NEW DELHI: The construction of an international airport at Jewar in Greater Noida will boost commercial development in the region and help make it an attractive alternative to Gurgaon, real estate developers said.
Demand for commercial space will go up and multinational companies can now think of investing here, said Geetamber Anand, chairman of Noida-based ATS Group.
“With the announcement of an international airport, Noida will be at par with Gurgaon. We are in touch with Nasscom to showcase Noida better and change the perception of law and order among IT and software companies,” said Anand.
Zurich Airport International won the contract to build and operate Jewar airport, which will be spread over 5,000 hectares, with the first phase scheduled to be ready by 2023.
According to Anarock property consultants, the greenfield airport, located about 100 km from Indira Gandhi International Airport in New Delhi, will spur economic activity around Noida and Greater Noida.
“The new airport will not only increase housing demand but also lead to an uptick in commercial developments like office spaces and retail. In fact, office spaces will eventually and inevitably proliferate along the region as rentals will be relatively cheaper than in Gurgaon and Delhi, without compromising on the purchasing power of the consumers they cater to,” said Santhosh Kumar, vice chairman of Anarock.
There is ample unsold or unfinished stock in these markets. Developers will not risk launching new residential projects until the previous stock is cleared or completed.
“The announcement is expected to have a significant impact on the growth prospects of the Yamuna Expressway and Noida-Greater Noida region may emerge at par with Gurgaon,” said Mani Rangarajan, Group COO of Elara Technologies, a real estate advisory services company. “Already, many companies have announced investment plans in the region and without a doubt it will benefit both residential and commercial real estate segments.”
Anarock said that while a second international airport in the National Capital Region will certainly have a major impact on the real estate market in and around the region and the state of Uttar Pradesh, the ‘real’ impact will become visible only in 8-10 years.