Ever since the union civil aviation ministry had given an in-principle approval to the second airport for Delhi-NCR in Jewar, the property markets of Delhi NCR is all set for a big boon. The Uttar Pradesh government’s most awaited dream to get the second international airport in the national capital region has inched towards reality.
The Uttar Pradesh government will spend Rs 4,000 crore on land acquisition for the Jewar airport. The Jewar airport is expected to start its operation in 2022-23, which will have an initial capacity of 60 lakh passengers. As the progress of Jewar airport is one big step closer, Delhi – NCR region can feel the heat for a massive growth in the long run.
Impact of the Jewar airport on the property market
Like other major infrastructural developments that benefit real estate markets, the Jewar airport, too, is expected to change the real estate market dynamics in Delhi-NCR region.
According to Mr. Hari Mohan Sharma Director Strategy, clicbrics.com. It is a much-needed boost to the property markets in NCR region. This airport will not only fulfill the aviation requirements of Delhi but also of other cities like Agra, Mathura, Bulandshahr, and Meerut. Since it will take four or five years to build the airport, Delhi-NCR region will become a good investment option; some of the reasons are listed below:
The road connectivity through Noida-Greater Noida Link Road and Yamuna Expressway are already among the best in India. Moreover, since the airport project has been approved by the Uttar Pradesh government, the Centre wants a high-speed metro link which connects the Jewar Airport with Delhi’s Indira Gandhi International Airport. In this way, the Jewar airport will have additional Metro connectivity with the Greater Noida Metro Line. Basically, the airport will invite world-class connectivity to Delhi-NCR and adjoining areas.
An international airport can do wonders with a place’s economy. Clear and close-by examples are the fast-paced development of South Delhi and Gurugram due to the close proximity to IGI airport. This new airport will shift the concentration of multinational and domestic companies which will lead to the job generation in Greater Noida and will improve the state’s economy.
Since the Indian Government is pushing for affordable housing through its initiatives and the prices of properties in Delhi and Gurugram are sky-high, therefore. The property market in Noida, Greater Noida and Yamuna Expressway have better possibilities of being used for affordable housing projects under the Pradhan Mantri Awas Yojna. The new airport will give a major push to realty developers to eye these properties for their affordable housing projects.
With the arrival of Jewar Airport, the property markets of Delhi-NCR will experience high demand and more prominent preference from end users as well as investors. This airport will surely boost the demand for commercial and residential Properties in Greater Noida, Noida and the surrounding areas which will do the same magic what the IGI Airport did to Gurugram.