Jewar Airport impact? Millennials prefer buying home in Noida
Jewar Airport has forced real estate developers to launch residential projects to meet the rise in residential real estate demand coming in around 2022 onwards.
Jewar airport has refreshed real estate life in recent times. While it has successfully attracted industrial investments in Noida and Greater Noida, it has also forced real estate developers to launch projects to meet the rise in residential real estate demand coming in around 2022 onwards. However, in terms of home buyers, people living on rent have also started to search properties in Noida and Greater Noida as the Central government has made some policy changes like lower GST, tx sops for unsold inventories etc., that has kickstarted the fresh life in delayed projects.
Elaborating upon the reason for millennials preferring to own house rather living on rent Santosh Yadav, CMD, Antriksh India Group said, "After the revival of Jewar Airport, millennials have started thinking that in coming days there would be rise in demand for residential real estate properties in Noida and Greater Noida and currently the house property prices are quite low that makes them switch from rented to owned house." Yadav went on to add that in recent few months, the central government has announced various sops like lowering of GST on real estate properties, tax sops on unsold inventories, relaxation on home loan interest under Pradhan Mantri Awas Yojna (PMAY), etc., people living in rented houses have started to think that with some adjustments, they can afford to buy their own house in Noida and Greater Noida. They are doing this keeping in mind that if they buy the property in the current market scenario, they will get the best offer at best price as prices are expected to go high in next six to 12 months due to the Jewar Airport revival.
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Standing in sync with Yadav; Harvinder Singh Sikka, MD, Sikka Group said, "When it comes to deciding on where to live many factors come into pictures such as lifestyle, proximity to the place of work, schools, hospitals, transportation, etc. and personal preferences. Then the decision to rent or buy also depends on the investments required and the funds available at hand." Sikka went on to add that when millennials take a decision to buy then they are also taking into consideration the fact that they have to adjust many things that are part of their lifestyle. The cost of owning a hose might force them to control their travel expeditions or their shopping splurges. Here they are deciding on the adjustments and making up their minds to buy to secure a good future.
So, one thing is for sure that Jewar Airport is not only attracting new industrial investment, it is helping revive the existing business sentiment in Noida and Greater Noida as well.