Panvel, Nagpur, and now Noida - new airport projects in India are putting real estate projects on a spin. As the new Government in Uttar Pradesh takes charge under Chief Minister Mayawati, Greater Noida’s airport project is high on its agenda.

Delhi NCR is expected to have 25 million air passengers by 2010, and a second airport at Jevar has been deliberated upon for quite some time.

With the state and centre now positively inclined towards the project, the static real estate market in Noida is gearing up for another step-up in prices, leading some analysts to figure that an international airport would trigger a slow shift in development from Gurgaon to Noida.

The last six months had seen a cooling off of property deals in Noida, but the Prime Minister’s positive response to the proposed airport and a Rs.15,000 crore package for strengthening infrastructure in UP has raised expectations of those in the realty business in Noida.

The proposed airport has given an impetus to Greater Noida’s hospitality and commercial sector - luxury hotels from Unitech, Carlson, ITC, and Bharat Hotels are in the pipeline, while corporates are drawn to Noida’s lower lease rentals as compared to Gurgaon.

Pushed by the demand for commercial property, residential property in Noida would most likely be in for more requirements too.

With infrastructure and quality of life in the city scoring over Gurgaon, Noida is poised for another boom.

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