Realtors today hailed the government's decision to set up an international airport at Jewar in Greater Noida, saying it will lead to increased economic activity in the area and benefit property market.
An international airport with a capacity to handle 30-50 million passengers per year will come up at Jewar in Greater Noida in the next 5-6 years to ease the load on Delhi's IGI airport, the government announced today.
"We welcome this decision. It was much awaited. A new airport in Jewar will increase economic activity in this area. There will be huge job generation," CREDAI Chairman Getamber Anand told PTI.
He said warehousing sector will get a major boost.
Anand said the decision will improve the sentiments of property markets of Noida, Greater Noida and Yamuna Expressway.
The real estate market, especially Delhi-NCR, is facing a multi-year slowdown leading to a huge delay in project completion. In Noida, Greater Noida and Yamuna Expressway, flats are available at an average rate of Rs 3,000-5,500/sqft.
"There should also be an elevated road connecting the Jewar airport to the national capital," he said.
Realtors' body NAREDCO President Parveen Jain the new airport at Jewar will boost real estate market in Greater Noida and Yamuna Expressway. "There will be an overall development in this area and people will invest in real estate".
Supertech Chairman R K Arora said it is a good news for the real estate sector.
"It will generate demand in real estate sector in Yamuna Expressway and Greater Noida area prominently," he added.
Civil Aviation Minister Ashok Gajapathi Raju announced that "in-principle clearance has been granted" for the greenfield airport at Jewar.
The Yamuna Expressway Industrial Development Authority has notified 3,000 hectares of land in Jewar for a "world- class" international airport, Raju added.
The government expects the entire project to cost Rs 15,000-20,000 crore.
The metro service in Noida is also likely to be extended up to Jewar in order to improve connectivity to the airport.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)