The Indian real estate business is rife with upheaval and instability. Everyday prices fluctuate, which is why the government takes various moves and initiatives from time to time to maintain a steady pace in the business. The Jewar International Airport project is one such stage (Greenfield International Airport). According to analysts, the construction would hasten the pace of existing commercial projects in the Delhi NCR area and undoubtedly put the Gurgaon sector under pressure.
The ease of mobility provided by this airport would undoubtedly encourage MNCs and other investors to invest in the region and expand its commercial activity. While it supports the investment required for various investors, it also supports the accomplishment area since it is predicted to be one of the country’s largest airports after construction. Many analysts have dubbed it a game-changer since it can enhance real estate. And it will encompass not just Greater Noida but also the territories extending from Greater Noida to the Yamuna Expressway. These sectors have remained dormant for some time, even though demand for this airport appears to increase faster.
This massive airport will have six major runways, making it the largest in the country. This airport will break records in contrast to India’s current largest three-runway airport, Indira Gandhi International Airport. The Jewar airport operations are separated into four phases, with just two runways operational in the first phase, which will be completed by 2023. The airport will be working on all six runways in the fourth and final phase. The fourth phase is launched to be finished during the next 40 years.
The Jewar Airport Development Project:
The JIP (Jewar International Airport), often known as Noida Airport, is an aviation project located 56 kilometres from Noida in the Gautam Budh Nagar district of Uttar Pradesh. The Uttar Pradesh State Government has tasked the Yamuna Expressway Industrial Development Authority with carrying out this project (YEIDA).
A public-private partnership approach was chosen for the airport. The current proposal is to build an airport with two runways and expand it to six. According to forecasts, the airport will initially serve 5 million people per year, with this figure potentially increasing to 60 million in the following decades as the airport expands. Jewar Airport will now cover an area of 5000 hectares, with a total development cost of around 29,560 crores. The distances are about 40 kilometres from Noida, Ghaziabad, and Faridabad, 72 kilometres from Indira Gandhi International Airport, 65 kilometres from Gurugram, 28 kilometres from Greater Noida, and 130 kilometres from Agra.
The Effects of the Jewar Airport Project:
According to India’s track record of public infrastructure projects, this one appears to positively influence the real estate market in Delhi NCR and other surrounding locations. Many industry specialists think that such a significant investment project, supported by big government-sanctioned budgets, would undoubtedly increase demand in the region. They also claim that it would solidify the commercial property market’s reputation in Noida, Delhi NCR, and other surrounding locations like the Yamuna Expressway.
This would assist current real-estate enterprises in expanding their market and increasing income, particularly in the Delhi NCR and Noida areas. The expansion of this airport will influence the export-import and manufacturing industries and jobs, and the real estate sector. The arrival of this airport will also affect the travel and tourism business, given it is close to popular tourist destinations such as Delhi and Agra. One of the most significant advantages is that the new airport will share the burden of Indira Gandhi International Airport, which will undoubtedly increase the efficiency of India’s aviation sector.
Jewar Airport’s Real-Estate Prospects in the Future:
The Jewar Airport will have an Aerocity, similar to the Indira Gandhi International Airport. Jewar airports’ potential includes building a link with the Eastern Peripheral Expressway. This will facilitate connecting the airport to locations like Palwal and Kundli in Haryana, avoiding Delhi. Through the functioning of this airport, the region is expected to become more vibrant and functional. Following the arrival of visitors, the planned investment in hotels and other infrastructural amenities will undoubtedly increase, stimulating the interest of residential and commercial property purchasers in the market.
According to numerous analysts and experts, the total real estate market would see higher demand from residential, and business investors as more office and commercial spaces will be needed. Even the estimations and predictions demonstrate the comparable affordability of office renting rooms in Noida. This will allow customers to tap into the possibilities of the Delhi NCR while spending less than in Delhi and Gurgaon. Because the airport’s impacts would be felt over time, the rates will not rise in a single day. At first, the awards would be increased gradually to a maximum of 2 to 5%. When the commercial real estate market expands, multinational corporations will drive their investments in the region.
As projected, the Jewar Airport will be ranked among the top three airports in the world. They are now Dallas/Fort Worth International Airport in Texas, O’Hare International Airport in Chicago, and Daxing International Airport in Beijing. O’Hare, the world’s largest airport, has already extended across 7200 acres and has eight runways, while the other two each have seven. As it stands today, Jewar airport will be stretched across 5100 acres, with six runways, and two more runways will be built in the future, making it the world’s largest airport.
Despite the forecasts and findings, the commercial projects of Noida remains a source of anxiety until work begins and progress is seen. As soon as the practical aspects are observed, investors and developers will cash in on their investments made in the surrounding areas. In terms of real estate, there is a halt on additional developments in the Delhi NCR area till the sale of old projects is completed. Despite this, the Jewar International airport is planned to revitalise the region’s real estate and business markets.