Jewar Airport Sets Aspirations High for Builders and Entrepreneurs

With the Union Civil Aviation Ministry offering an in-principle approval to Jewar Airport, the local government’s long-pending dream to bring the national capital region’s second airport has moved towards reality. Not only the government, but local builders and entrepreneurs are high on hopes that the upcoming airport would turn up the fortune of Noida and Greater Noida.

Before we move further, it is important to understand some important things about this international airport.

The airport is scheduled to get operational in a period of next 5-6 years. Civil Aviation Minister Ashok Gajapathi Raju recently said, “in-principle clearance has been given” for the airport. “In Delhi, we are expecting 91 million passengers by 2020 and 109 million passengers by 2024.”

The new airport will have the capacity to manage 30-50 million passengers per year. Indira Gandhi International Airport currently handles around 63 million passengers a year and the capacity is anticipated to be augmented to 109.33 million. A total of 1,000 hectares of land, which will be grabbed under the first phase of airport development, will come at a price of Rs 2,000 crore.

• Yamuna Expressway Industrial Development Authority has allocated 3,000 hectares of land for an international industrial airport.
• The total cost of this airport development project is expected to be between INR 15,000-20,000 crore.
• To make it easy for Delhi Metro users, the airport service at Noida may be extended up to Jewar.

All the above mentioned points indicate that this new airport would bring all good not only for the people living here but also for the industrial sector desperately looking for a booster dose.

It’s a big thing for Noida real estate sector as the airport would open up a host of growth opportunities in the region. At present, a minimum of 300 housing projects in Noida and Greater Noida are wedged in midpoint due to developers’ financial concerns, activating negative sentiments among investors and homebuyers. Builders are under impression that real estate business in the area will be immensely profit edas the airport will turn out to be a job-generator.

The many under-development commercial real estate projects such as spectrum@metro, Grandslam I Thum, Assotech Business Cresterra are set to receive huge gains in future. The airport will make benefit to all sectors, specifically the industrial domain, as it will improve the export and import business. It will benefit Noida, Greater Noida and the Yamuna Expressway region as it will attract more investment from global investors and generate local business opportunities.

Let’s take the example of Indira Gandhi Airport. The close proximity of the airport to Gurugram gives the town a clear advantage over other Delhi NCR regions. It is a lot easier for both residents and industrialists to move in and out from the city in shortest possible time.

The development of Jewar airport would turn Noida and Greater Noida into hot zone. Like other big infrastructure development projects that enhance real estate markets, the Jewar airport, too, is meant to upgrade the property market dynamics in Noida and the nearby areas.