In a significant cheer to the real estate sector of Delhi-NCR, the Uttar Pradesh cabinet has approved the land acquisition process for the second phase of the construction of Jewar Airport. Another 1365 acre land in Jewar will be accrued by the Government at an expenditure of Rs 2890 Crore, excluding the cost for resettlement and rehabilitation of the existing residential segment. The work for the first phase of Jewar Airport is currently progressing in Jewar located in the district of Gautam Buggh Nagar, Western Uttar Pradesh.
Jewar Airpot, officially known as Noida Greenfield International Airport is estimated to be developed in four phases. The whole airport will unroll in a massive 5000 hectares to become one of the biggest of its kind in the world. According to the officials, the commercial operation of the Jewar Airport is expected to commence by December 2023 or January 2023. The airport will boast five runaways and handle an annual footfall of 70 million passengers a year.
Here are some of the factors of Jewar Airport that will boost the real estate sector of Delhi-NCR.
- Increased economic activity in the national capital region due to enhanced global connectivity.
- New job opportunities will splurge increasing the per capita income of the individuals.
- The warehousing sector will receive a significant boost among many other sectors.
- The commercial activity will enhance and new-age office spaces and retail outlets will launch in the city.
- Long-term price appreciation for real estate investments will lure more investors to diversify their portfolios.
- Investments are more likely to yields genuine capital appreciation rather than mere speculations.
The mega infrastructure development of the Jewar Airport will lead to overall development in the economy of the Delhi-NCR. The real estate sector of the adjoining residential, as well as commercial catchment areas, will reap the major advantages of the windfall. So if you are planning to invest in Delhi-NCR, then now is the best time to make your decision. Get in touch with Redmaple Delhi-NCR’s most experienced real estate consultancies to make an insightful decision in real estate.