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In a flurry of activity, the Noida International Airport is swiftly taking shape, with preparations in full swing to meet its ambitious timeline for test flights in mid-2024 and commercial operations by the end of the following year. This upcoming airport, expected to rank among India's largest, is poised to become a game-changer for the Greater Noida and Yamuna Expressway region, sparking considerable interest in real estate development and investment.
The bustling town of Jewar in Uttar Pradesh, located approximately 57 kilometres from Noida, has witnessed a significant transformation, thanks to the airport's construction. Real estate developers, investors, warehouses, hotels, and universities are making strategic investments in the area, while Bollywood actors and producers are also showing keen interest.
The Yamuna Expressway Industrial Development Authority (YEIDA), the nodal agency for the region's development, has announced schemes linked to the airport. These schemes encompass residential, commercial, and industrial sectors, as well as land earmarked for an education hub and a film city. Notably, one scheme launched in August attracted over 200,000 applications for 1,184 plots.
Several high-rise residential colonies, including projects by well-known developers such as ATS, Oasis, and the Gaur Group, have already been completed. These residential projects tower over vast areas on both sides of the Yamuna Expressway, further fuelling the area's real estate boom.
The Uttar Pradesh government views the Jewar airport as a potential catalyst for the region's growth, aiming to turn it into the next Gurugram, a bustling corporate hub. The airport's strategic location and excellent connectivity through the Yamuna Expressway make it a promising prospect for economic development.
However, there are environmental concerns to address. A recent petition before the National Green Tribunal requested a stay on the airport's construction until the Dhanauri Wetland, home to vulnerable sarus cranes, is granted protection. The government has been given four weeks to provide an update on this matter.
The real estate market around Jewar has seen exponential growth in land prices, attracting buyers from across India and even international investors. This rapid increase in land rates has stirred both official and informal markets, where plots and agricultural land are traded directly with farmers.
As the region witnesses these transformative changes, there is a growing belief that Noida and Greater Noida will outshine Gurugram in terms of infrastructure and economic activity. The completion of the Noida International Airport is a crucial piece in this puzzle, with developers and investors eagerly watching its progress to assess the potential for future projects.
While there is still some way to go before realizing the full vision of the airport's impact, the dreams of this area continue to soar high, making Noida International Airport a beacon of hope for the region's economic and real estate development.
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