Cost of properties in Greater Noida is reducing
Infrastructure has a greater impact on real estate industry in India. After that announcement of cancellation of Jewar Airport Project, the real estate market in Greater Noida and around Yamuna expressway has witnessed a downward trend.
The construction of the airport is cancelled on the base of a clause in the agreement between Centre and the Delhi International Airport Limited. According to the clause no new airport can come up within 150 km of Delhi airport.
The developers had invested around Rs 4000 to Rs 5000 crore in the real estate projects in that area. More than 50 builders have invested in different projects around Yamuna Expressway.
Now once the airport has been scrapped, the place is no longer an attractive place for investment. Various reactions appeared from the builders association of the area, the builders are in a thought that the government has cheated the Greater Noida Industrial Authority, which was formed to promote industry in the region.
The Cost of the plots around the expressway has already started reducing after the announcement made by the government.
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Source: India Today
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