Do real estate projects and infrastructure development go hand in hand? Yes, say realtors on the Yamuna Expressway.
Going by industry estimates, property prices around Noida and Greater Noida slumped by 25-30% 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 70 billion in the zone, hoping to gain from the development there.
The Uttar Pradesh Chief Minister, Akhilesh Yadav, had scrapped the Taj International Airport in Jewar that was hanging fire since the idea was first floated in 2001.
By Accommodation Times Bureau