There is a good reason to celebrate for all the stakeholders of the real estate industry in NCR. From home buyers to developers, land owners to shopkeepers, everyone will get the benefit of an Airport coming at Jewar, Greater Noida. There will be a leg up to commercial activities in the surrounding region. The airport is at a driving distance from Wave City Centre/Noida City Centre.
Residents of Noida/Greater Noida will have soon access to two airports – one is Indira Gandhi International Airport and another is Jewar. The new airport will be a boon for the residents of Ghaziabad, Hapur, Merrut, Moradabad, Aligarh, Mathura & Agra.
Work in Progress –
Union Government has already given the approval and land acquisition cost will be borne by the UP Government. The Yamuna Expressway Industrial Development Authority (YEIDA) will open the bid in the next couple of months for construction work. Construction work will be divided into four phases; the first phase will become ready by mid-2022 with a cost of around Rs. 15000 crore. It is estimated the airport would handle near about 1.2 crore travellers. There will be multimodal mass transit systems.
Infrastructural Inspection –
With an eye to attract more passengers and improve the connectivity, U.P Government is exploring the possibility of connecting the airport via Rapid Rail Transit System (RRTS) with Sarai Kale Khan in Delhi. Going further, the Government has already approved a proposal to establish a connection between Sarai Kale Khan and 3 regions namely, Panipat, Alwar and Meerut. Noida-Greater Noida Metro expansion is also in pipeline and this would be extended to the proposed Jewar Airport.
Influence on Corporates –
In addition to the local economy, the airport will make a significant impact on lots of multinational companies to set up their infrastructure base. In this regard, we must remember the case study of Development of Gurgaon because of Indira Gandhi International Airport. The enhanced infrastructure has created a positive sentiment among corporates to move towards Yamuna Expressway. A discussion is in pipeline regarding the development of commodity hub, electronics manufacturing hub and pharmaceutical hub in the Yamuna Expressway.
To sum up, Ministry of Defence has given No Objection Certificate (NOC) to Jewar International Airport. The establishment of the airport will impact the real estate of Greater Noida, Noida and Yamuna Expressway. It is paradoxical that in spite of being so close to Delhi, Greater Noida is being referred as a Ghost City by many of us. Urban population is hardly 2 lakh even after more than two decades of establishment. The population density will pick up its pace.