Welcoming the move, realty giants in the region say new cities always come up around airports; the sector has been facing a slump for years now
The proposed Jewar airport is expected to boost real estate, mobile manufacturing units, and other industries in the entire western UP, according to experts.
"It is a welcome decision by the state and the Centre. This move will attract huge investment and generate lakhs of jobs. This will benefit the entire region," Getamber Anand, CMD of ATS group and Chairman of the Confederation of Real Estate Developers' Association of India (CREDAI) said.
The ATS group is developing ATS Allure in the posh Sector 22D of Yamuna Expressway and part of the 100-acre ATS Province D'Olympia township.
Another stake-holder on the Expressway, Supertech CMD RK Arora, said: "The real estate sector has been facing a slump for a long time. This announcement has given the investors a reason to cheer." Supertech is developing two projects, one of which is in the delivery stage while another will be finished by this year.
Gurneet Sikka, Director of the Sikka Group, said: "Many cities come up around one international airport. So far, infra development has been restricted to in and around Delhi. This project, however, will help create more cities and housing at a low cost."
Besides, the airport is expected to cut down travel time for those coming from Greater Noida, Mathura, Aligarh, Agra, and Alwar by two to four hours. Once operational, the airport will serve at least two dozen districts in western UP.
The Jewar airport in Greater Noida will function as the second airport in the National Capital Region as the Delhi airport is likely to exhaust its capacity in the next 4-8 years.
Future planning
The project is likely to be completed in 5-6 years. Nearly 5,000 hectares of land and an investment of around Rs 20,000 crore is required for the project, which will be based on the PPP model. The land has already been earmarked. Once operational, the airport will cater to 30-50 million passengers per year over the next 10-15 years.
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