As Noida’s Jewar International Airport races ahead towards the completion of its first phase next year , its operationalization will have a significant impact on Noida real estate.
Real estate investors need to have a discerning eye when it comes to the development and master plan of Jewar Airport. Noida Airport’s boundary will extend to the Aligarh district border with an addition of 1200 hectares and the total airport area will be 7750 ha. In phase 5 of this project, the additional 1200 ha will be included in the Master Plan 2041. By expanding the airport, more international transactions will take place and global investment opportunities will arise.
Construction on phase-1 of Noida International Airport (NIAL) is currently underway with a robust lineup of up of 65 daily flights by the end of 2024. Trials are expected to start in February 2024.As part of the preliminary route network, short-distance flights will be offered to Dehradun, Pithoragarh, and various other places in addition to major cities like Mumbai, Bengaluru, Hyderabad, Chennai, and Pune. Moreover, two flights are scheduled for foreign destinations, marking Noida International Airport’s entry into the global market. As NIAL CEO, Arun Vir Singh told TOI, “Once the airport starts operating, flights to foreign destinations will also commence. Dubai and Singapore could be amongst the first few.” Additionally, a cargo flight will be operated from the airport. As per Singh, Indigo and Air India have expressed keen interest in setting up bases at Noida International Airport.
It is expected that Noida International Airport will serve approximately 5 million passengers by the end of its inaugural year, with a 12 million passenger footfall projection for the first phase of its operation. When the airport reaches 80 percent of its designated passenger capacity, construction on a second runway will begin.
Already, in a run up to the operationalization of the Jewar Airport, there is a complete transformation in this area and Noida will be offering great advantages. Locals are looking forward to more employment, business opportunities, and most importantly, an upgraded lifestyle.
Noida’s real estate market is expected to grow in the coming years, resulting in capital appreciation and higher rental returns, As more people migrate to Noida, the demand for housing, retail, and office space will go up. This will lead to increased economic activity, which in turn will lead to higher rental returns, higher ROIs, and higher land prices. Additionally, the development of Jewar Airport and the related master plan will also likely have a significant impact on property values.
(Source TOI & ET)