Jewar International Airport: A Haven for Real Estate Industry in Delhi NCR
"The Uttar Pradesh government plans to build a greenfield airport in Jewar. The construction of an airport is one of the primary enablers of the development of an industrial region (including metropolitan centers) and is predicted to have a strong multiplier effect on the economy. According to the International Civil Aviation Organization (ICAO), the output and employment multipliers of aviation are 3.25 and 6.10, respectively. This means that every 100 INR invested on air transport generates 325 INR in benefits, and every 100 direct jobs in air transport generate 610 jobs in the economy overall."
Furthermore, the new airport would provide a second facility to the National Capital Region (NCR) after Indira Gandhi International Airport. This would help to relieve congestion at IGI Airport, which is scheduled to hit full capacity soon.
Connectivity Status
The airport would be well connected to the NCR region and other districts in western Uttar Pradesh. The location is adjoining the Yamuna Expressway. The airport's southern side would be linked to the proposed Palwal Khurja motorway. In addition, the location is connected to Palwal, Manesar, Ghaziabad, Bhagpat, and Meerut via a 100-meter-wide Eastern Peripheral Expressway that passes via Yamuna Expressway at Formula One Track.
According to PwC report “A proposal of creating a Rapid Rail Transit Network that would connect the NCR regions and Delhi would be leveraged. The government may consider linking Sarai Kale Khan, which serves as a common terminus station for the existing planned routes”.
Project Benefits
A 130-meter-wide road connects the site to Noida through Greater Noida.
Jewar Airport: A Mega Infrastructure Project in the Heart of Delhi NCR
Jewar International Airport has provided the neighbouring real estate markets of Noida, Greater Noida, and Yamuna Expressway a new glimmer of hope. The project's scale and scope are such that it has the potential to alter the dynamics of the NCR real estate market by changing investor sentiment in favor of Noida and Greater Noida regions.
The airport will not only help create jobs by revitalizing commercial activity in the region, but it will also act as a catalyst for the residential segment. Furthermore, the construction of the new airport will spark other infrastructure projects to increase connectivity with adjacent areas, enhancing chances for current real estate projects in Noida and Greater Noida to get inter-connected with other micro-markets.
The Yamuna Expressway Industrial Development Authority (YEIDA) has already proposed an elevated road, RRTS network, and dedicated direct Metro line from Indira Gandhi International Airport to Jewar. In addition, the Delhi Metro Rail Corporation, in collaboration with the Noida Metro Rail Corporation, is conducting an expert assessment to determine the feasibility of extending the Metro's Pink Line.
The Delhi Metro Rail Corporation, in collaboration with the Noida Metro Rail Corporation, is also conducting an expert assessment into the feasibility of extending the Metro's Pink Line till Jewar. The new airport would also reportedly include an Aerocity similar to the one at Indira Gandhi International Airport. Later, the Jewar airport could be linked to the Eastern Peripheral Expressway, which connects Haryana's Palwal with Kundli and bypasses the national capital.
These factors may have a cumulative effect on the real estate markets in Noida and Greater Noida.
Commercial real estate is expected to boom
So far, Noida and its surrounding real estate markets have been known for their affordable residential development. It gradually began to shift toward luxury housing. However, the construction of an airport will significantly enhance commercial real estate development. To meet the demand, business centers, central business districts, and retail hubs will be built. Several MNCs and Indian corporate houses will seek to establish operations near the airport, reviving the commercial real estate sector.
