With the Union Civil Aviation Ministry offering an in-principle approval to the construction of an International airport at Jewar in Greater Noida, realty scenario has witnessed a very positive shift in the market attitude.
According to realty market experts, the development will not only pose benefits to the economic growth and will create new job opportunities, but will also inspire a new lease of life in the long subdued realty markets along with Yamuna Expressway.
Besides from the government, local builders and entrepreneurs are also hoping very positive with the upcoming Jewar airport project, as it does include the potential of turning up the fortune of Noida and Greater Noida.
Now before moving anywhere further, it’s important to first understand some vital things about Jewar International Airport.
Jewar international airport construction, which is obviously the much-awaited one has finally received a go-ahead from the state government in a manner that chances are high of commencing the groundwork by the end of this year.
Being scheduled to get operational in a period of next 5-6 years, Jewar airport project has been mainly planned to ease the existing burden of Delhi’s Indira Gandhi International (IGI) airport.Jewar airport development is expected to carry close to 30-50 million passengers per year and to get completed by 2022.
‘In-principle clearance has been given for the airport’. “In Delhi, we are expecting 91 million passengers by 2020 and 109 million passengers by 2024”.
The new Jewar airport has been planned to develop in a manner that will for surely owns the capability of managing 30-50 million passengers per year. Indira Gandhi International Airport which currently handles approximate 63 million passengers a year is expected to be augmented to 109.33 million.
Regarding the first phase of Jewar airport development, a total of 1,000 hectares of land will for surely be grabbed at a price of Rs. 2,000 crore.
With Jewar airport, everyone is expecting to spur not only in economic activity and job generation but also in the realty growth in Noida, Greater Noida and Yamuna Expressway, where key sub-marketers are encountering a multi-year slowdown.
People residing in western UP are required to travel close to 35 km to Gurgaon for boarding flights. So, with this Jewar airport, travel time of voyagers will get reduced.
After the completion of this Jewar airport project, Agra and Gautam Budh Nagar residents will be the primary contributors to the daily traffic low.
Besides this, the other key infrastructure projects on the cards are rapid rail link and metro link. The Central government is aiming to establish a connection between Jewar airport and Delhi through a direct metro link. Here the main plan is to the extent the current under-construction metro line in Greater Noida to the airport site.
An infrastructure interference of this Jewar airport project is anticipated to have a highly massive impact on the realty segment. As per the real estate experts, the direct impact would be felt in areas within a radius of 30-40 km.
With this project, assumptions are high that areas such as Micro-markets of Noida, Greater Noida and Yamuna Expressway would be benefited the most. The reason behind this is the moving of national as well as international passengers alighting at the Jewar airport to Noida and Greater Noida regarding accommodation. Now since the airport is situated at a very little distance from Noida and Greater Noida, so because of an easy ride through Yamuna Expressway, the aforementioned micro-markets will be of course quickly accessible.
The Jewar airport, which is expected to be completed by 2022, possessed the capability of handling more than 30 million passengers annually, is developed on a cooperative arrangement between two or more public and private sectors popularly known as Public Private Partnership model. It is located just 70 Kms away from Indira Gandhi International Airport, and 60 Kms from Noida. This imminent international airport is expected to change the face of the realty sector in Noida, Greater Noida, and other adjoining areas. Unquestionably, this airport will be the biggest job creator and thus a piece of big and encouraging news for real estate markets.
“If there are more jobs in this region, then naturally the demand for housing will rise, thereby boosting business,” – Getambar Anand, President, Real Estate Developers Association of India.
Prominently, it will also generate demands in real estate sectors in Yamuna Expressway and Greater Noida. Moreover, the metro service in Noida is also likely to get extended up to Jewar for further improving connectivity to the Jewar airport.
Below we have listed out some benefits that Noida and NCR will likely to get with the operation of Jewar airport.
No doubt, investing in real estate in Noida, Greater Noida or Yamuna Expressway, which are in proximity to the Jewar airport, is the wisest decision one can take right now. This development is definitely going to change the Noida. The airport will trigger the real estate market in Noida and Greater Noida just like the IGI airport did in Gurgaon. This, in turn, will convey into demand for residential and commercial sectors in the region, and we expect to see prices appreciate in the range of 10-15% per annum in the real estate market.
In lines with Delhi IGI, an Aerocity has also been planned at the Jewar airport. This besides generating a diverse range of job opportunities, will definitely also lead a positive impact on the realty market. Since the overall growth depends onto the pace of development, so as the airport will develop in phases, the realty market will also catch up the pace gradually.
Last but not the least, seeing all the positive consequences of Jewar airport, it would definitely not be wrong to say that as such of several other huge infrastructure development projects, which do enhances the real estate markets, it will also upgrade the property market dynamics in Noida and several nearby areas.