Jewar International Airport – Boosting Real Estate in Noida & Greater Noida

Living in Noida and having a job that requires you to travel to other countries quite often can be a frustrating combination. The only airport in Delhi- Indira Gandhi International Airport- is an hour and a half long drive. Commuting from a distance so far is hectic. But it would no longer be a problem. Jewar Airport is the answer.

The Jewar Airport is a proposed airport to be constructed in Jewar (56 kilometers) in Gautam Budh Nagar district of Uttar Pradesh. The Yamuna Expressway Industrial Development Authority (YEIDA) will be the implementing agency on behalf of the Uttar Pradesh State Government. The airport is to be developed on a Public Private Partnership model. The airport, expected to be completed by 2022.

Jewar is located along Yamuna Expressway which is a 165 km long stretch connecting Greater Noida to Agra. The infrastructure around the area has already started to reach the next level and this kick-start is due to the airport announcement. The extended surroundings of Greater Noida will also witness the new launch of residential and commercial properties.

The project site is 72 kilometers from Indira Gandhi International Airport; 40 km from NoidaFaridabad and Ghaziabad, about 28 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.

The ministry has finally given a nod to the new international airport Jewar in Greater Noida. The plan was passed much before, but it was stalled due to regulatory delays. But now the same has been resolved. The land has been occupied and the construction work for the airport will be started soon enough. This is good news for those living in Noida and Greater Noida as well as for the real estate industry in general.

With the Union Civil Aviation Ministry giving in-principle approval to Jewar Airport in April last, the Uttar Pradesh government’s long-nurtured dream to get the national capital region’s second airport inched closer towards reality. The approval by the ministry for an airport in Jewar along the 165-kilometer Yamuna Expressway has come 16 years after the state government mooted the plan. Plans of building the airport further firmed up with the environment ministry giving its approval to the project in June while the state government approving the social impact assessment (SIA) report of the project in September. On the same day, the state also appointed Noida International Airport Limited (NIAL), a special purpose vehicle, to take charge of the project.

After approving the SIA report, the state government in October last year issued a notification for the acquisition of 1,239 hectares of land for the project. For the first phase of the airport, 1,334-hectare land is required. Of this, 94-hectare land belongs to the government. The construction work is likely to start by March this year as the state government has already approved the setting up of a joint venture company to acquire land required to develop the first phase of the airport projects. Entities that are part of the JV are the UP government (37.5%), the Noida Authority (37.5%), the Greater Noida Authority and (12.5%) the Yamuna Expressway Industrial Development Authority (12.5%).

The first phase of the airport project is expected to be ready by 2023. The second airport in the region will be built at an estimated budget of Rs 20,000 crore.

The Jewar Airport will also have an Aero city on the lines of the one at the IGI airport which will be constructed by the Yamuna Expressway Industrial Development Authority (Yeida), the nodal agency to set up the airport.

The Metro link: The Centre wants to connect the Jewar Airport with Delhi’s Indira Gandhi International Airport through a direct Metro link. The Delhi Metro Rail Corporation has already submitted a detailed project report (DPR) in this regard.  The Yamuna Expressway Industrial Development Authority (YEIDA) might give its approval to the DPR soon, say media report.

The airport will have additional Metro connectivity with the Greater Noida Metro Line. It was in August 2017 when the state government revealed its plans to extend the current Greater Noida Metro Line to the airport site at Jewar. This means the Metro link would be stretched further from Pari Chowk.

The rapid rail link: The Chief Minister Yogi Adityanath-led government is considering the possibility of linking the airport with Sarai Kale Khan (a major bus transit station in the national capital) through a dedicated Rapid Rail Transit System (RRTS). In the words of Yeida chief Prabhat Kumar, this rail is faster than the Metro rail due to fewer stations where it needs to stop, and is well suited for the airport. The Yeida is likely to approve the plan in its upcoming meeting on May 7, say media reports.

Plans are also in the making to connect the airport with the Eastern Peripheral Expressway. The expressway connects Haryana’s Palwal with Kundli, bypassing the national capital.

How will Jewar airport impact NCR real estate?

Like other major infrastructure projects that benefit real estate markets, the Jewar airport, too, is expected to change the property market dynamics in Noida and the adjoining areas.

Gurgaon is the perfect example of how the real estate scenario in a city changes when airports and other connectivity features come up around the area. It was on the outskirts of Delhi just like Noida. But being close to the IGI airport, a good deal of commercial development started coming up around the area and now it has become the commercial hub of NCR.

Similarly, the property in Noida is also expected to see a revival with the coming of an international airport. Several MNCs and domestic corporations will want to set up their offices in the city since the property prices are comparatively cheaper than their equivalents in well-settled parts of Gurgaon. Currently, Noida lacks in corporate developments; coming of the airport is a major step in this direction. Slowly, the real estate sentiments will change for the better, more commercial developments will be seen and property prices would improve like never.

 

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