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Greater Noida Realty Rates May Fly On Airport Talks

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Greater Noida Realty Rates May Fly On Airport Talks

Last updated: March 23 2011
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  • Greater Noida Realty Rates May Fly On Airport Talks

    UP chief minister Mayawati’s push for a second international airport at Greater Noida may come as a shot in the arm for realty players. Real estate analysts expect that capital value of existing residential, commercial, retail and hospitality projects in Noida and Greater Noida are likely to go up in the short term.

    However, one concern is this may even lead to speculative rise in real estate rates, with focus of investors shifting from Gurgaon to Noida. “If a well-planned international airport does come up at Greater Noida, this could mark the beginning of shift in the development axis from Gurgaon to Noida in the long-term,” noted Mr Ankur Srivastava, managing director, DTZ India, a real estate consultancy firm.

    In last six months, no real estate deals had taken place in Noida and Greater Noida due to political uncertainty in the state. However, the situation is expected to change soon, with Prime Minister Manmohan Singh responding positively to the new chief minister’s plea for a Rs 15,000-crore developmental package for the state, particularly for improving key infrastructure areas like power, roads and development of an international airport at Noida.

    Already several domestic and international hospitality majors including Unitech, Carlson, ITC, Bharat Hotels, NRI hotelier Sant Chatwal, have lined up five-star luxury projects in Greater Noida. An international airport in the vicinity will improve the viability of these projects. “The second airport will have a positive impact on the hospitality projects,” said Manav Thadani of HVS International, a hospitality industry consultancy.

    Several global cities, such as New York and London, have at least two international airports. Aviation analysts point out given the traffic growth in Delhi airport, a second airport in the city is quiet viable, without impacting the bottom line of the first one. Moreover, the GMR group, which is involved in upgrading the Delhi International Airport, has the right to match the highest bidder for the new airport, if they are within 10% of the bid figure.

    “As per our passenger traffic projections, Delhi should have over 25 million passengers by 2010. The second airport can very well take some load off us,” Points out a spokesperson from the GMR Group. GMR Group is already modelling the development of the current airport as an Aeropolis or “a city within the airport” encompassing hotels,commercial office space, convention centre, and space for leisure activities.
  • #2

    #2

    Re : Greater Noida Realty Rates May Fly On Airport Talks

    Are there any changes?

    Good info. Has the news of "airport" really impacted the property prices. Since Mayawati was the person who originally conceptualized Greater Noida, general expectation here is that development work will increase and hence the property rates should increase!

    On a different note, am keen to know if there any source to get information about such local changes (at one place). Some website, or a specific company that is tracking the local changes(across major cities in India) and willing to share the info with general public?

    Manoj Misra
    Last edited June 1 2007, 08:42 AM.
    Manoj Misra

    Get a different view...

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    • #3

      #3

      Re : Greater Noida Realty Rates May Fly On Airport Talks

      Its moving now

      You are correct, movement is alardy started as I bought one ar 22k and today i have offer for 24k.
      I expect it yo go upto 32k.

      Lets see

      Comment

      • #4

        #4

        Re : Greater Noida Realty Rates May Fly On Airport Talks

        How is ur position now Sir ??
        Jevar dream Airport ... or only in Dreams airport??

        Greatere noida realty market is dump.
        Prices are sliding.

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        • #5

          #5

          Re : Greater Noida Realty Rates May Fly On Airport Talks

          Latest News

          Dear all,
          As per Zee News, Today scheduled meeting of Group of minister didnt approve Greater Noida International & Domestic Airport due to Huge difference of expected public & commercial load in Greater Noida Airport in State government & Center Government report, so they made one Panel which will give report of accurate expected public & commercial load within 3 month then they will give approval if things will be positive.

          Comment

          • #6

            #6

            Re : Greater Noida Realty Rates May Fly On Airport Talks

            Doenst matter..As long as other developments in tune with time...all on right track......As it is Agra will benefit most from the airport...

            Comment

            • #7

              #7

              Re : Greater Noida Realty Rates May Fly On Airport Talks

              Originally posted by KMP_FNG View Post
              Dear all,
              As per Zee News, Today scheduled meeting of Group of minister didnt approve Greater Noida International & Domestic Airport due to Huge difference of expected public & commercial load in Greater Noida Airport in State government & Center Government report, so they made one Panel which will give report of accurate expected public & commercial load within 3 month then they will give approval if things will be positive.
              Yes this is called ASLI-POLITICS
              MM

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              • #8

                #8

                Re : Greater Noida Realty Rates May Fly On Airport Talks

                Report

                http://www.hindustantimes.com/UP-rai...e1-584473.aspx

                UP raises pitch for airport at Greater Noida

                The Uttar Pradesh government has projected that 3.1 million people would use the proposed airport at Greater Noida in its first year. And according to its commissioned report, the number would touch 10.6 million in five years. The state government has raised the pitch for an airport in this NCR town, ahead of the meeting of the Group of Ministers (GoM) this month. The group is examining the viability of another airport in the national capital region.
                According to the report, contrary to some arguments, the proposed airport would not eat into passenger traffic of Delhi airport.

