By the end of this month, Uttar Pradesh government is likely to approve the Request for Proposal-cum-Request for Quotation and the Concessionaire Agreement for developing the Jewar International Airport. Once the global bid is approved, tenders would be issued and construction agency will be finalised within six months. Chances are high that the largest airport in India that will entail the development of 2,200 acre of land would be operational by 2023. With that, the national capital region will get the distinction of hosting two airports with 100 kilometres.
The Jewar airport is expected to take load off Delhi’s Indira Gandhi International Airport, which is already facing capacity limitations.
A subsequent meeting of the Project Monitoring and Implementation Committee (PMIC) set up by the Centre to expedite the implementation of the project has already given its green signal to take ahead the bidding process.
The government expects the Jewar International Airport to become operational by 2023 – the land acquisition process is on; the Uttar Pradesh government has started setting aside money for the project. Industry experts expect things to slowly start looking up for Noida’s real estate market that has been under tremendous stress for about five years now because of an ongoing slowdown locally after the ground-breaking ceremony for the national capital region’s second airport, which would also be the country’s biggest airport by size, takes place, likely after the new government set up.
The fact that rates have slowly begun to move upwards in Jewar on hopes of the village getting an airport notwithstanding – as against Rs 4-5 lakh a bigha in 2015, rates have gone up to Rs 25 lakh a bigha now – property here is still quite affordable here if you compared it with similar properties in Haryana or Rajasthan. For a plot measuring the same, investors will have to keep over a crore in Manesar and Bhiwadi. This is indicative of the growth potential land in this region has – the arrival of the airport would start pushing the rates upwards. The affordable land here may cease to be that after 2023. A little diligence, planning and patience would mean an investor can make a windfall on their investment here, even if they plan to flip.