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.

Leaving behind the downturn that hit the Indian real estate market during the global slowdown, the Indian real estate sector is back in full swing in the capital of Uttar Pradesh.

While demand-based growth in the Indian housing segment continues, it is the commercial property segment which has suddenly become hot in UP.

While Hazratganj continues to be the prominent shopping market area and Vibhuti Khand emerging as a hub for corporate offices, it is the most prominent and arterial road of Vidhan Sabha Marg which is suddenly witnessing a major transformation. Extending on to the Ashok Marg, which already had major corporate and government offices, this stretch passes through the heart of the city and is witnessing a lot of action on the commercial and office space front.

The Vidhan Sabha Marg was always the busiest and most important road of the city but due to old buildings and huge bungalows dotting the road it did not see much action all these years. All that is changing now with a couple of large projects coming up on this road.

A huge office complex — Ratan Square, which houses several MNC offices and telecom player Aircel, has already come up in a building that was locked up for many years. The once famous British-era Burlington Hotel has given way to a large commercial project which is underway. Other medium-sized projects are also underway at several spots either on the VS Marg or in localities abutting the road.

“Office rentals are around 32-35/sq ft a month in any of the modern commercial buildings on the Vidhan Sabha Marg. One can buy office space at Rs 5,000 per sq feet, one of the most expensive in the city,” said Manish Khemka, a property broker.