Ready, get set and go ! Today, Prime Minister Narendra Modi and Uttar Pradesh Chief Minister Yogi Adityanath, along with a galaxy of stars from their party would be present for Shilanyas and Bhoomi Poojan of Noida International Airport, adjacent to the township of Noida.
The ambitious project will see six runways at the airport by the end of the fourth phase. A few airports around the world have six or more than six runways. The O’Hare International Airport in Chicago and Dallas/Fort Worth International Airport have more runways.
The Indira Gandhi International (IGI) airport of Delhi, is on the verge of getting choked with high passenger traffic. The maximum retaining capacity of the airport pegged at 110 million passengers is likely to be breached in the next 6 to 7 years.
Yamuna Expressway Industrial Development Authority (YEIDA), will see a major upswing in terms of spiraling of prices of real estate. This is the much awaited date when Prime Minister Narendra Modi will be laying the foundation stone of the Airport which will be followed by “Bhoomi Poojan” which would kick start the construction of the airport and simultaneously, the development of the state. This airport, will be the fifth in the state, after Lucknow, Varanasi, Kushi Nagar and Ayodhya, giving Uttar Pradesh the distinction of being the only state in the country with five airports.
Many Indian major corporates and Multi National Companies (MNCs) have already bought large chunks of land for making their production and warehousing units. In addition to this, many big corporates and MNCs are in the queue for getting land from YEIDA. Post November 25, the area will witness a boom in terms of property rates, say real estate experts. This will also bring prosperity in the area with creation of lakhs of jobs.
Expert Opinion – Honeyy Katiyal, Founder of Investors Clinic told www.indianpsu.com ” the real estate prices are steadily going up in the Noida and Greater Noida Region since the announcement of the Jewar Airport. The Inauguration and Bhoomi Pujan by the Hon’ble Prime Minister and CM UP will further add impetus to the ever burgeoning real estate market in and around the areas. We expect an immediate spurt of 10 to 15% in the prices by the end of this financial year. Investors in these areas can expect a steady growth rate of 15%, year on year till the next 7 years. We have seen that whenever a similar kind of infrastructure development has been undertaken by the Government, the real estate has given a return of more than 100 or sometimes even more in some cases. Case in point being the Rohini and Dwarka market in Delhi. The prices doubled overnight after the completion of metro projects in these areas. Being one of the busiest airports in Delhi-NCR, Jewar airport will attract lots of investment from hospitality sector in the years to come. We are strongly recommending our investors to lap up the investment opportunities in and around Jewar Airport”.
The swanky Noida International Airport in Jewar, Uttar Pradesh, is set to be operational by September 2024 and it is said to be a key development project for NCR residents. Officials said the airport was due to be inaugurated in the month of August but faced delays due to one reason or the other.
The Noida International Airport is spread across 5,000 hectares. The project is being developed at an estimated cost of Rs 29,560 crore by Zurich International Airport AG. The bid was won by the Swiss Airport firm in November 2019 following which a concessionaire agreement had been signed with the Uttar Pradesh government. In the month of July this year, the land lease of the airport was signed for a period of 90 years giving approval for construction. Also, a shareholder agreement was signed between Zurich International Airport AG, YIAPL, and NIAL. The YIAPL is the Zurich Airport company’s 100% subsidiary firm while NIAL has been set up as an SPV by the UP government for project execution.