International Airport at Jewar, in Greater Noida will up the commercial activities in the Region

The construction of an international airport at Jewar, in Greater Noida, will give the commercial activities in the region the much-needed thrust and develop it as a very viable alternative to Gurgaon.  The development will result in the demand for commercial space increasing and will also give an alternative to the multinational companies to invest here.

Jewar Airport will be spread in an area of 5,000 hectares and its first phase is scheduled to be completed by 2023. Zurich Airport International has won the contract and will be building and operating the airport. The new airport will not only boost the housing demand but will also lead to an increase in commercial developments like office spaces as well as retail. In fact, the demand for office space will grow throughout the region as the rent here will be far less compared to both Gurgaon and Delhi.

The development will most definitely have a major impact on the growth prospects of Yamuna Expressway and might develop Noida-Greater Noida region making them at par with Gurgaon. Already there are companies that have shown interest to and have even announced investment plans in the region. Such a move will most definitely help both the residential and commercial segments of the real estate.

However, it is believed in many quarters that though the coming up of another international airport in NCR will definitely impact the real estate market in the region as well as in the state of Uttar Pradesh, the real effect of it will be seen only after a period of 8- 10 years.