New Jewar airport may give a boost to Noida’s real estate sector
New airport likely to come up at Jewar on the Yamuna Expressway near Noida, will surely bring in corporate demand
Jan 07, 2015
Source : The Economic Times

 

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.

Latest Realty News

'Stakeholder sentiment in residential realty remained subdued'
Jan 06, 2015
Mumbai: Despite signs of revival in the Indian economy, the stake-holder sentiment in the residential real estate space did not improve
Odisha to make low-cost houses for poor
Jan 06, 2015
Bhubaneswar: Odisha CM Naveen Patnaik today announced Rs 15,000 crore to Rs 20,000 crore to be spent on the programme to provide low-cost affordable housing for the poor
Congress tops list of real estate beneficiaries
Jan 06, 2015
New Delhi: Congress has been the biggest beneficiary of the government’s real estate largesse to political parties
Brick Eagle founder forays into realty development
Jan 06, 2015
Mumbai: Prabhat Ranjan, co-founder of Brick Eagle, a financial services platform for the affordable housing, has forayed into real estate development,
Real Estate Developers rushing to get approval for projects in CRZ
Jan 06, 2015
Mumbai: Real Estate developers are approaching the Bombay High court to get their individual projects for high-rises along the coastline approved
Sovereign, pension funds bet big on commercial realty
Jan 06, 2015
Mumbai: The new year could well turn out to be a big one for the commercial real estate sector
Changes in land laws balances development, compensation: Jaitley
Jan 05, 2015
New Delhi: Brushing aside criticism against changes in land acquisition laws, Finance Minister Arun Jaitley on said the amendments would ensure higher compensation to landowners
Rajasthan cancels 18 mutation of land in Bikaner
Jan 05, 2015
Jaipur: The Rajasthan government has cancelled the mutation of about 374.44 hectares, a part of which was said to be owned by Robert Vadra’s company, in Bikaner’s Kolayat region
Choices galore at three-day housing exhibition
Jan 05, 2015
Tiruchirapalli: A three-day housing expo, Fairpro 2015, organised by Confederation of Real Estate Developer’s Association of India (CREDAI), got underway in the city
Affordable housing scheme for EPFO subscribers in the works
Jan 05, 2015
NEW DELHI: The labour ministry is preparing a mega housing scheme to offer affordable houses to over 5 crore subscribers of retirement fund body EPFO

Latest Realty News Of State

Realty Talk's