Meerut airport announcement fuels property prices

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Arun Verma

24 February, 2010

The much needed and desperately awaited airport at Meerut has been announced. This development is expected to positively impact real estate projects on NH24, Raj Nagar Extension, Hitech City and Hapur.

THE MUCH awaited announcement of an airport at Meerut has brought relief to the investors and brokers who have been speculating in the local real estate market of Meerut. This news in conjunction with the recent EOI from UP government for the construction of an expressway on the right bank of the canal is expected to further fuel the sky rocketing real estate prices in the city. It is noteworthy that there was a special mention of a "road connecting the canal with the airport at Partapur” in this EOI from the UP government.

These developments are expected to cause a significant jump in the property prices on the Delhi road where the real estate current values are at Rs.15,000-20,000/sq. yards. As per AUGTICS, a real estate intelligence firm based out of Greater Noida that has recently conducted an in-depth survey of Meerut’s real estate market, the major beneficiary of these developments will be landowners in the vicinity of Partapur. There are several industrial plots on the Meerut-Delhi road. In the coming days, the prices of these plots will increase substantially. Further, as it has been experienced at other Tier-II locations, this news will lead to the launch of several new commercial and residential projects in the near future. Already existing private builders’ projects like Supertech Palm Greens, Supertech Green Village, Ansal Sushant City, Green Wood City, Rajkamal Enclave, Godwin Enclave, Panchwati Enclave and Era Mall also stand to benefit.

AUGTICS experts also expect that the news of an airport will have a positive impact on real estate projects on NH24, Raj Nagar Extension, Hitech City and Hapur. Although, it is commonly known that there is a huge time lag between the announcement and the actual commissioning of the airport development, this doesn’t really deter investors and speculators. In the short term, this news is definitely going to have several landowners, developers and brokers running to the banks.