Airport Upgrade Jacks up Realty Rates in Dwarka, Gurgaon

With the UPA chairperson Sonia Gandhi having laid the foundation stone for the revamped Delhi airport last Saturday, the ball has been set rolling for the first modern, international-styled airport in the country. But, what has also been set rolling are the real estate rates all around. According to experts, a 10-15% rise in rates has already been registered in areas near the airport like Dwarks as well as Udyog Vihar, DLF Phase II & III in Gurgaon.

Says local realtor Vikram Chopra, “In a country where connectivity is a major issue and the construction of an expressway or a flyover result in a hike in the prices of the surrounding real estate, an airport that is going to be the first internationally-styled one in the country is big news. In fact, apart from Gurgaon and Dwarka, the increase in property rates has already started happening at farmhouse colonies like Westend Greens, Pushpanjali, Vasant Vihar and Shanti Niketan in South Delhi.”

The modernisation of the airport has also added to the image of the areas around it, especially Dwarka. “The airport revamp has added to the sentiment of the area and has become a selling point for real estate developers and dealers alike. People’s point of view too has changed and most of them, especially foreigners now want to live in close proximity to the airport,” says property dealer Vinod Sindhu.

But, it is not just the Delhi airport that has seen an increase in realty rates all around. This phenomenon is more prominent in cities like Dubai and Singapore, which are also popular transit points for travellers, apart from being great tourist destinations. Both cities saw a quantum jump in the real estate around its state-of-the-art airports — to the tune of 20-25% — owing to the economic boom that the city’s experienced after the modernisation of their port and airport.
Says Deepak Bhavsar of Trammel Crow Meghraj Property Consultants, “Airports always have a spin-off effect on the surrounding real estate, especially commercial, owing to the link that industries like logistics and tourism have with it.

Source: financialexpress.com