Sector Welcomes The Idea of Jewar Airport

This development of the Jewarairport in Greater Noida is sure to benefit the real estate sector which has been taking a massive toil due to the economic slowdown over the years. There hasn’t been much activity happening in the sector which has dampened the sales, especially in the last 2-3 years. With the inventory getting piled up, developer’sprimary focus has drifted towards clearing the excessratherthan launching new projects. This sight is pretty visible across all the major real estate regions in India. It is been said that an ideal market maintains an inventory of 6-8 months; whereasNCR had an inventory of over 40 months at the end of June 2014, while Mumbaistood at an inventory of over 50 months. Hyderabad had an inventory of over 45 months, Pune 20 months approx. and Chennai over 25 months. Bangalore had the minimumbacklog among the major cities being around 20 months. Keeping this situation in mind, the creation of infrastructure in the form of a new airport willgreatly help in correcting the realty prices in these key regions. Mr. Rajesh Goyal, MD, RG Group says “It’s been over a decade that this project has been kept pending and now it’s a matter of state approvals only. The entire belt across Greater Noida and Yamuna Expressway is currently witnessing a dampened demand as there are more investors than end users. The area is yet to become end user centric and this can happen only when sound infrastructure is in place. The presence of an airport will provide the right thrust for the demand as this will be a major gain for the infrastructure of the region. The sector will observe better market acceptance in the regions which will result in greater demand and better price appreciation in near future”.

While the Jewar airport is still in the planning and approval phase; the developers across NCR are eagerly hopeful for its acceptance as this will not only provide a large scale boost to the infrastructure of the region; but in turn will help create a boom in the real estate sector. Mr. Prithvi Raj Kasana, MD, Morpheus Group believes that “If the airport gets the green signal, there will be an unbelievable change in the shape of NCR real estate sector. Primary boost will be received by the markets of Greater Noida, Yamuna Expressway, Noida and even Agra. At present, these markets are receiving moderate views from the public and due to the distance from the capital it is hard to pull the customers. If the airport here gets going, Greater Noida will have the right fuel to ignite growth in demand for these regions”.

Mr. Ashok Gupta, CMD, Ajnara India Ltd. says “Development of infrastructure is directly related to the growth of real estate in the given region. Also, there are levels of infrastructural developments which affect the sector differently. Availability of an airport, metro rail, railway station and other such civic amenities provide better boosts to the region than provision of public conveyance and other such smaller amenities as these developments cater to a macro level of public. Hence, if the airport gets the nod from the state government there will be a significant increase in demand for these regions along with capital appreciation”.

Mr. KushagrAnsal, Director, Ansal Housing states “A development of this scale will bring about a massive price appreciation in the markets of Greater Noida and Yamuna Expressway specially. This is extremely important for the overall development of these regions as Greater Noida is moving very slowly and Yamuna Expressway is yet to make its way in to people’s minds. On the flipside, creating a second airport in Delhi/NCR before IGI gets exhausted may render both airports impractical. The user charges at both airports will surely rise since the operating cost and capital expenditure at both airports would be spread over the same flyer base”.

Mr. Deepak Kapoor, Director, GulshanHomz says “Speaking off the location, strategicallythe regions of Noida and Greater Noida have a great industrial/commercial potential andconsequently, infrastructure would be required. This will also lead to employment opportunities along with economic up gradation. For the sector, a lot of demand for housing and office spaces will erupt along with strong capital appreciation in and around Greater Noida”. Adding to the view, Mr. Rupesh Gupta, Director, JM Housing says “Greater Noida is being greatly recognised as one of the future smart cities of India. The master plan for the region is perfectly laid down with ample of work and scope carried in the region. Airport will be the perfect icing on cake which will give a much needed push to the demand in the regions. This will also increase the cost of land and property prices will appreciate at rate of knots”. CCI Newswire