How Upcoming Jewar Airport Will Change the Delhi NCR Real Estate FaceAnjali Arora15 November 2019
Jewar Airport is an international Airport which is all set to be inaugurated in between 2023-2024. The bhumi pujan of Jewar International Airport was done on 10th-11th February 2019. It is built in Gautam Buddha Nagar in Uttar Pradesh. The Yamuna Expressway Industrial Development Authority (YEIDA) will be the implementing agency of this airport on the behalf of Uttar Pradesh State Government. It is said to be the largest airport in India with 6 express runways. The project site distance is 72 kilometres from Indira Gandhi International Airport; 40 km from Bulandshahr, 60 km from Noida & 70 km from Faridabad & Ghaziabad, about 48 km from Greater Noida, 65 km from Gurgaon and 130 km from Agra. It will connect to the Yamuna Expressway, allowing domestic and international tourists to reach Agra, Mathura and Vrindavan. Yamuna Expressway Industrial Development Authority (YEIDA) has identified 5100 hectares area for the project, out of which 240 hectares belongs to the state government and rest is with private owners. It will be the third commercial airport in Delhi NCR after Indira Gandhi International Airport and a regional airport at Hindon. It is projected to be connected to Delhi Metro via Noida Metro route and via the Delhi-Faridabad-Ballabhgarh-Palwal-Jewar route.
Jewar Airport Impact on Noida Real Estate - Like any other main infrastructure projects that benefit real estate markets, the Jewar airport, too, is projected to change the real estate dynamics in Noida and the neighbouring areas. A recent fall in the property market has led to a huge inventory pile-up. But after the airport project got approval, real estate developers have invested around Jewar and expected to have a positive effect on property prices. As the state government is intense to develop infrastructure, the land acquisition process will be easy further, resulting in bigger financial benefits for Jewar’s landowners. Around 2,378 acres of land has already been attained to develop the airport. Plans for providing the area with a Metro connectivity are likely to develop the prospects for investors.
What to Expect with Jewar Airport in Future? - Jewar airport, after completion, will be among one of the three largest airports in the world, including O'Hare International Airport in Chicago, Daxing International Airport in Beijing, China, and Dallas/Fort worth International Airport in Texas, US. The O'Hare Airport is spread in more than 7,200 acres and has eight runways, while the Dallas/Fort worth Airport and Daxing Airport has seven runways each. While the Jewar International Airport will have 6 runways and will be in 5100 hectares area. In future, Jewar International Airport will be increased by 2 more runways and will become one of the largest airports of the world.
Investment in Property near Jewar - The government expects the Jewar International Airport to become operational by 2023 – the land acquisition process is on; the Uttar Pradesh government has started setting aside money for the project. Industry experts expect things to slowly start looking up for Noida’s real estate market that has been under tremendous stress for about five years now because of an ongoing slowdown locally after the ground-breaking ceremony for the national capital region’s second airport, which would also be the country’s biggest airport by size, takes place, likely after the Lok Sabha elections.
If You are an Investor - Those who have already invested in property markets around the area - the proposed site runs along the 165-km Yamuna Expressway - have little reason to be cheerful if we speak of the present. Instances of project delays and developers going insolvent have severely damaged buyer sentiment which has resulted in record low home sales. Declining sales have further resulted in the downfall of the Noida property market, which includes Greater Noida and Yamuna Expressway, gathering the highest inventory stock in the whole of NCR. In Jewar Investment market where developers are struggling to sell the existing stock, does it make any monetary sense to make a fresh investment? If you are there to make a quick buck, it may not. If you are in the property market to earn handsome returns in the long run, it certainly does!
The Developing Story of Jewar International Airport.
The project was first proposed in 2001 by then Uttar Pradesh chief minister Rajnath Singh as a Greenfield Taj International and aviation Hub (TIAH) at Jewar village near Greater Noida, near the Yamuna Expressway. The Central government cleared the techno-feasibility report for setting up TIAH in April 2003. Global investors have time till the end of October to bid for the contract to build a new airport at Jewar in Uttar Pradesh that will be the second airport in the national capital region after the New Delhi international airport. The airport is expected to bring competition in the air travel market in the region. Construction work is expected to start early 2020 and the first phase is expected to be completed by 2023. The Noida International Airport Limited (NIAL), which on Thursday called for e-bids from global investors for the project, said technical bids will be opened on 6 November and financial bids will be opened on 29 November. Investors have time till 1 July to seek any clarification needed on the project, NIAL said in a twitter post. Investors' queries will be answered by the end of August. To be built at an estimated cost of ?15,700 crore, the airport is expected to bring competition in the air travel market in the region and help boost the state economy. As per the government's new formula for auctioning new airport projects, the investor offering the highest revenue share per passenger to the implementing agency will get the contract to the build the airport. Construction work is expected to start early 2020 and the first phase is expected to be completed by 2023.The project is of interest to both the state political leadership as well as to Prime Minister Narendra Modi, who during a visit to the region in March said it will create job opportunities for the youth. Jewar Airport will bring a golden opportunity of development in western Uttar Pradesh.