Jewar airport project expected to revive Greater Noida realty market
Before the Centre gave its approval for the project, many builders had expressed a desire to exit their housing projects and surrender the land back to the authority. Realtors who were planning to surrender the land cited a negative sentiment in the market for their plannoida Updated: Jun 29, 2017 11:36 IST
The proposed airport project in Jewar along the 165km Yamuna Expressway has revived builders’ interest in undertaking realty projects and completing stuck projects in the region.
Homebuyers and investors are hopeful that the airport will boost population density in the area.
Before the Centre gave its approval for the project, many builders had expressed a desire to exit their housing projects and surrender the land back to the authority. Realtors who were planning to surrender the land cited a negative sentiment in the market for their plan. Subsequently, builders and investors were not keen to purchase property along the expressway.
Shaktinath, chairman and managing director of Logix Group, which had invested Rs110 crore in buying 200 acres, said,“I had decided to exit my 200-acre housing project in Sector 22D as the authority failed to give possession. But now, I want to retain the land because, after the approval of the airport project, there is a positive sentiment in this region. I am sending a letter to the authority, asking them to allot the housing land near the location where it was to be allotted originally. The airport will definitely bring large investment in commercial, industrial and residential sectors and will fuel growth.”
“After the approval of the project, many builders who were earlier upset due to the market sentiment are now upbeat. Their confidence in realty projects has been restored as they believe that an airport will bring in a good response from homebuyers and investors,” said Amarnath Upadhayay, an additional chief executive officer of the Yamuna Expressway Industrial Development Authority (YEIDA).
YEIDA has also decided to expedite road construction in various sectors to provide better connectivity from urban areas to Jewar, where the airport is proposed.
“Five years from now, people will start travelling from Noida and Greater Noida towards Jewar. At present, we have to travel from Greater Noida and Noida to Delhi for air travel. This situation will change; so will the economic activity. The airport will bring in industries that will create jobs. Once jobs are created, the realty market will naturally grow,” said the ACEO.
The Confederation of Real Estate Developers Association of India (CREDAI), a realtors’ body, however, is seeking more steps to improve the market.
“Airport is certainly a crucial project to create a positive sentiment in the realty sector but the government or the local authorities need to create an environment, wherein an investor or buyer feels comfortable investing in this region,” said Getambar Anand, CMD, ATS Builders and president of CREDAI.
YEIDA will also come up with an attractive industrial plot scheme soon. “We have decided to revive work on our proposed 21km Metro link between Greater Noida and Sector 22, parallel to the expressway. We will take effective steps to ensure that industries are set up along the expressway and job creation picks up pace,” said Upadhyaya.