It took 16 years of conflicts & disputes for the Jewar Airport to receive approval from the state government. Backed with a budget of Rs 20,000 crores, it would be built on 4000 acres, making it India’s biggest airport.
The foundation will be laid in October this year. Consultancy firm PwC has been asked to prepare a bidding document by July to select potential builders. Construction, starting in 2019, would be divided into four phases, aiming to complete the first phase by 2023.
An MoU has been signed between the UP government, YEIDA, Noida & Greater Noida Industrial Authorities to fast-track the work for the airport, including land acquisition.
Why are the owners unhappy?
Yamuna Expressway Industrial Development Authority (YEIDA) has been assigned as the principal agency to oversee the development of the project. A funding of Rs 4000 crores has been allotted by the state government to YEIDA for the first phase. Land acquisition process has begun, but the owners are not very happy about it.
The landowners have complained that before signing the MoU, the status of their lands was changed from rural to urban. The change in status would make compensation for the lands two times the circle rate, rather than being four times, had the lands remained rural.
The owners have also pointed out that by selling their lands through property dealers they could easily bag Rs 25 Lakhs per bigha (843 sq.m) then why shall they sell the same at Rs 15 Lakhs to the Government.
What’s for the real estate in it?
The government has planned investments to develop transportations links to the airport. A Rapid Rail Transit System from Jewar to Sarai Kale Khan ISBT has been approved. There are also talks to extend Greater Noida metro till the Airport. With the rise in rail connectivity, an army of autos & buses would soon follow.
An Aerocity would be built around the airport which would be another milestone for Jewar. The Aerocity would attract flocks of hotels, malls & restaurants to it. An MRO (Maintenance, Repair & Overhaul) facility would also be set-up at the airport. This would become the hub for skilled labors, engineers & many other professionals. It wouldn’t be delusional to say that a few years from now Jewar would hardly be recognizable.
Eros Sampoornam, located 35 mins away from the airport, provides great investment & residential options. The society has budget friendly 2 & 3 BHK luxury flats with its amazing clubhouse, sports facilities, shopping centers etc. The possessions have already begun at a great pace.
Since 2001, when the plan was first proposed, land values in & around Jewar saw more than a few rises & falls. Political conflicts led to many cancellations, but now, at last, the project has attained stability.
To those who have invested around the airport, I would say that don’t even consider selling. Times are now for development, you can sell your land anytime in the future & still make a good profit. Right now you should focus on establishing a business around the airport, the residential real estate is just one share of the pie. The market is wide open for hotels, cafes, complexes & what not.
It’s an empty land, which in a few years would hold the country’s biggest airport. Decide on a venture & plan on how to start it.
To those who haven’t made their investments yet; do it.