The first phase of construction of the largest international airport in the country in Jewar, Greater Noida, is expected to complete by the end of 2023. And as soon as the airport project was announced, it gave a massive boost to real estate development in and around that area. If that wasn’t enough, the UP government has now announced the development of a film city near the Jewar Airport.
The 1000 acre film city project will cost a whopping Rs 10,000 and is expected to be completely ready by 2028-29, after development in 3 phases. The film city project in UP is another step to bring the state to the levels of development and progress seen in cities like Mumbai. The Yamuna Expressway Industrial Development Authority (YEIDA) has started welcoming bids for the development of the film city from November 23, 2021.
So, what does this proposed film city project do for commercial real estate projects in and around the area? First the Jewar Airport and then this film city have worked magic for the development of this location. Shopping malls in Raj Nagar Extension, Noida, Greater Noida, and other surrounding areas will benefit the most from the development of this project. In many ways, this initiative will have a multiplier effect on the economy of the area, which will further boost investment in both commercial and residential real estate projects.
If we particularly talk about commercial real estate projects, this new announcement will have a huge impact on the investments made in commercial projects. When such a project is announced, it means that area around it will now not only be populated by the best talent in the film industry but also by thousands of support staff. And they won’t just need homes to live in but also shopping malls and commercial complexes to buy stuff to fulfill their basic needs. This is why investing in a high-street retail project in Raj Nagar Extension and other nearby locations makes all the more sense.
The connectivity issues, which once plagued the real estate market of Ghaziabad and Noida, no longer exist. The infrastructural development these areas have seen in the last decade or so have turned the tide in their favour. And if we take out the lockdown period, the investment in commercial real estate hasn’t really witnessed a dip in recent years. Shopping malls like Himalaya City Center in Raj Nagar Extension will benefit the most from these new developments. If you are considering making an investment that will pay dividends in the future, you should definitely think about buying a commercial shop in Raj Nagar Extension. Being the only shopping mall in Raj Nagar Extension, it is a great opportunity, both from investment and business perspectives. So, even if you are pondering upon a business idea and looking for a commercial space around the proposed film city, you won’t find a better place than Himalaya City Center.