One of the mega-projects which will be in prime focus for the newly elected central government will be the upcoming Jewar International Airport. Land acquisition at a cost of Rs 600 crore has already started for the prime infrastructure project which will give the National Capital Region its second international airport. The airport itself is likely to be completed by 2023 and will have the distinction of being the country’s largest airport in terms of surface area and could serve up to 6 million passengers a year in the very first phase.
This number, which is expected to go up to 10 million by 2029-30 and then to 100 million by 2050, will be very important in solving the transportation needs of Delhi NCR and nearby districts. While one study estimates that Delhi will become the most populous city in the world over the next ten years, another study claims that India’s aviation market will become the world’s third largest by 2024.
The airport is expected to take off some load from the Indira Gandhi International Airport, which is already facing capacity constraints and has its own expansion plans underway. In FY 2018-19, IGI Airport handled 69.23 million passengers. Air passengers who reside in the western Uttar Pradesh region would likely opt for Jewar Airport as their first choice since it would save them more than an hour’s time and the hassles of negotiating busy traffic as they negotiate their way to IGI.
In the initial phase, the airport is expected to commence operations with nine domestic and six international flights. Besides solving air traffic problems, the $3.1 billion airport is expected to give a much-needed boost to the real estate market of Noida. The government also intends to turn the airport into an aviation hub and is already working to connect it with the metro lines of Delhi and Noida. Plans to increase connectivity in the area are drawing hordes of realtors and property prices in Jewar have surged. Analysts say that land prices have gone up from `15 lakh an acre to over `80 lakh an acre in nearby villages.
Currently, property markets around Noida are reeling under the immense pressure of high levels of unsold flats and houses. According to the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA), there are over 100 incomplete and inactive projects in the region. Some of the biggest developers such as Amrapali, Jaypee, Unitech and others are facing a severe financial crunch and are embroiled in litigation.
However, the Jewar airport may prove to be the silver bullet which could solve the real estate sector’s woes in the area. Farmers who have received hefty compensations for their land have already increased their spending, with many eying investments in residential complexes in the area, while others are flocking to financial markets and investing in the logistics business.