Development of Jewar Airport and Its Effects in the Region

Jewar Airport NoidaAfter a long wait, the Jewar airport project in National Capital Region has been taken over by Zurich Airport International, a Switzerland – headquartered company that is indulged in eight more such projects in Latin America along with a few airports in Brazil and Chile, the company also engages in both the management and operations of airports in Bogotá and Curaçao. Zurich Airport International was the highest per passenger bidder and came out on top after outbidding construction giants like Delhi International Airport Limited (DIAL), Adani Enterprises and Anchorage Infrastructure Investments Holding Limited, the officials said. This upcoming airport in Uttar Pradesh, also known as the Noida International Greenfield Airport will be spread over 5,000 hectares when completed. With an estimate of over Rs. 29,500 Cr. approx, this makes it the biggest billed airport in the country as of now. The airport is expected to have 6 runways, which not only makes it easier to accommodate additional landing capacity but also makes it the only airport in India to have these many runways to offer, according to officials.

The selection of the company has been done on basis of premium per passengers (pax) offered by the top four bidders. Zurich Airport AG said that the first phase is expected to cost approximately Rs 4,657 Crore i.e. for the construction that ends in the year of 2022, approximately.

The first phase is set to handle over 12 million passengers per annum. The project would touch lives and gives the convenience Noida currently needs more than anything, as many people living in this area still have to travel to Delhi – a journey of at least two hours if they plan air travel, more over this project also adds to the increase in land and property rates in the area, land owners can already see the difference While a bigha (17452 square feet approx) of land was sold for Rs 4-5 lakh in the past, rates have now touched Rs 20-25 lakh a bigha. Vipin Malhan, President, Noida Entrepreneurs Association said, “In the current scenario, the only advantage that Gurgaon has over Noida is the airport. Otherwise, Noida is a much better place for industrial investment”. Since its announcement by the government, investors have started to take the possibilities to invest in Noida, Greater Noida region much seriously. With 20 huge European industries showing interest towards investing in Noida, it seems like that time is not far when Noida becomes the next best stop for real-estate investment.

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