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.
Jewar airport may give much needed push to Noida real estate sector, homebuyers be ready to invest
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There’s fresh hope of revival of the long-proposed Jewar airport project in Greater Noida after Uttar Pradesh chief minister Yogi Adityanath, on Thursday, directed officials to expedite work on the project along the 165-km Yamuna Expressway.
In 2001, then UP chief minister and now union home minister Rajnath Singh had proposed a greenfield Taj international airport and aviation hub (TIAH) at Jewar. Though governments changed at the Centre and the state over the last 16 years, the project failed to kickstart.
“Chief minister Yogi Adityanath has instructed all officials concerned to coordinate with the civil aviation ministry to get necessary approvals, so that the project is completed at the earliest. The project is crucial because it will help in bringing investment, setting up industries and creating jobs in the region along Yamuna Expressway,” Suresh Rana, minister of state (Independent), sugarcane, sugar mills and industrial development, said.
Officials hope that the project will be a reality soon as the Bharatiya Janata Party (BJP) is in power in both the Centre and the state.
“In the last 16 years, the mantle of administration at the Centre and the state passed from one party to another, delaying the project. Over the last five years of the Akhilesh Yadav-led Samajwadi Party (SP) government, the project did not see much progress because of the dispute over airport location between the state and the Centre. While the state wanted the international airport near Agra, the Centre wanted it at Jewar. This kept delaying the ambitious project,” said a senior official of the Yamuna Expressway Industrial Development Authority (YEIDA), which has the mandate to provide the 5,000 acres of land for the project.