‘Jewar airport to reinvigorate Greater Noida housing sector’
With the decks being cleared for the construction of a second airport for the capital at Jewar in Uttar Pradesh, the residential segment in Greater Noida and along the Yamuna Expressway, in a slump over the last two to three years, will become vibrant once again, say industry experts and stakeholders.
“Any infrastructure intervention of this scale would have a positive impact on economic activity, especially in the tourism, industrial, information technology enabled services (ITeS) and commercial sectors,” Anshuman Magazine, Chairman, CBRE India & South East Asia, told IANS.
“Additionally, with commercial activities getting a fillip, there will also be a corresponding positive impact on the residential segment,” he added.
The immediate positive impact is expected to be felt in areas which fall within a radius of 30-40 km of the airport -- in this instance, the Yamuna Expressway, Greater Noida and Noida.
“However, as a result of the activity in the primary radius, the subsequent impact would also be felt in a secondary impact zone of 50-60 km,” Magazine said.
But it will be a while before the impact is felt. “As the airport has been in planning stages for some time, the impact is expected to be more gradual than immediate, based on the pace of development activity,” he noted.
“We have to keep in mind the overall period which would be required to construct and operationalise the airport. The current approval is one of the many which would be required at various stages of planning and implementation,” cautioned Rohan Sharma, Associate Director Research and Real Estate Intelligence Service, JLL India.
“The impact would be felt once the actual development of the airport starts.” Still, this significant infrastructure project was needed to restore interest in neighbouring housing projects that were caught in a slump.
“For these areas to become end-user-centric, sound infrastructure must be in place. The airport will ultimately result in higher housing demand and better price appreciation,” Jaffer Ali, Founder and CEO, PropUrban, told IANS.