Prime Minister Narendra Modi on Thursday laid the foundation stone of Noida International Airport in Jewar, Uttar Pradesh. Addressing the event, the Prime Minister said that the international airport would give a major boost to the state’s economy in terms of tourism, exports, employment and real estate.
PM Modi said, “Noida International Airport will become the logistics gateway of North India.” Civil Aviation Minister Jyotiraditya Sindha told India Today TV in an exclusive interview that Jewar airport will create one lakh jobs.
All About Jewar Airport, UP’s Fifth International Airport
Details about the airport project
Once the construction is complete, it will be the largest airport in India. Spread over an area of 1,334 acres, the Noida International Airport is being developed by Yamuna International Airport Pvt Ltd (YIAPL), a 100 per cent subsidiary of Swiss concessionaire Zurich International Airport AG.
The total cost of the project has been estimated at Rs 29,560 crore. The construction work is underway and the first phase of the airport is likely to be completed by 2024. The construction of the airport will be completed in four phases over a period of about 30 years. Once it becomes operational, Uttar Pradesh will have a total of 5 airports.
Several experts have praised the airport project saying that it will give a huge boost to the economy of Uttar Pradesh in terms of job creation, exports, investment and much more.
Having said that, here are 5 ways the airport will benefit the economy of the state:
Job Creation
According to Civil Aviation Minister Jyotiraditya Sindha, the airport’s strategic location is likely to generate employment opportunities for at least 1 lakh people. Job opportunities will come not only from the construction of the large scale project, but also from the commissioning of the airport.
Big Investment
Apart from employment generation, the project is also expected to generate massive investment in the sector. Officials estimate an investment of Rs 35,000 crore from the airport. In the initial years after completion, the airport is expected to invest Rs 10,000 crore for the surrounding areas.
Given its strategic location, many corporates would like to invest in this area. It is located approximately 72 km from Delhi’s IGI airport and 40 km from the multi-nodal logistics hub at Dadri. Investments can be related to the development of real estate in the surrounding area, offices, business centers and more.
Trade and Export
It is worth mentioning that the Noida International Airport will be the first airport to have an integrated multi-modal cargo hub, which will significantly boost shipment activity and boost exports and imports. The sheer size of the airport will also allow high volume shipments, which will ultimately boost the economy of the state.
Tourism
The airport is expected to boost tourism income in the state. Once completed, the airport will make it easier for residents of East Delhi, Noida, Ghaziabad, Greater Noida, Meerut and adjoining western UP districts to travel. Also, with a target of over 10 million footfalls every year, the airport will give a major boost to tourism in Agra and Mathura.
Real Estate Boost
This is likely to boost the development and sale of real estate in the Greater Noida region to a great extent. Jewar airport has been pegged as a significant project by experts tracking the real estate sector as they feel that the project will increase the demand for real estate in Noida, Greater Noida and Yamuna Expressway.
These areas were previously a haven for speculators and needed significant incentives to attract end user demand. For an area to become end-user-centric and livable, an infrastructure project like Jewar airport can help kick-start more real estate development, including housing, commercial, retail and hospitality projects.
If construction proceeds as per schedule and Phase 1 is completed by the second half of 2024, there will be significant ‘real’ benefits. Already, in the past year, commercial activity – especially warehousing – has also seen a rise in other mega projects in and around the airport, including Film City.