Governance

Construction of Jewar Airport to begin before Diwali

The construction of the Greenfield Greater Noida international airport (in Jewar) would begin before Diwali. The government officials said that the event would be attended by Uttar Pradesh Chief Minister Shri Yogi Adityanath and Prime Minister Shri Narendra Modi.

Development of Motels, Hotels, Convention Centres, Shopping Centres and plazas is also being planned, said Yamuna Expressway Industrial Development Authority (YEIDA).

The airport venture is likely to create one lakh employment opportunities according to Technical Economic Feasibility Report (TEFR).

On April 23 this year, the venture received an in-principle nod from the centre. As Diwali will be in the first week of November, the foundation laying ceremony will probably be performed towards the October End.

The consultant for the project, PwC has been requested to prepare the documents for the bid. The request for proposal to invite builders to execute the venture will occur by June-end.

In the first phase, an investment of around Rs 80,000 crores is expected. There are plans for the development of Hotels, Plazas and market chains which will benefit the region and the farming community.

The first phase of acquisition of land which measures around 1327 hectare is expected to begin soon. The total area identified for the venture is 5,000 hectare.

The construction of this airport will help ease the pressure on IGI airport in Delhi, the seventh busiest airport in Asia. The IGI airport handles 60 million passengers annually.

Greenfield Greater Noida international airport is expected to handle over 10 crores passengers by 2050.

May 17, 2018 / by / in , ,
By 2020, Noida to bear around half of the new office supplies in NCR

As indicated by Colliers International India, more than 44 million sq ft of new office supply is at different phases of development in the National Capital Region (NCR). Around half of this new supply will come in Noida while the remaining is distributed among New Delhi (8%) and Gurugram (40%).

While the overall gross office uptake in Gurugram stood at 1.72 million sq ft in the first quarter of 2018, Noida recorded about 1.01 million sq ft of gross absorption amid the said quarter. In Delhi 0.26 million sq ft of gross absorption was recorded, as indicated by company’s examination.

Delhi

In Delhi, Leasing Activity stayed repressed amid Q1 2018, as just 0.26 million sq ft of gross absorption was recorded denoting a 21% decline year-on-year.

Most of the office space supply was taken by the engineering and manufacturing sector. It accounted for 38% share of the total leasing volume.

The vacancy rate in Delhi is probably going to stay within the scope of 10-11% over 2018-2020 while rents of premium buildings may increment by 5% every year over the following three years.

An Inventory inundation of around 3 million sq ft might be seen by the region over 2018-2020.

Gurugram

In Gurugram, the vacancy level is probably going to stay high over 25% notable supply pipeline in peripheral micro-markets over 2018-2020.

As expected by Collier, rents will stay under strain in decentralized areas, whereas premium areas may see 4-5% expansion over 2018-2020. Capital values may go up marginally 4-5% more over 2018-2020 because of increased interest from Institutional Investors, as indicated by research report.

Noida
Noida recorded around 1.01 million sq ft of gross absorption which was twofold than the Q1 2017 absorption levels.

Technology part represented 25% of the total absorption, trailed by budgetary sector which represented 20% of the take-up.

Colliers expects that normal vacancy rate in Noida will stay high at over 25% over 2018-2020 because of a hearty supply pipeline.

May 1, 2018 / by / in ,