International Airport will not
only ease traffic at Delhi's IGI Airport but also create multiple job
opportunities and give decent impetus to the property market in Noida, Greater
Noida and Yamuna Expressway. These markets have been reeling under tremendous
pressure over the last three to four years, and require a fresh injection of
opportunity and intent to overcome this slump. For an area to become end-user
centric and liveable, a massive infrastructure project like Jewar International The airport can definitely make a huge difference. Such projects are invariably
followed by more real estate developments including housing, commercial,
hospitality, etc.
Speaking on the real benefits and the time it would take for
them to trickle from the Jewar International Airport is Santhosh Kumar, Vice
Chairman – ANAROCK Property Consultants, who said, "Until there are
visible signs of construction activity on Jewar International Airport, the potential of other real estate developments such as residential, commercial or
retail will remain on hold. To be sure, developers who had hoped to cash in on
this mega project when it was announced several years ago bought large land
parcels in the vicinity. However, they will refrain from launching residential
or commercial projects in the immediate future, as the nearby areas including
Noida, Greater Noida, and Yamuna Expressway still have more than enough existing
inventory."
Asked about the top 5 benefits from the Jewar
International Airport in long-term Santosh Kumar listed out the following:
1] Healthy end-users demand: Despite being more affordable
than Gurgaon and Delhi, Greater Noida and the areas along Yamuna Expressway did
not become end-user driven markets due to lackluster infrastructure. The new airport will boost the region’s overall infrastructure and make it more
liveable and active. As a result, more and more end-users will drive the property market in this region.
2] Affordable options for first-time homebuyers: With increased
connectivity and several infrastructure upgrades on the anvil, these two
regions will see major realty developments in the times to come. The new
airport will be a booster shot. These regions are more affordable than Gurgaon
or Delhi, where prices have skyrocketed into realms of unaffordability.
First-time homebuyers are apt to focus on these areas - unlike before when
investors drove these markets.
3] Boost to tourism in Mathura and Agra: The new airport
will further boost tourism in cities like Mathura and Agra. These cities are
already well-connected with the National Capital via the Yamuna Expressway.
However, the new airport will further increase tourist footfalls. All this will
eventually impact the real estate market positively. In the long-term, the
airport will also act as a catalyst for Western UP’s real estate market.
4] Commercial activity to gain momentum: The new airport
will not only increase housing demand but also lead to an uptick in commercial
developments like office spaces and retail. In fact, office spaces which will
eventually and inevitably proliferate along the region as rentals will be
relatively cheaper than in Gurgaon and Delhi, without compromising on the purchasing power of the consumers they cater to.
5] Steady long-term capital appreciation: Both Greater Noida
and Yamuna Expressway has seen high investor activity in the past few years.
While these areas always looked promising for end-users, liveability was a
challenge. As a result, Several Housing Projects along the Expressway remained
unoccupied and gained the unenviable moniker of ‘ghost towns’. With the new
airport coming in, this market will attract more end-users and see steady,
genuine capital appreciation rather than mere speculation.
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