Realtors today hailed the government’s decision to set up an international airport at Jewar in Greater Noida, saying it will lead to increased economic activity in the area and benefit property market.
An international airport with a capacity to handle 30-50 million passengers per year will come up at Jewar in Greater Noida in the next 5-6 years to ease the load on Delhi’s IGI airport, the government announced today.
“We welcome this decision. It was much awaited. A new airport in Jewar will increase economic activity in this area. There will be huge job generation,” CREDAI Chairman Getamber Anand told .
He said warehousing sector will get a major boost.
Anand said the decision will improve the sentiments of property markets of Noida, Greater Noida and Yamuna Expressway.
The real estate market, especially Delhi-NCR, is facing a multi-year slowdown leading to a huge delay in project completion. In Noida, Greater Noida and Yamuna Expressway, flats are available at an average rate of Rs 3,000-5,500/sqft.
“There should also be an elevated road connecting the Jewar airport to the national capital,” he said.
Realtors’ body NAREDCO President Parveen Jain the new airport at Jewar will boost real estate market in Greater Noida and Yamuna Expressway. “There will be an overall development in this area and people will invest in real estate”.
Supertech Chairman R K Arora said it is a good news for the real estate sector.
“It will generate demand in real estate sector in Yamuna Expressway and Greater Noida area prominently,” he added.
Civil Aviation Minister Ashok Gajapathi Raju announced that “in-principle clearance has been granted” for the greenfield airport at Jewar.
The Yamuna Expressway Industrial Development Authority has notified 3,000 hectares of land in Jewar for a “world- class” international airport, Raju added.
The government expects the entire project to cost Rs 15,000-20,000 crore.
The metro service in Noida is also likely to be extended up to Jewar in order to improve connectivity to the airport. MJH JM
Those who are taking advantage of investment opportunities are the other reasons for being excited at the incoming airport of Uttar Pradesh’s Jawar. There will also be a metro connectivity at the second airport of the National Capital Region or NCR, the state government has told the Center. According to media reports, the state government has told the Center that this existing Greater Noida Metro Line is to be made of Jewar
Meanwhile, the state government has selected Yamuna Expressway Industrial Development Authority (Jaida) as the nodal agency for setting up the airport. The state will provide Rs 4,000 crore to the Authority for the development of the first phase of the project.
In June this year, the Central Government had approved its approval for an international airport on tide in Greater Noida. Civil Aviation Minister Ashok Gajapati Raju told the media on June 24, “We have approved the Greenfield International Airport in Tire, Greater Noida to meet the growing flight requirements of the National Capital Region,” he said, The second airport will be around 30 to 50 million passengers per year in the next 10-15 years.