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

Bombay HC seeks Pimpri Chinchwad Municipal Corporation affidavit about demolition drive
Jan 07, 2015
PUNE: The Bombay high court has directed the city engineer of Pimpri Chinchwad Municipal Corporation (PCMC) to submit an affidavit before February 2 giving details about the demolition of unauthorized constructions
UP to hardsell Noida at Pravasi Divas
Jan 07, 2015
NOIDA: The UP government is planning a branding exercise for the twin cities of Noida and Greater Noida to draw investment
Citizens may benefit as BJP against 20% hike in property tax
Jan 07, 2015
MUMBAI: The rift between the Shiv Sena and BJP is likely to benefit property owners in the city
Land fiat for bio-waste
Jan 07, 2015
Ranchi: Jharkhand High Court directed the state government and all municipal corporations to demarcate land for disposal of bio-medical waste
Cabinet nod to alter lease properties
Jan 07, 2015
Patna: The cabinet on Tuesday approved conversion of Bihar State Housing Board's "lease-hold properties" into "free-hold properties" with a one-time conversion fee
CBI arrest drives TMC opposition to land ordinance, GST: Rahul
Jan 07, 2015
Kolkata: Trinamool Congress's opposition to Centre's land ordinance and GST is dictated by its anger at the CBI's arrest of top leaders of the party
Govt's land law revives lost order of sarkar raj
Jan 07, 2015
New Delhi: Even after the National Democratic Alliance's land ordinance, governments will still need the consent of tribal gram sabhas in all Schedule V and VI areas of the country before acquiring land
Skyline Builders plans to invest Rs 2,500-crore in Kerala
Jan 07, 2015
KOCHI: Kerala based Skyline Builders is planning to invest Rs 2,500 crore over the next five years and eyeing tier-II and III cities of Kerala for expansion
'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

Latest Realty News Of State

Realty Talk's