Real estate developers have welcomed the Government’s nod towards the setting up of the International Airport at Jewar in Greater Noida. Real estate players feel that this decision will spur higher economic activity in the entire region and will also boost the property market overall. The International Airport will come up at Jewar within the next 5-6 years and will have the capacity to tackle 30-50 million passengers annually. This will also reduce the sheer load on the Indira Gandhi International Airport at New Delhi according to the Government.
According to the Chairman, CREDAI, Getamber Anand, the industry body welcomes this move with open arms and this was eagerly awaited. The new Jewar airport will generate jobs in huge numbers in the area along with spurring overall economic activity. Anand added that there will be a major boost to warehousing and logistics in the area. He stated that the decision will boost property market sentiments in Noida, Yamuna Expressway and Greater Noida.
The real estate market in Delhi-NCR is witnessing a major slowdown which is leading to a major delay in terms of completion of projects. In Yamuna Expressway, Greater Noida and Noida, apartments are readily available at average prices ranging between Rs.3-5,500 per sq. ft. According to Anand, there should also be the development of an elevated road which will link the National Capital to the Jewar Airport.
Parveen Jain, the president of NAREDCO, stated that the new airport will boost property markets in the Yamuna Expressway and Greater Noida zones and there will be overall development in the area with more people investing in real estate here. R K Arora, the Chairman at Supertech, opined that this development was great news for real estate and should generate higher realty demand in Greater Noida and Yamuna Expressway alike. Civil Aviation Minister, Ashok Gajapathi Raju, has already announced that the greenfield airport at Jewar has received in-principle clearance. The Yamuna Expressway Industrial Development Authority (YEIDA) has also notified a whopping 3, 000 hectares of land at Jewar for development of this world class international airport according to Raju. The Government is estimating the project to cost approximately Rs.15-20,000 crore. The metro network in Noida is likely to be extended right up to the Jewar airport for better connectivity.
The proposed airport will boost mobile manufacturing, real estate and other industries in the whole of western Uttar Pradesh according to industry experts. The new airport will reduce traveling time for those coming down from Greater Noida, Alwar, Agra, Mathura and Agra by 2-4 hours. Once it gets operational, the airport will cater to at least 24 districts in western Uttar Pradesh. The Jewar Airport will operate as the second airport in the NCR since the Delhi Airport is likely to have exhausted its overall capacity within a period of 4-8 years. The project is based on the PPP model and is expected to be completed by the next 5-6 years.
