Noida to Fly high from Je­war Air­port

‘Je­war In­ter­na­tional Air­port’ for long re­mained a dream project for the UP Gov­ern­ment which it nur­tured for 16 years. With this dream project now inching closer to re­al­ity, Shubhra Saini takes a look at what it means for the realty sec­tor of the re­gion.

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Je­war In­ter­na­tional Air­port is an epit­ome ex­am­ple of how a project faces the brunt of regime changes: first pro­posed in 2001 by the then CM of UP, Ra­j­nath Singh, Green­field Taj In­ter­na­tional and avi­a­tion Hub at Je­war vil­lage near Greater Noida. The civil avi­a­tion min­istry cleared the pro­posal for the new air­port to be set up on 2,200 acres of land in June 2015 and The Union Min­istry of De­fence cleared the project in June 2016, lastly The Min­istry of Civil Avi­a­tion and En­vi­ron­ment Min­istry re­cently gave the green sig­nal to the project. Ac­cord­ing to lat­est re­ports, YEIDA wants to ac­quire land, by pay­ing twice the cir­cle rate to nearly 3000 land-own­ers as the other route of ob­tain­ing land through di­rect ne­go­ti­a­tion, does not seem to be pos­si­ble. How­ever, the vil­lagers in eight vil­lages of the area are de­mand­ing four times the cir­cle rate as per the Land Ac­qui­si­tion Act pro­vi­sion for ru­ral ar­eas. Can Je­war air­port do it for noida what indira gandhi in­ter­na­tional air­port did for gur­gaon? . The air­port will be con­nected with the Delhi’s Indira Gandhi In­ter­na­tional Air­port though a di­rect Metro link, with ad­di­tional Metro con­nec­tiv­ity via Greater Noida Metro Line. UP state gov­ern­ment is also con­sid­er­ing the pos­si­bil­ity of link­ing the air­port with Sarai Kale Khan (a ma­jor bus tran­sit sta­tion in the na­tional cap­i­tal) through a ded­i­cated Rapid Rail Tran­sit Sys­tem (RRTS). Will it up the ante for real es­tate in Noida and Greater Noida? Will it bring more MNCS and in­ter­na­tional cor­po­rate houses to Noida? Can it ever take away the glory from Gur­gaon or at least cre­ate a balance in prop­erty rate dis­par­ity be­tween Gur­gaon and Noida? The ques­tions are too many but time will only chart the fu­ture for this as­pi­ra­tional realty cor­ri­dor. For now real es­tate de­vel­op­ers are bullish over this strate­gic de­vel­op­ment. The air­port con­struc­tion will give ma­jor fil­lip to the job mar­ket in the area and cre­ate de­mand for res­i­den­tial, com­mer­cial, retail, hospi­tal­ity and all the other realty as­set classes. Pra­soon Chauhan,ceo, Homekraft (part of ATS Group), said, The project is ex­pected to change the prop­erty mar­ket dy­nam­ics and job op­por­tu­ni­ties in Noida and the ad­join­ing ar­eas like Greater Noida, Delhi and Gur­gaon. Since it will take a lot of time to build the air­port, this re­gion is now a good in­vest­ment op­tion.”

Noida and es­pe­cially Greater Noida (be­cause of its close vicin­ity with the air­port) are great in­vest­ment zones to­day, be­cause in 4-5 years, by the time the air­port will hit its first phase com­ple­tion, the prop­erty prices here will shoot up.

pro­posed plan of the je­war air­port

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