Jewar Airport to help revive Noida, Greater Noida property markets
October 8, 2020 1:59 PM
Once the airport comes into existence, it will provide the right thrust to the area for growth in demand for real estate in Noida, Greater Noida and its surrounding downtowns.
The Mumbai realty market has seen a strong homebuyer response with sales going up to Rs 9,000 crore in September '20 from Rs 3,500 crore in August ’20 crore and Rs 3,100 crore in June ’20, Baijal said.
Development of infrastructure is directly related to the growth of real estate in an area. Also, there are levels of infrastructural developments which affect the sector differently. Infra developments like airport, metro, rail connectivity and other such civic amenities not just provide public convenience but also help elevate the area profile. We all know that proximity to the IGI Airport helped Gurgaon establish an edge over other satellite cities. Similarly, the upcoming Jewar Airport opens an avenue for multinationals and other corporations to mark their presence around it as international travel will be easy.
We are witnessing a frenzy of activities by investors in the entire Greater Noida and Yamuna Expressway areas, thanks to the upcoming airport. However, there are more investors than end users as these areas are still to become end user centric. Once the airport comes into existence, it will provide the right thrust to the area for growth in demand for real estate in Noida, Greater Noida and its surrounding downtowns.
Specially, Sector 150 – Noida is getting good amount of attention from both investors and end users since the location is blessed with the presence of reputed developers combining with other factors like good connectivity, presence of social infrastructure, proximity to the Jewar Airport and metro. It is in fact the first Sector of Noida or rather Gateway to Noida from Jewar Airport. The area has witnessed major movement in both residential and commercial segment with the launch of approx. 4500 units and approx. 3000 units may hit the floor by the end of 2021. A great bunch of residential projects are already present in the premium and luxury segment. In this segment developers are offering high-end amenities, state of the art design, customized digital and spacious homes to match the aspirations of upper crest homebuyers and all this is in addition to the international standard sport facilities which the Noida Authority has mandated for every project. By the Way, Sector 150 is also one of least dense sectors of Noida and the entire NCR.
Availability of high-end living from established developers in appropriate budget is one of the key factors which is driving interest of lifestyle seeking home buyers. The prices are competitive as of now and an appreciation of around 20% -25% is expected in the future.
The area has successfully gained private investment. For Industrial and Institutional purpose so far alongside the Yamuna Expressway and as expected it has started to attract more eyeballs of investors. Apart from this, a mega food park is to be set up on 425 acres of land along the Yamuna Expressway in Greater Noida with a cost of Rs 6,000 crore. It is estimated that this development will generate employment for more than 1 lakh people.
Microsoft recently said it will bring its next campus of 4,000 employees in Greater Noida. According to reports, the Uttar Pradesh government plans to develop an electronics manufacturing park near the Jewar International Airport along the Yamuna Expressway that connects Greater Noida with Agra. It has declared that companies planning to start manufacturing will be entitled to subsidies and incentives by the state, over and above what the Centre offers. Many companies like Tata Consultancy Services (TCS), Wipro and Haier are planning to expand their footprints in the area. They have already initiated their discussions with the state government for pumping in investment for the Noida/Greater Noida regions. Once the airport gets going, Noida and Greater Noida will have the right fuel to ignite growth in demand for the region. In all probability, Noida and Greater Noida will emerge as the next millennium city. The Jewar Airport will be opened to the public in the next five to six years and the total estimated cost of the airport is around Rs 20,000 crore. The airport will not only enhance the value of location but also write a new growth story in Uttar Pradesh.
In a nutshell, the NCR – also called the ‘growth engine of North India’ – with its emerging precincts like Noida and Greater Noida is likely to emerge as one of the biggest housing destinations in India. The positive impact of Jewar Airport will not just work for the Noida and Greater Noida markets but also the nearby hinterlands.