GREAT PUSH? - New horizons may open up for real estate, tourism


GREAT PUSH? - New horizons may open up for real estate, tourism


The proposed Jewar airport is likely to give boost to tourism, import-export, real estate business and local job generation in the region, resulting in an economic growth spurt, industry watchers said.

The real estate sector will be a major beneficiary and speculations on future price escalations are already being made.

“We are expecting a great push to the existing inventory as well as for upcoming projects in the region. A price escalation of properties in the region is also speculated once the project takes off,“ Manoj Gaur, president, Credai, NCR said.

A positive impact is also expected on the export-import businesses of Noida, Greater Noida. “A lot of international visitors have been avoiding Noida and Greater Noida as they fall off-route.Gurgaon always had the edge because of its proximity to the airport, and has been supporting brisk business. If there is an international airport in the region, Noida and Greater Noida's existing exportimport businesses will get a major push. It will make sense to set up such businesses closer to the airport,“ Vipin Malhan, president, Noida Entrepreneurs Association (NEA), said.

“The proposal for the airport has been around for years. The Noida, Greater Noida and the expressway region has a lot of inventory to absorb. The prices are already optimal. There will definitely be an escalation of prices once the project starts taking shape,“ Surabhi Arora, associate director, research, Colli ers International, said.

“The airport is going to fill a major infrastructure gap in the region. It will also give a major push to tourism in the region as it will be closer to Agra than the Indira Gandhi International Airport,“ Rajeev Bansal, president, Indian Industries Association (IIA), Noida said.

Thakur Dhirender Singh, MLA from Jewar said, “With the airport, we expect a lot of multinational companies to set up base in and around Jewar. UP presently has the mandate to create 70,000 jobs.“

“The new airport will be able to remove a lot of pressure on the IGI airport. Tourism and the economy at large will see a huge impact,“ Mahesh Sharma, tourism minister and MP from Gautam Budh Nagar told TOI. Sharma recently met CM Yogi Aditya Nath seeking approval for the Jewar airport.                                           

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