Ever since the government proposed a new international airport in Jewar, Greater Noida, the real estate market players have been quite optimistic. The project has already received an in-principle approval from the Union Civil Aviation Ministry and the most recent development in the case has come in the form of a clearance from the Union Environment Ministry. As soon as it gets security clearance from the Union Home Ministry, construction work will begin on the site. Zurich Airport International AG has taken the contract for developing this airport.
With every step being taken, the real estate market of Noida, Greater Noida and Yamuna Expressway is becoming more and more hopeful. The coming of an airport has always had a positive impact on the real estate of the surrounding areas, especially commercial realty. We have Gurgaon as the perfect example of it. Everyone is waiting for the focus to shift from Gurgaon to Noida and Greater Noida as the Jewar International Airport takes shape.
The Yamuna Expressway Industrial Development Authority is also planning to build a direct metro line connecting Indira Gandhi International Airport, a Rapid Rail Transport Network and an elevated road to support the airport. All of this is expected to give the much needed boost to Noida real estate. Let us see how it impacts the property market.
An airport itself is a mega development project for an area but it also leads to more infrastructure development in its surroundings. Roads that have never been upgraded will be built properly. Connectivity with nearby areas will further be improved to sustain the ongoing projects. This supportive infrastructure will turn out to be great for the ailing real estate market of Noida and Greater Noida.
Noida and its neighbouring real estate markets have so far been known for affordable residential development. Slowly, it started moving towards luxury residences. But now since an airport is coming up, it will give a major boost to commercial real estate development. Business centers, central business districts and retail hubs will be developed to capture the demand. Several MNCs as well as Indian Corporate Houses will look forward to setting up operations near the airport, thus reviving the commercial real estate market.
Now is the perfect time to invest in the Noida, Greater Noida and Yamuna Expressway real estate. The airport project has already received several clearances and as it starts taking shape, the real estate prices in these areas will surely shoot up. People who have already invested in commercial or residential real estate in Noida and its neighbouring regions can expect tremendous returns, much higher than what was expected years ago.
When a mega infrastructure project is launched such as an airport, it leads to an overall development of the economy. New jobs will be created, infrastructure will be boosted and most importantly real estate will flourish. So if you are thinking of investing in Noida real estate, now is the right time.