Following the COVID and subsequent lockdown, the real estate industry has had a steady growth; the disclosure of the new film city at Yamuna Expressway in Greater Noida comes as a timely incentive for the real estate sector of Noida, Grater Noida and Yamuna Expressway, making commercial and residential properties of the same to get better publicity and thus get settled sooner than expected.
Catalyst to the steady growth
The announcement of establishing a film industry in Noida proved to be marvellous news for the real estate industry since it is expected to increase demand for residential and commercial projects in Noida. The proposed Film City is considered as the new next big thing after the recently inaugurated International airport at Jewar, which has already breathe a new life into existing projects in Noida and extended new project alternatives considerably.
Why it will hasten the real estate market?
A film city crew will obviously be looking for residential spaces as near as possible to their work locations to ease up their work and to get away with the hitch of transportation. Basic economics is in the favour of Noida, speculations continue and so do the ongoing projects in Noida. Although, the real estate investment now would not be limited to management or employees, there are others whales of the industry who would be interested in buying properties here to fulfil their investments. A rise in the lifestyle is soon expected, not to forget that the proximity of the Jewar International Airport adds to its value significantly. As the film city is presented, the region is expected to flourish and refine over time, attracting more and more prospective clients to buy property in Greater Noida and Noida.
A gold mine?
While the project is proposed to be covering around 1000 acres of land, different proportions for different areas have been allotted; production of films is supposed to begin from 2024, which gives an ample amount of time to real estate opportunists to have a nice look at this gold mine. The chief minister has prompted that the film city would not only be a place to make films but also have the advantage of having an electronic city and financial district close by, the government plans to provide the film fraternity a complete pre-production and post-production infrastructure in the state. If all goes well, the real estate industry will boom in commercial and residential areas alongside the film city. This will imply a significant rise in the overall contribution of property in Noida and around. If all pieces fall into place, one can hope that the radius around film city can experience significant appreciation, something similar to sector 150 perhaps.