The upcoming Noida International Airport in Jewar is going to give a huge boost to real estate development in the NCR region mainly Noida, Greater Noida, and Faridabad. The areas are already becoming real estate hotbeds and the new development will connect existing opportunities with the global market. The industry experts share views on the possible impact of the upcoming airport on NCR’s realty market.
An under-construction project at sector-150, Noida
Faridabad is likely to be the biggest beneficiary
“The laying of foundation stone of Asia’s biggest airport – Noida International Airport, Jewar – will herald a new era in India successfully conceptualising and executing large infrastructure projects that have a huge multiplier effect on the economy. The Noida International Airport will help spur residential, commercial, and hospitality activities in the region but the biggest beneficiary will be Faridabad – a city equidistant from Delhi, Gurgaon, and Noida/Greater Noida. A road, the land acquisition for which has begun, from the under-construction Delhi-Mumbai Expressway will connect the city with Noida International Airport and reduce drive time to less than 30 min – an equivalent time taken to reach IGIA, Delhi; thereby making the city accessible to two international airports. Also, Faridabad is an already inhabited micro-market as compared to Yamuna Expressway, where the airport is coming up. Therefore, the chances of the former appreciating more than the latter is higher,” said Mr. Mohit Goel, MD, Omaxe Ltd.
From the perspective of industrial and commercial development, the international airport will give a major impetus to the region’s economy, attract ing investments.
The demand for Grade-A office space to increase
“The Jewar airport is one such mega infrastructural development in Uttar Pradesh that can change the dynamics of the realty market in the NCR. This will provide a major impetus to the state’s economy by augmenting tourism traffic, job creation, business opportunities, etc. Already a manufacturing hub and the top choice of various global brands, Noida’s office space market has been performing well for the last couple of quarters and even surpassed Gurugram. Further, the Jewar airport would be a game-changer for Noida’s Grade-A office space market as it is likely to attract investors into the region across industries. Besides, Faridabad would also be the beneficiary of Jewar Airport to a large extent. Emerging as a preferred destination of MSMEs and start-ups, Faridabad is already witnessing great traction from domestic and international investors. The sector looks forward to reaping its benefits as it is likely to wheel on the fortunes of Noida and Faridabad’s realty market,” said Abhishek Pandey, Vice President-Customer Engagement & Distribution, Viridian RED.
Boost to Noida’s property market
“Corporates and MNCs always preferred Gurugram over Noida due to the proximity of Indira Gandhi International Airport, despite Noida having better infrastructure and access from Delhi. Over the next few years, this differential will disappear. Already, the sentiment in the real estate market in Noida is reflecting the expectation of a property boom. The biggest beneficiary of this is the sectors of Greater Noida and Noida closer to the location of the Jewar Airport, for example, Sector 150, Noida,” said Pankaj Bajaj, MD – Eldeco Group.