A change in policy and more importantly the location of an international airport will have big impact on real estate in Noida and also prices for land and real estate in Noida. The Uttar Pradesh government have decided to move its proposal for an international airport from Greater Noida to Meerut istead.
Mohinder Singh, chairman of Greater Noida Industrial Development Authority, could not be contacted, but a senior GNIDA official, not wishing to be named, said, “There obviously cannot be two airports as close to each other as Meerut and Greater Noida. So hopes of an airport in Greater Noida will have to be given up. And there might be a decline in land prices here, just as there was an escalation with hopes of an airport coming.”
Ajit Sisodia, a realtor in Greater Noida, agreed. “There will be a drop in both purchases and rates of property in Greater Noida when people come to know that consultants are being called in to build an airport in Meerut. People may even start taking refunds,” he said.
However, Meerut MP Rajendra Agarwal is not convinced that the state government is serious about building an international airport in Meerut.
“The state government had not even sought the Union government’s approval for an airport in Meerut at least until mid-December last year. I think some people in power merely want to push up land prices in Partapur so that properties owned by certain individuals can be sold at very high rates.”
Inquiries made by TOI revealed that land rates in the area had indeed gone up considerably in the past few weeks, ever since talk of an airport in the area gathered momentum.
Tags: Greater Noida, Greater Noida Airport, Meerut Airport, real estate in Noida
March 31st, 2010 at 6:57 am
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