With the Government clearing all the hurdles in the way of the development of a second airport for the Capital at Jewar in Uttar Pradesh, the Greater Noida residential segment and the residential segments along the Yamuna Expressway are set to be revitalized again post the slump over the last 2-3 years. These markets will once again become high growth areas according to stakeholders and industry experts. According to the Chairman of CBRE India & South East Asia, Anshuman Magazine, a positive impact on overall economic activities is witnessed in case of any infrastructural development of this particular scale, particularly when it comes to the industrial, tourism, commercial and ITeS sectors.
With a boost for commercial activities in a region, there will also be a positive impact for the residential real estate segment according to Magazine. The immediate positive impact should be felt in zones which are located within around 30-40 kilometres of the upcoming airport. The Yamuna Expressway, Noida and Greater Noida should benefit immensely in this regard. However, subsequent impact is also expected to cover the secondary zone of areas which are 50-60 kilometres away from the upcoming airport due to activities in the primary radius mentioned earlier as per Magazine.
The airport has been in the planning stage for quite some time now and the impact should be steady and gradual instead of there being an immediate boom based on the overall pace of development according to Magazine. According to the Associate Director-Research and Real Estate Intelligence Service, JLL India, Rohan Sharma, the total period need for building and making the airport fully operational needs to be kept in mind. The present approval is one out of many such approvals which will be necessary at several planning and execution stages according to him. The actual development of the airport will make an immediate impact according to him.
This infrastructural project was hugely necessary for breathing life into a market that was facing a slump. According to the Founder and CEO at PropUrban, Jaffer Ali, these regions were facing lowered demand since the major buying activity was driven not by end-users but by investors. Sound infrastructure is a must for these areas becoming more end-user oriented. The airport will lead to more appreciation in prices along with increased housing demand according to him. Ali also added that Greater Noida and the Yamuna Expressway stretch could not become major markets driven by end-users in spite of being hugely affordable in comparison to Delhi and Gurgaon. The reason is lack of proper infrastructure according to him.
With several infrastructural developments and better connectivity on the way, the Yamuna Expressway and Greater Noida zones are expected to come up as affordable housing choices for first-time home buyers. According to the President of the Confederation of Real Estate Developers’ Associations of India-Maharashtra Chamber of Housing Industry (CREDAI-MCHI), Dharmesh Jain, people will slowly realize the sheer viability of investing in real estate in these two zones and this will lead to more commercial and residential activity.
The increased economic activity in these regions will be due to the upcoming airport and this will also positively boost employment and overall development. Multinational companies are also expected to start operating in and around Jewar and this will lead to higher job creation according to Jain. The Chairman of Supertech, R.K. Arora, the Government will be developing 1, 000 hectares of land in the first phase for this proposed airport in order to lower congestion at the Delhi airport. The new airport will also boost tourism for nearby cities and will lead to better connectivity with the Yamuna Expressway.
Tourism will get a major boost in cities like Agra and Mathura. These cities are well linked to Delhi through the Yamuna Expressway but the new airport will scale up overall tourist footfalls and this will also lead to a positive impact on the real estate markets in Mathura and Agra too according to Ali. According to the Nadir-Godrej promoted Isprava luxury realty firm’s Founder & CEO, Nibhrant Shah, the Jewar airport being close to Noida will make it easily accessible for a huge population and this will certainly boost connectivity, tourism and economic activity for western Uttar Pradesh.