Without airport, Noida real estate prices crash

Going by industry estimates, property prices around Noida and Greater Noida slumped by 25-30 per cent after the Uttar Pradesh Government cancelled the greenfield airport project at Jewar in Greater Noida.
The Yamuna Expressway is a fast-lane highway connecting Delhi and Agra via Noida and Greater Noida. Realtors had reportedly invested over Rs 7,000 crore in the zone, hoping to gain from the development there.
Mr Shobhit Agarwal ,Managing Director, Protiviti Consulting Pvt Ltd, says, “The Yamuna Expressway's returns would be linked to a large part on the development of the airport at Jewar and the consequent traffic generated on this highway. Investment in the Yamuna Expressway is expected to be in excess of Rs 10,000 crore. Investments done by real estate developers along the Yamuna expressway will be hit.
20/05/12 Bindu Menon/Business Line

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Categories: airports May 2012, New May 2012