Jewar Airport to boost Noida, Greater Noida property markets
Similar to any mega infrastructure project, Jewar
International Airport too will help revive the property market in nearby areas
such as Noida, Greater Noida, and Yamuna Expressway.
With Switzerland’s Zurich Airport International AG getting
the nod of the UP government’s Project Monitoring and Implementation Committee
(PMIC) for its selection as the concessionaire for developing the Greenfield
Jewar International Airport in the NCR region, the airport is in the news
again. If everything goes as expected, then work on the project will start
soon, which will definitely give a boost to the property market in and around
the region, although not immediately.
Industry experts believe that similar to any mega
infrastructure project, Jewar International Airport too will help revive the property market in nearby areas such as Noida, Greater Noida, and the Yamuna
Expressway. However, the ‘real’ benefits – in terms of price appreciation and
heightened real estate activity in residential, commercial and retail – will be
seen only once the project nears completion or sees visible signs of
construction activity.
“Phase 1 of the project is targeted to be operational by
2023 and if all goes as per plan, then we can expect real estate activity to
pick momentum henceforth or near this time period. This is also because many
developers had already cashed on the benefits when it was officially announced
several years ago and purchased large tracts of land. But its delay coupled
with sluggish residential sales faltered their growth plans. More so,
developers with land banks will further wait-and-watch its progress and only
then launch new residential projects because there is ample unsold residential
supply in and around the region,” says Santhosh Kumar, Vice Chairman – ANAROCK
Property Consultants.
As per ANAROCK research, the total unsold stock in Noida and
Greater Noida collectively stands at 67,830 units as on Q3 2019 end, which is
nearly 38% of the entire total unsold stock in NCR. Also, major land bank
holders including Jaypee Group — said to behave over 2,000-3,000 acres land —
are already cash-starved with no visible signs of recovery. In the future,
however, end-users will drive residential growth and there will be steady
capital growth rather than speculative.
Developers’ Take
Property developers are of the view that with the Jewar
Airport being developed, the areas falling in its vicinity will witness a huge
boost. In fact, reeling under tremendous pressure over the last few years,
property markets in Noida, Greater Noida, and Yamuna Expressway need a fresh
injection of opportunity to overcome the current slump. And a massive
infrastructure project like Jewar Airport can definitely help make these areas
become end-user centric and liveable, which will attract buyers also.
Ashok Gupta, MD, Ajnara India Ltd, says, “With the Jewar The airport being developed, the areas falling in its vicinity will witness a huge
boost. It is good news for investors in the residential and commercial segments.
Yamuna Expressway was already a success because of the connectivity it provides
to nearby areas and now with an airport on the anvil, connectivity to other
parts of the country will also improve.”
“Jewar Airport is good news for Noida as it is for other
nearby areas. People will now hunt for properties that are not very far from
the airport as in today’s corporate world, a lot of people fly frequently for
work. Noida with its good road network will provide faster connectivity to the
airport and hence the property market in all the sectors of Noida falling
within 20 km of Yamuna Expressway will witness a renewed interest by buyers
and investors alike. Price appreciation in many such properties would be around
10-15 percent, depending on the location and the demand of that particular
area,” says Dhiraj Jain, Director, Mahagun Group.
Some developers, however, believe that although many
property markets around the airport will get a boost with this development, it
is Greater Noida which will get the maximum mileage.
Deepak Kapoor, Director, Gulshan Homz, says, “Greater Noida,
which is very close to Jewar due to the direct road connectivity to the Yamuna
Expressway will get the maximum mileage. In fact, the area is already being
preferred by the people working in the corporate sector and with the laying
down of the foundation of the Jewar Airport, more investors will pitch in to
get their share of the property here.”
Courtesy:- https://www.financialexpress.com/money/jewar-airport-to-boost-noida-greater-noida-property-markets/1783004/
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