                Rather, it would increase as Greater Noida sets up connectivity in several new areas, which currently do not have a direct flight from Delhi, the report said.

                The report, accessed by Hindustan Times, would be taken-up by the GoM.
                Traffic at Greater Noida is projected to touch 27.9 million by 2021 and 48.9 million by 2026-27.

                The techno-economic feasibility report, to assess the potential of setting up of an international airport, has been prepared by L&T-RAMBOLL Consulting Engineers

                Limited engaged by the UP government.

                As per the report, passenger traffic at Delhi airport without the Greater Noida airport would be 34.7 million by 2011-12. However, traffic is expected to be 35.8 million if an airport exists in Noida by then.

                Projected traffic at the Noida airport during this period would be 3.1 million, which the report says would be 8.65% of the total NCR traffic.

                What is holding back the Greater Noida airport is a 1997 rule that states that no new airport can be set-up within 150kms of an existing one. Greater Noida airport would be 72 km from the Delhi airport. The GMR-led consortium that operates Delhi airport has cited the 1997 rule in its opposition to the Greater Noida project.

                However, the government has given approval for setting-up of Greenfield

                airports for international operations in three states — Mopa in Goa, Navi Mumbai in Maharashtra and Kannur in Kerala — within the aerial distance of 150 kilometres of existing airports.

                Comment

                • #9

                  #9

                  Re : Greater Noida Realty Rates May Fly On Airport Talks

                  Latest Update on Livemint.com

                  http://www.livemint.com/2010/08/2419...eater.html?h=B


                  Traffic projections on Greater Noida airport vary
                  The GoM found big differences in traffic projections made by the Uttar Pradesh government and the DIAL on the proposed Greater Noida airport respectively
                  New Delhi: A group of ministers on the proposed Greater Noida airport on Tuesday found major differences in air traffic projections submitted by the Uttar Pradesh government and the Delhi International Airports Ltd (DIAL) that runs the IGI Airport.

                  The air traffic projections were sought by the GoM from the state government and DIAL to start the process of studying the pros and cons of constructing a greenfield airport within 150 km radius of the Delhi airport.

                  “The GoM felt that there was a lot of difference in the projections submitted by the state government and DIAL. Realistic figures are needed.

                  “These projections will now be examined by the civil aviation ministry and the Airports Authority of India and experts’ opinion will also be sought,” civil aviation minister Praful Patel told reporters after the meeting.

                  The proposed airport, a dream project of chief minister Mayawati, is slated to be christened the Taj International Aviation Hub. It is proposed to come up at Jhevar near Greater Noida, located about 60km from Delhi and 120km from Agra.

                  Asked when the next meeting of GoM would be held, Patel said the study of the traffic figures would take about three months. “We will come back to the GoM after this.”

                  He said the GoM would first deal with traffic projections and then consider other issues, including the legal aspects of having another airport within a radius of 150km of an existing one.

                  According to a latest report prepared by the Uttar Pradesh government, air traffic at the proposed Greater Noida airport in 2011-12 would be 8.65% of the total National Capital Region traffic. The earlier report had projected it at 7.96%.

                  The Mayawati government has identified 1,500 hectares for the project, which was estimated to cost about Rs5,000 crore over a year ago. It had also submitted a techno-economic feasibility report to the Centre.

                  The GMR-led DIAL had opposed the construction of the Greater Noida Airport saying it would create competition and hurt the Delhi airport where a new terminal has been created.

                  Comment

                  • #10

                    #10

                    Re : Greater Noida Realty Rates May Fly On Airport Talks

                    Airport dream rests on Mayavati continuing in power

                    Friends,

                    Dont dream too much.


                    Airport's hurdles:
                    • traffic projections to justify
                    • GMR to agree for another airport in the vicinity of Delhi airport
                    • environmental clearance to come, and land to be acquired (already YEA is in trouble due to this)
                    • Political issues
                      • Mayavati to continue in power. Situation is dicey, since CBI is seeking permission to prosecute her on corruption issues
                      • If Mayavati government falls, and if Mulayam comes, then everything stalls
                    God only can help.

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