Jewar airport may give much needed push to Noida real estate sector, homebuyers be ready to invest

Jewar airport may give much needed push to Noida real estate sector, homebuyers be ready to invest

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.

“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,” Modi added.

Establishing an airport in Jewar was considered by Aviation Ministry to ease the capacity and congestion issues at the Indira Gandhi International Airport (IGIA). It will be one of the significant developments that could aid in economic activity and hence increase demand for the real estate landscape of Noida. Anurag Jhanwar, business head – consulting and data insights, PropTiger.com, Housing.com and Makaan.com told FEonline that many projects in the last 15-16 years have been launched keeping in mind the coming up of international airport at Jewar. Hoping that this kind of economic activity would increase the demand of the real estate sector, homebuyers should keep a watch on sectors like 19, 25 and 22D on Yamuna Expressway, suggested Jhanwar.

Anurag Jhanwar, business head – consulting and data insights, PropTiger.com, Housing.com and Makaan.com told FEonline that many projects in the last 15-16 years have been launched keeping in mind the coming up of the international airport at Jewar. Hoping that this kind of economic activity would increase the demand of the real estate sector, homebuyers should keep a watch on sectors like 19, 25 and 22D on Yamuna Expressway, suggested Jhanwar.

How are the prices going to be once the process to establish the airport begins after an approval? Credai’s Modi said, “We are expecting a great push for the existing inventory as well as for upcoming projects in the region. However, a price escalation of properties in the region is predicted once the project takes off.”

Jhanwar, however, feels that as far as the prices in the Noida and Greater Noida is concerned, a lot of speculation around the airport has already been accounted for, in land and apartment prices.

For Modi, this is the best time to tap into the Noida market as any kind of development may affect the prices. “Amongst NCR, Noida and Greater Noida have emerged as the best option for investing in property, promising a bright future in terms of living as well as appreciation in prices. It has become a hot spot for real estate investments in NCR. Hence, the Noida market is currently a buyers’ market and prices are at realistic levels at present.”

Source : http://www.financialexpress.com/money/jewar-airport-may-give-much-needed-push-to-noida-real-estate-sector-homebuyers-be-ready-to-invest/645831/

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