How Jewar airport going to impact the NCR real estate market?
Recently, the Uttar Pradesh government gave its approval for the second airport in Nation region Capital which will be built at Gautam Buddha Nagar’s Jewar in four phases
The state government has estimated that approximately 3,000 hectares of land would be required for the airport development. In the first phase, development work will be carried out across 1,206 hectares which is worth Rs 3,000 crore approximately.
The Jewar airport will be opened to the public in the next five to six years and the total estimated cost of the airport is around Rs 20,000 crore.
The project got a go-ahead from the Centre in June this year and a no-objection certificate (NOC) was issued on October 5 by the Centre for the project.
The state government, this August publicized that they have the plan to link Jewar with a Metro connectivity. The metro line would extend the current Greater Noida Metro Line to the airport site at Jewar which means the Metro link would be stretched further from Pari Chowk.
Will Jewar airport impact NCR 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 neighboring 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.
Why is the necessity of an airport in Jewar?
Denizens living in other cities of western UP and some cities of Rajasthan have to travel to Delhi if the travelers plan an air travel. An airport in Jewar will be helpful for these people. This airport will not only serve the aviation needs of Delhi but also of cities such as Agra, Bulandshahr, Mathura, and Meerut. The civil aviation ministry expects this airport to give a boost tourism and economic potential of the region.
Flying affordability
Being built as part of the government’s regional connectivity scheme, the planned airport in Jewar is expected to provide travelers reasonable options.
Windfall for landowners
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.
The state government earlier has selected the Yamuna Expressway Industrial Development Authority (YEIDA) as the nodal organization to set up the airport.