Sanjeev Arora, Director 360 Realtors
On 30th October, the Noida International Airport or the Jewar Airport will officially commence operations. The mega project, which will operate parallel to the existing Indira Gandhi International Airport in Delhi is set to redefine the contours of connectivity, commerce and property market in the NCR region.
Initially in the first phase, Jewar airport will serve 12 million passengers. Once completed, it can serve up to 70 million passengers annually, making it one of the largest airports not just in India but also pan Asia.
Interestingly, not just passenger movement, but airport will also give a pivotal push to transform Jewar into a regional logistics hub. Its strategic location, which places it in close proximity to major transport hubs such as Delhi Mumbai Industrial Corridor, Eastern Peripheral Expressway, Multimodal corridor at Dadri further position it as potential transport and commercial hub. This will or rather has already started catalyzing a chain of orchestrated economic transformations, making a sought-after address in making.
Reverberating an infrastructure push across the wider region
The mega project will be at the centre of a slew of high-profile, forward-looking infrastructure developments. In close proximity to the airport, a 174 acres multi modal logistics hub will be developed in the Dadri area, near the airport site. The project which will integrate multiple warehouses, container depos, cold storages will be boon to the local industries, helping them become competitive in the global marketplace.
Just at a distance of 4 kms, a 1000-acre film city project is being developed. This will attract big media companies, creative mavens, production houses, investors and other business houses. The project will have world class studios, sound stages, post production facilities, and much more making Jewar the next go-to place to shoot films, OTTs, commercials, music videos, etc.
The DPR has already been submitted for the much talked about Jewar- Ghaziabad RRTs, which will reimagine high-speed regional connectivity. The Inr 20,000 crore project which is slated to be completed by 2027 will lower commute time between Ghaziabad and Jewar airport to just ~ 35 mins. The mega project will intersect multiple metro lines, railway stations and bus terminals augmenting regional connectivity.
The Jewar airport mega project is not just set to become an airport of international repute but also a critical node in the global supply chain & commercial landscape. YEIDA is strategically building a string of industrial parks comprising diverse businesses such as electronics, medical devices, consumer durables, textiles, pharmaceuticals, automobile, automotive parts, green mobility, etc. Presence of multiple and diverse industries will also foster innovation and facilitate knowledge sharing.
To take the concept of airport-linked urban growth to the next level, Zurich airport is building a 5000-acre aerocity, near the site.
Can transform the region into an exciting property market prospect
The Noida international airport will herald a new dawn to the property market in Jewar and nearby locations. The mega airport project in conjunction with a string of infrastructure upgrades are bringing the spotlight on Jewar, Yamuna expressway and Greater Noida area. As Jewar reaches completion phase, there is visible gold rush amongst developers, hotel businesses, retailers and construction companies, resulting in sky rocketing of property prices. Interestingly, this is not just attracting end-users but also intriguing the interest of the investor fraternity.
The anticipated property market boom will be multifaceted and would not just be limited to the housing sector alone. The major airport project isn’t just an aviation hub but is also a promising economic & commercial centre. This will naturally result in increased interest from offices, commercial centres, co-working operators. Besides air, excellent connectivity via the railways and roadways will further give an impetus to the commercial property market.
Similarly, proximity to the high-speed railway corridors and concentrated efforts to develop world-class industrial parks will attract manufacturing business, warehouse operators, distributor companies, regional offices of larger MNCs, etc. It is naturally attractive for businesses to set-up their presence in proximity to a bustling aviation ecosystem.
There will also be huge thrust on the premium and high-end luxury property market alongside mid-income housing. The ongoing high-profile business districts such as aerocity and filmcity will attract well-heeled households, c-suites, entrepreneurs, unlocking a spike in demand for premium housing options such as penthouses, gated villas, luxury apartments.
