Finally things are expected to look up for the real estate markets of Noida-Greater Noida. After a wait of over 15 years, the Civil Aviation ministry has given in-principal approval to set up the international airport at Jewar, Greater Noida. This is expected to infuse a new lease of life to the property markets here.
Absence of an airport near Noida-Greater Noida was being seen as a major disadvantage for the real estate markets here in comparison to Gurgaon. The distance from Indira Gandhi International Airport located in Palam, Delhi to Gurgaon is just about 14 kms as against 33kms to Noida and 49 kms to Greater Noida. Gurgaon flourished not just as a residential destination but as one of the favoured commercial and office destination too while Noida-Greater Noida struggled.
"This decision will have a multiplier effect. We are expecting a huge boost to the real estate market, property prices are expected to increase now. A lot of corporate would now look at Greater Noida as it now will have dual advantage of better connectivity and better planned location. Furthermore, economic activities in the region will now pick up," Amit Modi, VP, CREDAI , Western UP and Director Aba Corp said.
According to Civil Aviation Minister Ashok Gajapathi Raju, the airport would come up at an estimated investment of Rs 20,000 crore and should be operational in the next five years. The airport will have capacity to handle nearly 30-50 million passengers annually over the next 10-15 years.
The Yamuna Expressway Industrial Development Authority (YEIDA) has notified 3,000 hectares for the project.
The proposed airport at Jewar has been in the news for a very long time as it has been one of the most contested and sought-after projects for previous governments, including of the BSP and the Samajwadi Party.
The project was first conceived in 2001 by the then BJP government. It got a green signal from the BJP government at the Centre in 2002. The project was shelved in 2003 when Samajwadi Party came to power in Uttar Pradesh in 2003. The project was revived in 2010 under Mayawati's rule in the state.
One major issue for the delay has been the fact that the proposed airport falls within a 150-km radius of the Indira Gandhi International Airport (IGI), thus contradicting an agreement signed with the GMR-led consortium Delhi International Airport Private Limited that manages the IGI Airport. The proposed Noida International Airport at Jewar will be located 72 km from IGI airport and 65 Km from Hindon Air Force station in Ghaziabad.
Meanwhile, YEIDA has decided to revive the high-speed Metro link project between Greater Noida and the proposed Jewar international airport. YEIDA officials discussed the issue with officials of Delhi Metro Rail Corporation (DMRC) regarding feasibility and cost of the project. The proposed metro line will be 35 km long. A decision on the project is expected soon.