With the clearance given to the long-standing international airport project in Jewar in Greater Noida, local leaders and entrepreneurs believe that the area is likely to get a boost in business, tourism, employment opportunities and, most of all, the real estate sector.
"The Jewar airport will surely boost the realty sector. A great push will be given to the inventory as well as the upcoming projects. It is also expected that property prices will escalate once the project takes off," said Himanshu Tomar, general manager, Investor's Clinic.
Meanwhile, some residents hope that the announcement will attract more buyers for land in the area. "We are expecting more buyers to come and invest in the area. Last time also, when the Jewar airport was announced, a large number of investors were seen seeking properties in the area" a local man said.
Thakur Dhirendra Singh, the MLA from Jewar, said: "The international airport will open the door for development of rural areas. Villages adjoining Jewar will finally see development after the airport is set up. The move will bring employment for the youth in my constituency".
Industrialists and hoteliers of Greater Noida also welcomed Saturday's announcement. They believe that the move will boost the industrial sector and attract foreign investors in the area.
"An international airport will boost the hospitality sector in the district. Greater Noida will see a slew of hotels and motels when an airport comes up" said an hotelier.
Setting up an international airport in Greater Noida will ease air traffic at the Indira Gandhi International airport in Delhi.
The Jewar airport will be spread over 3,000 hectares and bring in investments of up to Rs 20,000 crore. It will cater to three to five crore passengers per year and will cost around Rs 10,000 crore to set up.