Jewar airport will boost mkt: Realtors

New Delhi November 26 dmanewsdesk: The proposed international airport at Jewar in Uttar Pradesh is likely to boost property market of Noida and Greater Noida and will bring the two cities at par with Gurugram, according to real estate developers and consultants.

  Prime Minister Narendra Modi on Thursday laid the foundation stone for the Noida International Airport at Jewar in Uttar Pradesh, which would be one of the largest in Asia.

Commenting on the development, industry body CREDAI-NCR President Pankaj Bajaj said: “Noida has been waiting for this day for 20 years. Noida has competed with Gurugram as the premier suburb of Delhi with one hand tied behind its back.”

Corporates and MNCs have always preferred Gurugram over Noida due to the proximity of Indira Gandhi International Airport, despite Noida having better infrastructure and access from Delhi, he said.

“Over the next few years, this differential will disappear,” Bajaj said, adding that the sentiment in Noida market is reflecting the expectation of a property boom.

Amit Goyal, CEO, India Sotheby’s International Realty, said: “This is a big plus for the commercial and residential real estate in Noida, Greater Noida and Taj Expressway. The new upcoming airport changes the dynamics of NCR real estate, bringing the Noida Region, at par with Gurugram.”

The current land prices, apartments and office rentals in the region are far lower than Gurguram, he said.

“If the timelines of delivering the airport comes through as per schedule, we believe the gap will narrow substantially. In anticipation, the rates will start moving as well,” Goyal said.

Manoj Gaur, CMD Gaurs Group, said the proposed airport is a phenomenal news for the upliftment of the region.

“The increasing business activity will also ensure employment opportunities that should result in increased demand for residential as well as commercial properties,” Gaur said.

Source: The Pioneer