Jewar Airport: Latest News About The Noida International Airport

Tata Projects Bags Contract To Construct Jewar Airport

June 7, 2022: Yamuna International Airport Private Limited (YIAPL) has selected Tata Projects to construct the Jewar airport in Noida. YIAPL, the 100% subsidiary of Zurich Airport International (the Swiss company that won the bid to develop the Jewar airport in 2019) expects Phase-1 of the Noida International Airport to become functional by 2024.

“With the award of this EPC contract, our project enters the next phase, which will witness a rapid increase in the pace of construction activities on site. Together with Tata Projects, we’re working to deliver a passenger terminal, runway, and other airport infrastructure with a capacity of 12 million passengers annually, by 2024,” YIAPL chief executive officer Christoph Schnellmann said. 

“We are proud to be entrusted the EPC works for the greenfield Noida International Airport at Jewar. Tata Projects will work closely with YIAPL to deliver India’s most advanced and environment-friendly airport on time. We shall deploy the latest technologies in its construction while meeting the highest standards of quality, safety, and sustainability,” said Vinayak Pai, CEO and MD designate, Tata Projects Limited.

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PM Modi Lays Foundation Stone Of Jewar Airport

Construction work on the Jewar Airport would finally start, as prime minister Narendra Modi, on November 25, 2021, laid the foundation stone of the much-touted airport project in Greater Noida area of Uttar Pradesh. If all goes according to plan, operations on phase-1 of the airport project could start by 2024. Zurich Airport International AG, the developer of the Jewar Airport, is eyeing September 30, 2024, as the deadline for completion of work for phase-1.

Being developed at an estimated cost of Rs 15,754 crores by the Swiss company, the Jewar Airport will be developed in four phases and will have the capacity to handle 70 million passengers per annum when it is fully developed. Planned to decongest the Indira Gandhi International Airport in national capital Delhi, the Jewar Airport will also help UP in a variety of ways. Apart from providing a boost to the local economy (the airport is expected to yield investments worth Rs 10,000 crores for adjoining areas in the initial years) and generating employment opportunities for millions of people, the Jewar Airport will also create an intricate connectivity network within the region - metro networks and road projects have been proposed, to make the airport more accessible to the people of the NCR. 

Located 72 kms from the IGI airport, the Noida International Airport will also provide Uttar Pradesh the distinction of being the only state in India to have five international airports while also generating over ‘one lakh’ jobs for the adjoining regions. 

Should You Invest In Property Near Jewar?

As the Jewar International Airport become operational by 2024, industry experts expect things to slowly start looking up for Noida’s real estate market that has been under tremendous stress for about seven years now because of an ongoing slowdown locally after the ground-breaking ceremony for the national capital region’s second airport, which would also be the country’s biggest airport by size, takes place. How could homebuyers/investors use this opportunity to the best of their advantage?

If you are an investor

Those who have already invested in property markets around the area — the proposed site runs along the 165-km Yamuna Expressway — have little reason to be cheerful if we speak of the present. Instances of project delays and developers going insolvent have severely damaged buyer sentiment which has resulted in record low home sales. Declining sales have further resulted in the downfall of the Noida property market, which includes Greater Noida and Yamuna Expressway, gathering the highest inventory stock in the whole of NCR, data available with Makaan.com show.

In a housing market where developers are struggling to sell the existing stock, does it make any monetary sense to make a fresh investment? If you are there to make a quick buck, it may not. If you are in the property market to earn handsome returns in the long run, it certainly does!

How so? 

Real estate experts are of the opinion that land prices near the Jewar airport will double in a couple of years while not less than 50% hike is also expected in the rates of flats and apartments in along the areas. 

The fact that rates have slowly begun to move upwards in Jewar on hopes of the village getting an airport notwithstanding — as against Rs 4-5 lakh a bigha in 2015, rates have gone up to Rs 25 lakh a bigha now — property here is still quite affordable here if you compared it with similar properties in Haryana or Rajasthan.  For a plot measuring the same, investors will have to keep over a crore in Manesar and Bhiwadi.

This is indicative of the growth potential land in this region has — the arrival of the airport would start pushing the rates upwards. The affordable land here may cease to be that after 2023.  A little diligence, planning and patience would mean an investor can make a windfall on their investment here, even if they plan to flip.

Those ready for a longer commitment can expect to make impressive rental income. The airport would create millions of jobs. Those working here would need to live close by. Those looking for smaller investments would purchase from the existing housing stock that realtors are willing to sell cheaper. These would also have high chances of becoming rent-generating machines in the future. While investing in land and building independent homes makes sense, planning an entire project may not be viable, considering the region already has a huge unsold inventory.

If you are a buyer

This is possibly the only area in the NCR where a homebuyer can purchase land at affordable rates and build a spacious independent home. Those aspiring for community living would also get the same benefit.

