One of the biggest aviation projects in the country, Noida International Airport is now all set for take-off. The wait for the opening of Jewar Airport, which was being speculated for decades, is finally coming to an end. Prime Minister Narendra Modi will inaugurate this much-awaited airport on March 28. This is not just the inauguration of an infrastructure project, but it is a big step that will change the face of the entire National Capital Region (NCR). Its commissioning will not only reduce the huge pressure of passengers at Delhi Airport, but will also give an unprecedented pace to development and real estate in Noida and its surrounding areas. Along with making the journey easier, this project is also going to open new doors for investment and employment.
That dream of 25 years, which is now becoming reality
The foundation of this huge project was not laid overnight. There is a long wait and planning of about two and a half decades behind this. In 2001, the then Chief Minister of Uttar Pradesh, Rajnath Singh, first proposed a Greenfield International and Aviation Hub (TIAH) in Jewar. This plan remained stuck for a long time, but after the year 2014, there was momentum in this direction. Finally, on 26 November 2021, Prime Minister Narendra Modi officially laid the foundation stone of this project. Now, after about four and a half years of continuous work, the first phase of the airport is ready. When this airport is developed to its full capacity, it will become the largest airport in Asia.
Delhi will get big relief, travel will be easy
At present, there is heavy pressure of passengers and flights at Delhi’s international airport. As soon as air travel starts from Jewar to major cities of the country, the traffic of Delhi Airport will be divided to a great extent. For common travelers, this simply means less congestion and a new, convenient option for air travel.
In which areas is there going to be a boom in property?
The biggest and most direct impact of the operationalization of the airport is certain to be on the surrounding real estate market. According to Vimal Nadar, National Director and Research Head of Colliers India, this airport and various infrastructure projects going on nearby will improve the connectivity of Gurugram and Delhi. The areas situated along Yamuna Expressway, Greater Noida and Noida Expressway will get the maximum benefit from this. In the coming time, the demand and prices of residential properties of middle income group and luxury housing segment in these places are expected to increase significantly.
This development is not going to be limited to residential houses only. The presence of an international standard airport attracts big companies from all over the world. Experts predict that Noida’s commercial office market will grow rapidly in the coming years. According to estimates, in the next few years, there will be demand for about 20 to 30 lakh square feet of Grade-A (high class) office space in Noida every year. By 2026 and beyond, around 25 per cent of the total commercial leasing in the entire Delhi-NCR region is expected to come from Noida alone.