JEWAR: GEARING UP FOR TAKE OFF

The much awaited and proposed Jewar International Airport has gone another step
ahead in becoming a reality as it recently received a No Objection Certificate (NOC)
from the Ministry Of Defence. This development holds a great significance as now
there is clarity over this chapter that has been much talked about for several years.
History has been a witness to how infrastructure and connectivity helps a region to
grow and perform in all possible avenues. And once the infrastructural development
gains momentum in a region, real estate becomes prominent. Gurgaons case study
is a clear example of how presence of an Airport transformed its realty sector
completely. Similarly, the upcoming Jewar Airport is expected to multiply regions
growth in the long run. Furthermore, once the work will commence, we will witness
the emergence of corporate and commercial sectors in the region.
This project will revive the realty sector across various regions in NCR that are
being hit adversely due to negative sentiments and slowdown in the market. Soon,
there will be an unbelievable change in the shape of NCR realty sector, and the
primary boost will be received by the markets of Greater Noida, Yamuna
Expressway, Ghaziabad, Noida and even Agra. At present, these markets are
receiving moderate views from the public and due to the distance from the capital, it
is hard to pull the customers. Once the airport here gets going, these regions will get
the right fuel to ignite growth in demand for these regions, elucidates Manoj Gaur,
President CREDAI-NCR & MD, Gaursons India Ltd.
Adding further, Ashok Gupta, CMD, Ajnara India Ltd. states, Development of
infrastructure is directly related to the growth of real estate in the given region. Also,
there are levels of infrastructural developments which affect the sector differently.
Availability of an airport, metro rail, railway station and other such civic amenities
provide better boosts to the region than provision of simple public conveyance and
other such smaller amenities, as the former cater to a macro level of public. Hence,
when the work on Jewar airport is commenced, there will be a significant increase in
demand for real estate along with promise of future capital appreciation.
How it all began
Back in 2001, the then active CM of UP, Rajnath Singh had proposed the idea of
developing an Airport in Jewar. This idea was well accepted and approved by his
successor, Mayawati, but was later denied by the current U.P. government. The talks
had revived in the beginning of 2015 and this time the centre and state governments
are looking deeply into the matter. This government has already acquired over 2000
acres of land for the proposed airport and more can be acquired, as space is not an
issue in the region. This development of the Jewar Airport is sure to benefit the real
estate sector which has been taking a massive toil due to the economic slowdown
over the years. There hasnt been much activity happening in the sector which has

dampened the sales, especially in the last 2-3 years. Keeping this situation in mind,
the development of infrastructure in the form of a new airport will greatly help in
bringing the demand back in the key regions. Rajesh Goyal, Vice President CREDAIWestern U.P. & MD, RG Group explains, Its been over a decade that this project
has been kept pending and finally the dream is turning into reality. The entire belt
across Greater Noida, Noida Expressway and Yamuna Expressway is currently
witnessing a dampened demand as there are more investors than end users. The
area is yet to become end user centric and this can happen only when sound
infrastructure is in place. The presence of an airport will provide the right thrust for
the demand as this will be a major gain for the infrastructure of the region. The
sector will observe better market acceptance in the regions which will result in
greater demand and better price appreciation in near future.
Strong push to demand
A development of this scale will bring about massive price appreciation and
enhanced demand in the markets of Greater Noida, Noida Expressway and Yamuna
Expressway. This is extremely important for the overall development of these regions
as Greater Noida is moving very slowly and Yamuna Expressway is yet to generate
credibility. On the flipside, creating a second airport in NCR before IGI gets
exhausted, it may render both airports impractical. The user charges at both airports
will surely rise since the operating cost and capital expenditure at both airports would
be spread over the same flyer base. But from the realty perspective, the demand for
commercial properties will boost up, like it happened in Gurgaon after IGI, avers
Dhiraj Jain, Director, Mahagun Group.
Proposed Jewar International Airport would be an integral part of Greater Noida
region, which itself has become an important part of NCR , the planning of this
region has been done with futuristic vision. The region is a fair mix of ready to move
in commercial & residential properties and is also developing as an IT hub.
Dedicated freight corridor is also an important feature in this region. Addition of an
International Airport to such a planned & rapidly developing area shall give a different
magnitude to this region and big growth opportunities in real estate can well be seen
in this area, which is on the path of developing as a model region of NCR, said
Ashwani Prakash, Executive Director, Paramount Group.
Agra-Lucknow Expressway: A Teaser
Underway is a project that will link the City of Taj with the Nawabon Ka Shahar. The
length of the expressway would be 302 Kms and will be the longest expressway in
the country. The estimated cost of the project would be around Rs. 15,000 crore. The
project will also provide easy connectivity and seamless travel options to the NCR
through Greater Noida-Agra Yamuna Expressway. The Agra-Lucknow Expressway
would link the main districts of Agra, Firozabad, Mainpuri, Etawah, Auraiyya,

Kannauj, Kanpur City, Unnao, Hardoi and Lucknow. Strategically, the regions of
Noida and Greater Noida have a great industrial/commercial potential and
consequently, infrastructure would be required. This will also lead to employment
opportunities along with economic up gradation. For the sector, a lot of demand for
housing and office spaces will erupt along with strong capital appreciation in and
around Greater Noida. Jewar airport will be the perfect icing on cake which will give
a much needed push to the demand in the regions. Moving further, the AgraLucknow Expressway will expand this demand till tier 2&3 cities that will fall in
between Agra and Lucknow, thus allowing realty development in the untapped
regions, concludes Deepak Kapoor, President CREDAI-Western U.P. & Director,
Gulshan Homz.