As reported, it is expected that the upcoming Jewar Airport will give way to the creation of multiple growth opportunities by opening up avenues for employment and an increase in urban infrastructure – according to industry experts.
It is estimated that apart from the immediate aviation sector, the new airport will also boost development across various sectors of real estate, hospitality, tourism, construction and transportation. As per analysts, the real estate sector in the regions of Noida, Greater Noida and Yamuna Expressway will witness a considerable jump as developers and investors will be keen on investing capital towards commercial real estate – which will in turn also increase demand for these projects.
Reportedly, other areas that will also experience an impetus in growth are likely to be: Warehousing, logistics, manufacturing and exports.
Jewar airport will be developed on the PPP model. Going by reports, the plan is to build a two-runway airport by 2022-23 and further in future have it extended to a 7,200-acre six-runway airport. The development of the airport comes at a time when Delhi’s Indira Gandhi International Airport is facing a high influx of passengers and is in need of decongestion.
The employment opportunities to arise out of the upcoming airport will be direct and indirect, benefitting local workers the most. The development will provide jobs to large groups of people following which; more prospects will open up in various secondary sectors that will grow as a result of the airport.
5,100 acre (2,063 hectares) has been acquired for the airport project and the environmental clearance has been obtained for what is slated to be one of the biggest airports in Asia.
Zurich Airport International has been reported quoted from a statement saying that it would develop and operate the new Noida International Airport at Jewar in Uttar Pradesh under a 40-year concession.
The capital investment in the first phase of the project is expected to be about $650 million during the construction period of nearly four years. The first phase is expected to be able to accommodate around 12 million passengers per year.