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12/3/2019

The Proposed Jewar International Airport Likely To Boost Real Estate Activity

The proposed Jewar International Airport in Gautam Budh Nagar district of Uttar Pradesh is expected to be the largest airport in India. Currently, Indira Gandhi International Airport in the capital city has three runways, and ranked as the number 1 airport with the highest number of runways in India. The complete proposal of Jewar International Airport is set to construct six-eight runways in four phases. 

On November 29, 2019, the Switzerland-headquartered company Zurich Airport International AG won the financial bid by offering a bid of ₹ 400.97 per passenger. Others who participated in the bidding were Adani Enterprises Limited, Delhi International Airport Limited (DIAL), and Anchorage Infrastructure Investments Holdings Limited. 

Shailendra Tripathi, Nodal Officer of Noida International Airport Limited said, “After technical bids are decided, the company that offers the highest return per passenger is given the opportunity to become the concessionaire. In this case, the Swiss company made the highest bid we have seen in aviation. This is a positive sign for us since the bidding process was carried out in complete transparency. The people of NCR can expect a world-class airport”.

Significance of Jewar International Airport

Dallas/Fort Worth International Airport in Texas with seven runways and O’Hare International Airport in Chicago with eight runways have the maximum number of runways in the world at present. With the proposed six-eight runways, Jewar Airport is on its way to be positioned along with them on the world map.

The financial bid by Zurich Airport International AG broke all the records in the aviation sector by becoming the highest bid in the country. It will design, develop and operate the Jewar Airport. The four phases of Jewar airport is estimated to be completed in the next 30 years, with the completion of phase 1 by 2023. The upcoming airport will significantly reduce the burden on Indira Gandhi International Airport.

The residents of Delhi NCR will benefit the most by the proposed airport as it is closely located to Delhi, Noida, Ghaziabad, Greater Noida, Gurgaon and Agra.

Will Jewar airport benefit the real estate sector?

With 998.13 hectares of land already acquired for the airport, real estate markets of Noida, Greater Noida, and Yamuna Expressway are likely to see growth. Some experts have expressed their belief about the impact that would not be instant but gradually improve within a duration of 8 to 10 years. The airport will bring more end-users and boost the sale of unsold housing inventories in these regions. 

Jewar International airport will aid in improving the infrastructure of Greater Noida and Yamuna Expressway and make these areas active and liveable than before. With property prices relatively cheaper than in Gurgaon office and retail spaces will pick up in the area where new airport is built. 

Getamber Anand, MD, ATS Infrastructure, said, “Noida story has arrived. It will be an exciting time since an international company will be building it. Noida will be on the path to become a global town in the coming five years. With the airport, jobs will be created since the manufacturing sector will also kick off. All of these factors are positives for the region”.

Jaxay Shah, National Chairman, Confederation of Real Estate Developers Association of India (CREDAI) said, “This will be a great boost for connectivity in the area, which will lead to a lot of potential for commerce, residential development and the hospitality sector. It can develop as a good residential option and we can expect growth in population density”.

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