Bullet train project, airport boost realty demand in the Noida
Noida and Greater Noida are witnessing a rise in demand for larger homes with infrastructure growth.
The real estate demand in Noida and Greater Noida has gained momentum with the development of the bullet train project as well as the upcoming Noida airport in the Jewar region according to a report in The Economic Times. The Delhi-Varanasi high-speed rail corridor which will have 12 stations has Delhi, Noida, Jewar Airport, Mathura, Agra, New Etawah, South Kannauj, Lucknow, Raebareli, Prayagraj, New Bhadohi and Varanasi as proposed stations.
The Gautam Budh Nagar administration and National High-Speed Rail Corporation Limited (NHSRCL) have recently held a initial rounds of discussion on the land requirements for the two stations- Noida Sector 144 and Noida airport terminal in Jewar.
Rise in real estate demand
Noida and Greater Noida have recently witnessed a rise in demand for larger homes, according to Magicbricks’ data. Noida Extension, Central Noida, and Noida Expressway have high demand with the highest supply coming along the Noida Expressway. Over 65% of the demand in the residential market is for a 3BHK house.
“The proposed Delhi – Varanasi Bullet Train project will offer many avenues for economic and Infrastructural development in Delhi NCR with Noida being the Ist and Jewar being the 2nd stop from Delhi on this iconic 865 Kms route. Easy and fast connectivity between Delhi – Jewar Airport – Varanasi covering all the pilgrimage destinations will have an immense impact on the future of real estate development,” Aman Trehan, executive director, Trehan Iris said.
“Residential demands will pick up and with the influx of more residents in this part of NCR; the demands for quality A-grade commercial and retail developments will also surge,” Trehan added.
“The immediate effect would be in sectors or projects near the proposed stations of the Bullet Train at Sector 144 and Jewar. The demand would go up, and the appreciation would be phenomenal in the projects close to the proposed stations,” Deepak Kapoor, director, Gulshan Group said.
“The other developments such as the Jewar Airport and Film City will also act as a catalyst for higher appreciation. Sector 144 is more likely to see immediate effect as there are world-class projects already coming up here and some are ready for possession,” Kapoor added.