Jewar Airport: The real benefit that Noida, Greater Noida, Yamuna Expressway region is set to get
Jewar International Airport will ease traffic at Delhi's IGI Airport and create multiple job opportunities by giving impetus to the property market in Noida, Greater Noida and Yamuna E-way.
Jewar Airport: The property market around Jewar gained momentum when the international airport idea was first conceived a few years ago. As it is the case with any project of such magnitude, it led to some kind of euphoria leading to a lot of people buying land including investors who bought many large parcels so as to reap early mover advantage. However, things got stuck for various reasons and it adversely impacted the progress of the region. The expectation is that just like any mega infrastructure project, this greenfield airport will give a major boost to the overall economic activity around Noida and Greater Noida region. Let's take a closer look.
Mani Rangarajan, Group COO at Elara technologies said, "Thankfully, the idea of a Greenfield airport was revived and fortunately, things are moving as planned. The land acquisition for the first phase is almost complete. It is expected to have a significant impact on the growth prospect of the Yamuna Expressway and the Noida-Greater Noida region may emerge at par with Gurugram. Already, many of companies have announced investment plans in the region and without a doubt, it will benefit both residents and commercial real estate segments. Hopefully, there will be no nasty surprises this time around."
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Highlighting the benefits of Jewar International Airport and its major beneficiary area and sectors, Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants said, "Once completed, 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 Airport can definitely make a huge difference. Such projects are invariably followed by more real estate developments including housing, commercial, hospitality, etc."
However, he said that it will take long-time, saying, "All this sounds rosy enough, but investors, buyers and developers would be well-advised not to jump on the bandwagon immediately. While a second international airport in NCR will certainly have a major impact on the real estate market in and around the region and the state of UP, the ‘real’ impact will become visible only in around 8-10 years."