Setback to buyers as builders rode the airport wave | india | Hindustan Times
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Setback to buyers as builders rode the airport wave

india Updated: May 09, 2012 01:53 IST
Kapil Datta
Kapil Datta
Hindustan Times
Highlight Story

Private builders had been using the proposed airport at Jewar to lure buyers and investors. Several residential and institutional complexes are being developed along the Yamuna Expressway.

Supertech recently launched a project in the area. Last year, too, the firm launched a project along the Yamuna Expressway. Jaypee Group has also been developing several residential complexes in the area.

NRI investors have been attracted by the airport project. “I was told that the airport site would be around 15 to 20 km from the apartments, which means just less than 10 minutes of drive,” said G Singh, an NRI, who has bought an apartment from a private builder.

Now the news of shelving of the airport project has shattered him. “I will sell off my apartment if the project does not come up,” he said.

“I had booked a villa with the hope that the airport would come up at Jewar in the next five years. The builder had promised possession in next two years,” said Ajit Gehrotra, a businessman who has to make regular foreign trips. “Now I will buy an apartment in Gurgaon near the Delhi airport,” said Gehrotra.

Industry feels let down
Industry bodies have expressed concern over the government’s move to shelve the project. They feel it will cause industrial growth to go down.

“The project would have attracted industrial and foreign investment along the Noida-Agra Yamuna Expressway. Moreover, Greater Noida MNCs were planning expansion keeping in mind the project,” said PP Sharma, general secretary, Association of Greater Noida Industries.

“We are planning to write to the UP chief minister requesting him not to shelve the project. We are not against Agra but Greater Noida should not be ignored,” said Sharma.

Noida Entrepreneur Association, Indian Industries Association and Greater Noida Udyog Vyapar Mandal representatives too echoed similar views and have decided to write to the UP chief minister for a re-think.