NEW DELHI: It's always been a nagging dilemma for corporates when it comes to choosing between Noida and Gurgaon for setting up an office. The latter usually got the nod, a key reason being its proximity to the airport. But now with a new airport likely to come up at Jewar on the Yamuna Expressway near Noida, things might change rapidly.
A new airport here is likely to be a shot in the arm for real estate development in the region and could bring home sales back to life, which have been withering over the past couple of years. "Noida lost out over the years purely because it was far away from an airport," says Samir Jasuja, managing director at property research firm PropEquity. "A new airport will surely bring in corporate demand with more companies considering it as a secondary location which is cheaper as well. With that will come in more demand for homes as well."
If we keep the last two years out, housing demand in Noida has been healthy but corporate demand has not been commensurate. There are lakhs of apartments that are either under construction or have been completed in Noida in the past few years."A new airport transforms an area. Noida and its surroundings could get transformed from a poorer suburb of Delhi to an affluent one," says architect and town planner Hafeez Contractor. Contractor points out that the real boost for Gurgaon was because of its closeness to the airport. A new airport near Noida will change the face of the area. "Roads will change and get lit up, law and order will improve, hotels will come up and the area will get cleaned," he says.
Bengaluru too saw similar activity a few years ago. Initially people said the new airport was 20 kms away. "I remember that ITC Windsor hotel was the last thing from Bengaluru going towards the airport. Today, because of the airport, there has been tremendous development in that area," Contractor added. A senior civil aviation ministry official says the strategic location of Jewar also helps in providing connectivity and boosting tourism in the Agra and Mathura regions.
On the newly developed Yamuna Expressway, where India's only Formula 1 track exists, several developers such as Supertech, ATS, Gaursons, Jaypee and others have launched real estate projects over the past few years. According to estimates, there would be around 30,000 homes under construction here at the moment. While sales were robust initially, the last two years have seen a massive slowdown. "Resale of apartments in this area had totally stalled last year or so but just the announcement has started some movement," says Honey Katyal, chief executive officer of property brokerage firm Investors Clinic.