UP Budget: Residential growth near Noida airport likely in four years, say developers

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Noida: Buoyed by the Uttar Pradesh government’s focus on Noida airport in the budget, real estate developers on Monday hoped the region in western part of the state could see good interest in residential development in four years.

The UP government has earmarked Rs 2,000 crore for expanding airstrips from two to six at the upcoming Noida International Airport in Jewar and also announced establishment of an ‘electronic city’ near it along the Yamuna Expressway.

“Earmarking such large amounts and clearly articulating the vision for Jewar airport are welcome. Jewar Airport will inject jet fuel in the regional economy of the area. Already manufacturing companies are actively considering the Yamuna expressway area because of the upcoming airport. Warehousing companies will follow,” CREDAI NCR president Pankaj Bajaj said.

“Residential developments along the expressway will see good interest in the next four years,” Bajaj said. CREDAI is the apex body of real estate developers with its chapters across the country and regions like the NCR. Ajnara Group CMD Ashok Gupta said the budget has given impetus to all-round development, which includes infrastructural development and is a good sign for the real estate sector in the state.

“In fact, the announcement of the electronic city near Jewar will give a boost to the projects on Yamuna Expressway, which is already getting the attention of the buyers and investors,” Gupta said.

Mahagun Group director Dhiraj Jain said the state government has been showing its intention for development, and the budget is an extension of that thought process.

“The focus on infrastructure and employment will help the real estate sector grow. The various highways and expressways will see real estate development around them,” he said.

Sikka Group MD Harvinder Singh Sikka hoped the announcement about the ‘electronic city’ will push infrastructure development along the Yamuna Expressway.

“The expressway is the centre of attraction since the time Jewar airport was announced and got further boost when the work started here recently. In the coming few months, the appreciation on this stretch will be good, and hence it is an opportunity for the investors as well as the end-users,” Sikka said.

The Yogi Adityanath-led UP government on February 23 presented a Rs 5,50,270.78 crore budget for financial year 2021-22 in the state Assembly.

With Assembly elections in the state less than a year away, Finance Minister Suresh Kumar Khanna presented the ‘paperless’ budget which includes new schemes of Rs 27,598.40 crore of which infrastructure development bagged the lion’s share.