Aerocity May Usher In A New Phase For Delhi Realty

According to official estimates, the Delhi airport is the busiest airport of the country and serves about 48.4 million passengers every year. While handling such a large number of passengers might be a tough task, this also provides the operators of the airport – the Delhi International Airport Ltd, a joint venture between the GMR Group and the Airport Authority of India, a great financial opportunity. Aware of the fact, the Centre in 2007 gave its approval to develop a transit hub that would be a luxury traveller's paradise near the Indira Gandhi International Airport.

Let us look at the current state-of-affairs.

While the first hotel started its operation in November 2012, this number has hit nine now, and three are on their way to completion. The names include global giants such as Novotel, Pullman, JW Marriott, Pride, Lemon Tree, Red Fox, Ibis Hotel, Holiday Inn, Hyatt Andaz, Aloft (Starwood) , DusitD2 and DB Realty. While there are 2,300 rooms on offer at present, the number will go up to 2,800. The occupancy rate of the hotels is estimated between 70 and 80 per cent. Apart from that, there are commercial blocks — 1, 2 and 3 — on the offer by Worldmark, which is developed by Bharti Realty. Tenants of Aerocity include corporate giants such as consultancy major Ernst & Young, global aircraft manufacturer Airbus, Goods and Service Tax Network and provider of instant messaging service, Hike.

The luxury hub has a good road as well as Metro connectivity. While the Airport Express Metro connects it with Dwarka sub-city and Delhi, the National Highway-8 connects it with the neighbouring Gurgaon.

While it has yet to attain its potential, Aerocity has already hosted key global events like the Afro-Asian Summit. As it grows, the national capital will be able to host many such grand events.  

Recently, KuiperCompagnons, an urban design company of the Netherlands, has been tasked with improving the aesthetics of the space by creating unique designs.Now, the question arises: when everything is operational and the space is beautified, how would it give a leg-up to the real estate market of Delhi, which has long ago reached its saturation point? Will the success of the transit hub lie only in the fact that global corporate players will lease commercial space here and high-flying executive will boost the earnings of international hospitality giants? All this is true, but Aerocity will do more than that for Delhi and its real estate. Apart from creating 10,000 direct and 30,000 indirect employment opportunities, Aerocity has the potential to turn into a next shoppers' stop for Delhiites too. The Metro connectivity will come handy to all of us eager to enjoy a high-end dining and partying experience; rushing to Gurgaon will not be necessary anymore.