Ever since Yogi Adityanath has come into power and expressed interest in reviving the Jewar International Airport project, there have been talks of a rebound in real estate sector in Noida and Greater Noida. Jewar International Airport project holds significance as any kind of development in terms of infrastructure indicates a growth of real estate in the region. Experts believe that development like establishing an airport would give a much-needed push to the region’s real estate as demand for property will increase.
Real estate sector is on a revival mode and sentiments are looking positive with consumers/homebuyers coming back into the market. The government has also taken many measures to boost the housing sector. The Real Estate Regulation Act that will come into force from May 2017 is also expected to bring in many positive changes in the real estate sector. With the prices touching high levels in Delhi and Gurgaon, Noida and Greater Noida will become as an affordable choice for many homebuyers, especially the first time homebuyers. If Jewar airport becomes a reality, then all these factors could make Noida and Greater Noida region a strong real estate market.
Amit Modi, director, ABA Corp and vice-president, CREDAI Western UP believes development of infrastructure is directly related to the growth of real estate in the region, hence the development like Jewar airport will give a much-needed push to the demand in the markets of Noida and Yamuna expressway. “An airport in this region is a must as people from Agra come to take flight from IGI Airport, hence it is extremely important for the comfort of the resident population to build an airport in the region. Jewar Airport could prove to be a catalyst for Western UP’s real estate market. Real estate scenario in Noida and Greater Noida will improve with the coming of international airport as there will be residential, commercial, industrial and institutional growth in the area. With the reality of the airport, there will also be economic multiplier effect as it will bring a lot of demand for housing sector and office spaces will erupt along with strong capital appreciation in and around Greater Noida,” he added.