Noida and Greater Noida Ready for Take-off

Once operational, the Jewar Airport will be a major game-changer for Noida and Greater Noida, as per the realty industry of the region. The foundation-laying ceremony of the Jewar International Airport by the Prime Minister heralds significant future economic activity in and around the airport. With an estimated cost of INR 34,000 Cr, the airport, once completed, will ease traffic at the IGI Airport, create a massive number of jobs for the local population, and give a major impetus to the property market in Noida, Greater Noida, and Yamuna Expressway. Santhosh Kumar, Vice Chairman – ANAROCK Group states, “Interestingly, after the pandemic, the relatively affordable markets of Noida and Greater Noida had begun to see some demand uptick. Focus on Noida and Greater Noida increased manifold in the residential and commercial real estate segments. The airport will help push this demand even further. The height restrictions for developments near airports and the newly-evolved homebuyer preferences post COVID-19 may combine to push up the viability of plotted developments around the Jewar Airport. In recent times, plots and independent homes have gained a lot of popularity in Delhi-NCR. Already, there is an uptick in office leasing in Noida. The new airport will induce a massive infrastructure boost and make these areas more liveable and active. This will attract increasing interest from end-users in this region. With increased connectivity and several infrastructure upgrades on the anvil, Noida and Greater Noida will see significant real estate development in the times to come. These regions are more affordable than Gurgaon or Delhi, where prices are largely unaffordable for many. First-time budget-conscious homebuyers will have viable alternatives in these areas. Manoj Gaur, CMD Gaurs Group and Vice President NORTH CREDAI, said, “The airport is phenomenal news for the upliftment of the region. The region has already seen immense investment which would result in economic growth, not only of the YEIDA region but also of the entire state. The increasing business activity will also ensure employment opportunities that should result in increased demand for residential as well as commercial properties.” Deepak Kapoor, Director, Gulshan Group, said, “Jewar Airport will position Noida on a global map. It will bring a lot of investment from multiple industries, a new section of corporate class including HNIS, UHNIs will be evaluating the city for long-term income opportunities due to the seamless connectivity and high-end infrastructural developments like Film City, amid this real estate will emerge as definitely one of the brighter options. We are excited to see the fast-paced development and support from the government, and look forward to the airport becoming fully operational.” Sanjay Sharma, Director, SKA Group, says “The nearby region will continue to attract the attention of investors and end-users, increasing the number of new launches and sales activities in ongoing and upcoming projects. It will bode well for the pricing aspect also, as this region will become a hub of properties catering to different segments. Even RTMI units of developers in Noida will be an attractive proposition for people seeking a home in proximity to the airport." Yash Miglani, MD, Migsun Group, says, “Real estate will be one of the most crucial sectors that will be pivoting towards consistent growth, and we look forward towards changing skyline of the city with the airport and Film City becoming operational. The demand for residential and commercial real estate will be undergoing a sea of change as a new class of corporate buyers and investors will be entering the market.”