Real estate players are soon to get a next prospect to jostle one another. It is regarding none other than the proposed second international airport at Greater Noida. The development is likely to give a push to prices of residential and commercial property projects in twin cities of Noida and Greater Noida.
However, the drive may force prospective investors to divert their attention from Gurgaon to Noida in the long term, observes Mr Ankur Srivastava, managing director, DTZ India, a real estate consultancy firm.
For the past few months, there has been no major real estate transaction or development in Noida and Greater Noida. One of the major reasons behind the scene is ongoing political upheaval in the state. The conditions are expected to improve soon, with Prime Minister Manmohan Singh responding positively to the request of the new chief minister for giving a nod to a Rs 15,000 crore development package for the state’s infrastructure.
Many prominent names in both domestic and international hospitality sector are to initiate exclusive five-star hotel projects in Greater Noida. The list includes Unitech, Carlson, ITC, Bharat Hotels, and NRI hotelier Sant Chatwal. To be located in the close proximity to the proposed international airport, these commercial establishments will enjoy an added advantage.
India’s IT and BPO sector is looking forward to Noida as a preferred location to establish their operation centers. Commercial lease rentals in Noida are believed to be 30% lower than the rentals in Gurgaon.
The demand for residential property in Noida and Greater Noida is likely to shoot up in very near future, feels industry watchers. In the wake of better infrastructure facilities, Greater Noida already gains preference over Gurgaon. A direct metro link with Delhi and the Expressway will further improve accessibility of Noida.
If take a look at infrastructure facilities of developed cities like New York and London, each of them have at least two international airports. Given the traffic growth in Delhi airport, a second airport in the city seems to be a feasible prospect, without affecting the bottom line of the first one.