Prime Minister Narendra Modi laid the foundation stone of Noida International Airport on Thursday
as proposed International Airport in Jevoro According to real estate developers and consultants, Noida and Greater Noida are likely to boost the property market in Uttar Pradesh and bring both the cities on par with Gurugram.
Prime Minister Narendra Modi on Thursday Foundation stone of Noida International Airport laid In Uttar Pradesh’s Jewar, which will be the largest in Asia.
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Commenting on the development, Pankaj Bajaj, President, industry body CREDAI-NCR said, “Noida has been waiting for this day for over 20 years. Noida competes with Gurugram as the prime suburb of Delhi, with one hand Tied behind the back.” Corporates and multinationals have always preferred Gurugram over Noida because of its proximity to the Indira Gandhi International Airport, despite Noida having better infrastructure and access from Delhi, he said.
“In the next few years, this gap will disappear,” said Mr. Bajaj, adding that sentiment in the Noida market reflects the expectation of a boom in property.
Amit Goel, CEO, India Sotheby’s International Realty said, “This is a huge plus for commercial and residential real estate in Noida, Greater Noida and the Taj Expressway. The new upcoming airport changes the dynamics of NCR real estate, bringing the Noida region to a standstill. , at par with Gurugram.” He said that the current prices of land, apartments and office rents in this area are much lower than in Gurugram.
“If the airport delivery timelines are met as per schedule, we believe this gap will narrow to a great extent. It is expected that the rates will also start rising,” said Mr. Goyal.
Manoj Gaur, CMD, Gaur Group, said that the proposed airport is an unprecedented news for the upliftment of the region.
“The increasing commercial activity will also ensure employment opportunities which should result in an increase in the demand for residential as well as commercial properties,” said Mr. Gaur.
Rishi Raj, COO, Max Estates Limited, said that Noida is witnessing an increase in government investment as well as an increase in social infrastructure and employment opportunities.
“Noida is fast emerging as the preferred location for commercial and residential real estate on a par with Gurugram. Noida witnessed 55% office space leasing in the first quarter of FY21, an increase in net absorption from the previous quarter. Saw it,” said Mr. Raj.
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Deepak Kapoor, Director, Gulshan Group said that this is a good news and is definitely going to put Noida on the global map.
Amit Modi, Director, ABA Corp and President of CREDAI Western UP, said that this is going to be a gamechanger for the region of Noida, while Yash Miglani, MD, Migson Group, said that the demand for residential and commercial real estate is going through a sea of change. may have been. A new class of corporate buyers and investors will be entering the market.
“With an estimated cost of Rs 34,000 crore, the airport, once completed, will ease traffic at IGI airport, generate a large number of jobs for the local population, and give a major boost to the property market in Noida, Greater Noida. and Yamuna Expressway,” said Santosh Kumar, vice president of Anarock.
Shubhankar Mitra, Managing Director, Advisory Services, Colliers India said, “Jewar airport is going to be beneficial to the tourist circuit of Agra and Mathura. Tourists need not travel and stay in Delhi for it. The airport is going to increase the capacity for a multimodal logistics hub between Greater Noida and Jewar. Going forward, it will generate employment and boost the demand for affordable housing.”
Ankita Sood, Research Head, Housing.com said that Jewar Airport will act as a key factor in the overall development of Noida and Greater Noida in the times to come. “We already see that residential demand in the micro-markets around the upcoming airport has picked up pace with September 2021 surpassing 2020 levels, despite the shock of the COVID-19 second wave,” he said.
Omaxe Managing Director Mohit Goel said that while the Noida International Airport will help boost residential, commercial and hospitality activities in the region, the biggest beneficiary will be Faridabad – a city located at an equal distance from Delhi, Gurugram and Noida/Greater Noida. .
“Faridabad is an already inhabited micro-market as compared to the Yamuna Expressway, where the airport is coming up. Hence, the former is more likely to appreciate than the latter,” he said.
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