Data available with Makaan.com show property in Greater Noida is among the most affordable in the NCR—a square foot of space here is available for Rs 3,000. Between 2013 and now, prices have also remained almost unchanged at the Yamuna Expressway, at Rs 3,800 psf.

The image of Noida realty might have taken a beating owing to a multitude of issues, but rough days have certainly turned it into a buyer’s market. Developers are open to cutting you a better deal now than they were before.

However, infrastructure in the region is still in developing stage — construction activity would run high in the times to come since building work is likely to simultaneously start on various projects, including Jewar Metro — it may take a while before the hustle bustle around your homes stop.

In developing areas, land-related frauds become common. Check out the paperwork diligently in case you are buying land in Jewar.

Jewar Airport: Key Facts

Jewar airport builder

Zurich Airport International AG won the bid for developing the Jewar airport in December 2020.

Jewar airport timeline

The proposal for an airport in Jewar was made in 2001 when Rajnath Singh was the chief minister of Uttar Pradesh. His successor Mayawati also backed the plan, and her government acquired more than 2,000 acre for the project.

It was in December 2018, however, that the UP Cabinet, headed by Chief Minister Yogi Adityanath, gave its approval for the development of the airport.  The Union government had also given site clearance approval for the project in July last year.

Jewar airport phases

The Noida International Airport will be developed in four phases.

Jewar airport runways

The Jewar airport will have two runways initially. This number could later be increased to five.  

Jewar airport logo

The Jewar airport will have a flying crane bird, known as saras in Hindi, as its logo. Recall here that the saras is the state bird of UP.

Jewar airport estimated cost

Nearly 5,000 hectare of land would be needed for the development of this international airport that would be developed in four phases. The estimated cost of the project, which will be carried out by the Yamuna Expressway Industrial Development Authority, is pegged at Rs 20,000 crore. This cost does not include connectivity plans.

Jewar airport capacity

According to PwC, the agency that has prepared the techno-economic feasibility report for the project, the Jewar Airport is expected to handle 60 lakh passengers by 2022-23, when the first phase of the project is slated to be ready. It would cater to handle over 10 crore passengers by 2050, the agency says.

Jewar airport  connectivity

Passengers could take flights from the Jewar Airport to international destinations such as London, Abu Dhabi, Doha, Dubai, Kathmandu and Bangkok, apart from flying to key domestic destinations.

Jewar airport impact on real estate

The civil aviation ministry expects this airport to give a boost to connectivity in the whole of western Uttar Pradesh, which will, in turn, bolster tourism and economic potential of the region. This airport will not only address the aviation needs of the Delhi airport but also cities such as Agra, Mathura, Bulandshahr and Meerut. The arrival of the new airport would significantly improve the prospects of property in the region.  A high-speed network would only further the momentum.

Jewar airport impact on environment

The Noida administration has also signed a pact with private entities to develop a 92-acre land parcel for its afforestation programme. This would mean buyers would remain close a vast green area.

Jewar airport news

Jewar Airport Construction May Start Before August 2021-End

August 19, 2021: The construction work on the Jewar Airport may start in a matter of a week, after the Yamuna Expressway Industrial Development Authority (YEIDA) gave its approval to the master plan for the airport project. The approval by the development agency came soon after the Noida International Airport Limited (NIAL) gave its go-ahead to the Jewar Airport master plan. Before the NIAL approval, the Jewar Airport master plan was also approved by the Airports Ministry, the Airports Authority of India and the Directorate-General of Civil Aviation. 

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PM May Lay Foundation Stone for Jewar Airport In August 2021

August 12, 2021: Prime Minister Narendra Modi might lay the foundation stone for the second airport in the NCR soon, with the executing agency for the Jewar Airport, Yamuna International Airport Pvt Ltd (YIAPL), completing the financial closure for the project on August 11, 2021, after receiving Rs 3,725 crores in debt from government-run State Bank of India (SBI).

On July 17, 2021, the Yamuna International Airport was also handed over 1,334 hectares of the Jewar Airport land by the Noida International Airport Limited, the nodal agency set up by the Uttar Pradesh government to monitor the project, touted to be India’s biggest airport upon completion.

"YIAPL has raised Rs 3,725 crores in debt from SBI, to be repaid over a period of 20 years with one-year moratorium post completion of the project. This is one of the largest financing in an Indian greenfield airport. The financial close marks another crucial milestone for the project, bringing it closer to the start of construction works," an official statement by Yamuna International Airport said, on August 11, 2021.

Recall here that the Jewar Airport project is being funded on a debt-to-equity ratio of 65:35. Zurich International Airport, a fully-owned subsidiary of Flughafen Zurich AG, is infusing Rs 2,005 crores as equity into the Jewar Airport project. Yamuna International Airport is a 100% subsidiary of Zurich International Airport.

"We are committed to developing the aviation ecosystem in India, with an investment of Rs 5,700 crores for Phase-I of the Jewar Airport development. The Noida International Airport will hold strategic importance and will be an economic engine for growth in Uttar Pradesh and India,” Yamuna International Airport Pvt CEO, Christoph Schnellmann had said, in July 2021.

