1260 Crore Fund To Be Released By UP Government For Land Acquisition Of Jewar AirportMaumita Mitra03 December 2018
On 23rd of April, this year, the Union Civil Aviation Ministry provided approval on the in-principle basis to the UP government to realize their dream of having a second airport in the NCR region. The project has been approved by Environment Ministry as well,and Noida International Airport Limited has been appointed for the charge of the project.
The consent for land acquisition of the airport project has already provided for the Phase I development. Only a few official procedures are left after which the project will start.
The government of UP has notified the concerned organization to acquire 1239 hectares of land,and a total of 1334 hectare is required for the first phase. 94 hectare will belong to the government of the state,andthe remaining 1260 hectare will be acquired by the end of 2018-19. By December 15th, the final consent is expected to be received by the center.
The construction work is supposed to begin from the month of March. The total land requirement for building the complete airport is around 5000 hectare. The first phase construction work is anticipated to begin before the Lok Sabha election of 2019. It will be done through a joint venture process which will include state government of UP (37.5%), the Greater Noida Authority and Noida Authority will share 12.5% and 37.5% respectively. The remaining 12.5% will be undertaken by Yamuna Expressway Industrial Development.
The estimated budget for the airport is around 20000 crore,and the first phase of the same will be built by the year 2023 as expected. The Yamuna Expressway Industrial Development Authority is the nodal agency for setting up the airport which will create an Aero city there is in the IGI airport in this new Jewar Airport.
The Jewar and Indira Gandhi airport will be connected through the direct metro channel. In this case, the Greater Noida Metro line would be connected to a new metro line opening to the airport.
There will be a rapid rail connection as well between the airport and the bus terminus at NCR which is known as Sarai Kale Khan. This rail transit will be quicker than the metro rail as there are fewer stations between this stretch where the train would stop.
There are other plans as well that will connect the airport with the Eastern Peripheral Expressway that connects the Kundli with Palwal in Haryana and bypasses the NCR.
Jewar Airport effect of Real Estate in the region
Real Estate is always affected positively by major and significant infrastructure development. Building an international airport will definitely change the dynamics of the real estate property in Noida and nearby areas. Moreover, it will be a major source of employment which will further attract the people to come and stay in this area and nearby region which will boost the market value of the lands and the residential properties as well as the commercial ones. This is regarded as one of the major and positive moves by the UP government and an excellent investment as well.
Jewar earlier being situated in the Bulandshahar district of UP has now become a part of the Gautam Budh Nagar District has 32269 people residing in it but not much developed even after being a crucial part of National Capital.
This airport will not only improve the connectivity but will also help in boosting died out real estate sector in the area. It is expected that the piled up real estate projects which are not sold yet can be sold once this airport is built and people coming over to this place.
Besides, the real estate sector, there are other sectors which will also be benefitted by the airport project. The transportation facility will evolve in this area. The projections of PWC further adds light on this project which is expected to handle 10 crore passenger by the end of 2050 including both national and international flights.
The airport is expected to provide flying facilities at a lower rate as it comes directly under the scheme of government of Regional connectivity. This airport will bring two state closer that is UP and NCR and will eventually help the other nearby regions like Shimla, Ludhiana, Bhatinda, Pathankot, Gwalior, and others.
The GNDA – Greater Noida District Administration will purchase the land of thirty-nine villages from the farmers so that the work proceeds faster. The government is offering the villager INR 2300 per square meter to acquire the land faster against the circle rate of INR 900 per square meter.
In case the farmers do not accept the offer then the airport project might drop.
However, with the announcement of the project of the Jewar Airport, already the prices of the land has increased by 4-5 times. While earlier the rate per Bigha was 4-5 lacs, it has now become 20-25 lacs.