The civil aviation ministry has granted NOC (No Objection Certificate) for the upcoming Jewar International airport in Greater Noida. The real estate sector in Delhi-NCR has ushered the news and is all set for a big boom. Here is an evaluation of the effect of Jewar airport on the property market.
Presently, it takes about 60 to 90 minutes for a commuter to travel from Indira Gandhi International (IGI) Airport to Noida, which accounts to approx 35 km. Meanwhile, the IGI airport and Gurgaon is separated by only a mere ride of 20 minutes. Most convincingly, this is the strategic advantage that has prompted corporates to establish their business in Gurgaon. This is why the rentals and office space consumption has become a costly affair in Gurgaon compared to Noida. However, things are about to change as the civil aviation ministry has provided NOC for the upcoming Jewar airport in Greater Noida.
Real estate boom
The real estate scenario of Noida is well placed for a turn around by the advent of Jewar airport along the Yamuna Expressway. History has always recorded a real estate boom after the arrival of an airport. The development of Gurgaon is the testimonial of what an airport can do for a city. Mohali and Bhiwadi are also witnessing a similar boom with the arrival of the airport. As the progress of Jewar airport is one big step closer, Noida can feel the heat for a massive real estate boom.
Impact in Noida
Noida’s affordability has urged developers to launch numerous residential projects across the city. Reacting favorably, the middle class families have cashed in the opportunity well. However, the corporate and commercial sectors were slightly weak for the city compared to Gurgaon and with the new airport the city will score high on these graphs. The flurry of the corporate sector will give rise to new employment opportunities in Noida.
Noida is already progressing with the expansion of its metro corridors and road connectivity. Metro is expanding to Noida and Greater Noida, besides relatively smaller corridors. The road connectivity is also being developed through FNG Expressway and widening of highways. Now that the airport has arrived Noida will trigger a revolutionary infrastructure growth in the coming years. The future capital appreciation tone of Noida will promise exponential returns for investors by these developments.