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Jewar Airport Gets Clarence From Aviation Ministry Arm

April 15, 2021:  The Bureau of Civil Aviation Security (BCAS) of the Civil Aviation Ministry, has cleared the Jewar International Airport project, said SP Goyal, the additional chief secretary to UP chief minister, in a tweet.

“A great news! The security clearance and vetting for Phase I of the Noida International Airport has been received from BCAS also, and has already been received from the other regulating authorities,” Goyal said in his tweet on April 14, 2021.

The move by the BCAS, the regulatory authority for civil aviation security in India, comes a day after Yamuna International Airport Private Limited (YIAPL) floated tenders to start construction work for the airport project. YIAPL is a subsidiary of Zurich AG, the Swiss developer that has been appointed to build the airport in Greater Noida’s Jewar.

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Jewar Airport: UP Allots Rs 2,890 Cr For Phase-II Land Purchase

In a move that would increase the chances of timely completion of the much-touted infrastructure project, the Uttar Pradesh cabinet, on March 16, 2021, approved Rs 2,890 crores for the second phase of the Jewar International Airport. The money allocated will be used for land acquisition for the second phase and to resettle the people displaced due to this exercise.

A total of 1,365 hectares land of land will be acquired by the government, to develop the second phase of the Jewar Airport. Land acquisition for the first phase, which is likely to be operational by 2023, has already been completed.

Earlier in March 2021, a state support pact was also signed between Zurich International, the Swiss builder that has won the bid to construct the project and the Yamuna Expressway Authority, to initiate the work on phase-I. The government is also planning to conduct a bhumi pujan ceremony for the same, on April 15, 2021.

“The country’s largest state had only two international airports earlier – in Lucknow and in Varanasi. However, it will soon have five international airports, including the upcoming ones in Jewar, Ayodhya and Kushinagar, near Gorakhpur,” UP chief minister Yogi Adityanath said, at the signing of the support agreement on March 1, 2021.

While presenting its Budget in February 2021, the state government had also allocated Rs 2,000 crores for the mega project, a ‘priority’ for the UP government. “A budget of Rs 2,000 crores has been proposed for the Noida International greenfield airport in Gautam Buddh Nagar's Jewar," UP finance minister Suresh Khanna said, while presenting the Budget in February.  

Jewar Airport Master Plan Sent To Aviation Ministry For Technical Vetting

Noida International Airport Limited (NIAL), the special purpose vehicle set up to develop an international airport in Noida, on December 8, 2020, sent the Jewar Airport mater plan to the Civil Aviation ministry, for technical inspection. Last week, the NIAL received the master plan from Zurich AG, which won the bid to develop the second airport in the National Capital Region (NCR). The Ministry is likely to take nearly a month, for the technical screening of the document, which talks about developing the Delhi-Varanasi High Speed ​​Rail Station within the terminal building. The master plan talks about a four-phased development of the airport. 

Swiss operator Zurich AG, which won the bid to develop the Jewar Airport project in October 2020, submitted its master plan for the mega project on December 3, 2020, to the Noida International Airport Limited (NIAL), the special purpose vehicle established to oversee the work of the second airport project in the National Capital Region. The company was given time till December 7, 2020, to submit the master plan that will act as the blueprint for the future development of the Jewar Airport.

Apart from NIAL, the union Civil Aviation Ministry, the Uttar Pradesh government and other regulatory bodies will vet the master plan, which outlines the development plan of the project over the next 40 years, before its gets unveiled next year.

Earlier, amid projections that the construction work on the Jewar Airport project is likely to start in another six months, private lender HDFC Bank has reportedly entered into an agreement with the Yamuna Expressway Industrial Development Authority (YEIDA), to offer financial assistance to the Jewar Airport project, by way of a Rs 500-crore loan. The fund thus procured would be used for land acquisition and development of the second airport project in the national capital region.

Zurich AG and NIAL signed a concession agreement with the Uttar Pradesh government on October 7, 2020. According to Zurich Airport, the Swiss firm, construction work on phase-I is likely to be over by early 2024. Once completed, the airport will serve 12 million passengers under its first phase.

Recall here that the Uttar Pradesh government, on December 16, 2019, handed over the conditional letter of award to the Swiss company's CEO, Daniel Bircher, while the union home affairs ministry granted it the security clearance for building the airport in May 2020. To provide the much-needed liquidity boost, the Uttar Pradesh Budget in February 2020, allocated Rs 2,000 crores for the mega project.

Zurich Airport AG was selected from among four bidders, including Adani Enterprises, Delhi International Airport Limited, and Anchorage Infrastructure Investments Holdings Limited, to work on the airport project. 

The Gautam Buddh District Administration has also transferred the 1,334 hectares of land required for Phase-I of the project to the Yamuna Expressway Industrial Development Authority (YEIDA).