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Logo of Noida International Airport

Noida airport: Residential growth along expressway likely in 4 yrs, say developers on UP budget

  • The various highways and expressways will see real estate development around them, said Mahagun Group director Dhiraj Jain
  • UP govt's 2021-22 budget has made a provision of 2,000 crore for the upcoming Noida International Airport

After Uttar Pradesh government presented the state budget 2021-2022, dedicating a huge chunk of it for the development of Noida airport, real estate developers expressed hope that the region around the airport could see good interest in residential development in four years.

The comments come after the UP government earmarked 2,000 crore for expanding airstrips from two to six at the upcoming Noida International Airport in Jewar and also announced establishment of an 'electronic city' near it along the Yamuna Expressway.

"Earmarking such large amounts and clearly articulating the vision for Jewar airport are welcome. Jewar Airport will inject jet fuel in the regional economy of the area. Already manufacturing companies are actively considering the Yamuna expressway area because of the upcoming airport. Warehousing companies will follow," CREDAI NCR president Pankaj Bajaj said.

"Residential developments along the expressway will see good interest in the next four years," Bajaj said.

CREDAI is the apex body of real estate developers with its chapters across the country and regions like the NCR.

Ajnara Group CMD Ashok Gupta said the budget has given impetus to all-round development, which includes infrastructural development and is a good sign for the real estate sector in the state.

"In fact, the announcement of the electronic city near Jewar will give a boost to the projects on Yamuna Expressway, which is already getting the attention of the buyers and investors," Gupta said.

Mahagun Group director Dhiraj Jain said the state government has been showing its intention for development, and the budget is an extension of that thought process.

"The focus on infrastructure and employment will help the real estate sector grow. The various highways and expressways will see real estate development around them," he said.

Sikka Group MD Harvinder Singh Sikka hoped the announcement about the 'electronic city' will push infrastructure development along the Yamuna Expressway.

"The expressway is the centre of attraction since the time Jewar airport was announced and got further boost when the work started here recently. In the coming few months, the appreciation on this stretch will be good, and hence it is an opportunity for the investors as well as the end-users," Sikka said.

The Uttar Pradesh government's 2021-22 budget presented on Monday made a provision of 2,000 crore for the upcoming Noida International Airport and also announced establishing an ‘electronic city’ near the airport.

A decision has been made to increase the number of airstrips at the airport from two to six and 2,000 crore has been earmarked for this project, according to the budget proposals presented by Finance Minister Suresh Kumar Khanna in the presence of Chief Minister Yogi Adityanath.

Work on the first phase of the Noida International Airport is underway. The airport, being built at an estimated cost of 29,560 crore, is touted to be the biggest in India upon completion.

The district also found favour from the government in the IT and Electronics category in the last budget of the Yogi Adityanath-led government before the state assembly polls next year.

Earlier, a top senior government executive told news agency PTI that work on the upcoming Noida Airport is progressing as scheduled and the first flight is expected to take off by December 2023 or January 2024.

Also, the resettlement and rehabilitation of over three thousand families who are getting displaced due to the mega greenfield project is likely to be completed by May 2021, Noida International Airport Limited (NIAL) CEO Arun Vir Singh said.

With inputs from PTI

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