“Explore the evolving landscape around Jewar International Airport in Noida. Discover airport developments, film city plans, and economic growth in this vibrant region.”
The upcoming Jewar International Airport in Noida is witnessing significant progress and a flurry of developments, showcasing a dynamic transformation in its vicinity. This comprehensive overview delves into the multi-faceted advancements, covering the airport’s construction, adjacent Film City plans, the impact of lower jet fuel taxes, and extensive land acquisition for industrial and residential purposes.
Noida Airport’s First Phase Development
The inaugural phase of the Jewar International Airport, spanning 1,300 hectares, is on track for completion by September 2024. The Additional Chief Secretary, S P Goyal, emphasized the need for timely completion during a recent review. The developer, Yamuna International Airport Private Limited (YIAPL), reported substantial progress, with 70% of the Rs 10,056 crore budget already utilized. The first phase includes a single runway and a terminal capable of handling 12 million passengers annually.
Noida Film City by Boney Kapoor’s Firm
Adding to the area’s allure, a new Film City is set to emerge near Jewar airport. Boney Kapoor’s Bayview Projects LLP secured the bid for developing the 230-acre Film City in Sector 21. This project, in collaboration with Bhutani Infra, aligns with the anticipated growth in the region following the inauguration of the international airport.
Lower VAT on Jet Fuel Boosts Second Airport
The Delhi-NCR’s second airport in Jewar stands to benefit significantly from the Uttar Pradesh government’s decision to reduce the value-added tax (VAT) on aviation fuel from 21% to 1%. Christoph Schnellmann, CEO of Noida International Airport Ltd, highlighted the importance of lower VAT in reducing operational costs for airlines and ultimately contributing to more affordable air travel for passengers.
Mega Film City Project near Noida International Airport
Boney Kapoor’s Bayview Projects LLP, in partnership with the Bhutani Group, secured the rights to develop the ‘International Film City’ near Jewar airport. The Rs 1,000 crore project, spanning 1,000 acres, will witness Bayview Projects collaborating with Parmesh Construction Company Limited and Noida Cyberpark Private Limited. The project is awaiting approval from the UP government, with Boney Kapoor’s consortium offering the highest revenue share of 18%.
Extensive Land Acquisition for Industrial and Residential Use
The Yamuna Expressway Industrial Development Authority (YEIDA) is gearing up for a major land acquisition initiative, allocating around 5,000 hectares near Jewar airport for industrial and residential development. With the state government releasing funds and YEIDA contributing the remaining half, this initiative aims to meet the growing demand for land from investors and accommodate various projects, including logistics hubs, warehouses, and residential developments.
Conclusion
The unfolding developments near Jewar International Airport represent a strategic convergence of aviation, entertainment, and urban infrastructure. As the airport’s completion approaches, these initiatives underscore the region’s potential for economic growth and diversification, promising a vibrant future for Noida and its surrounding areas.
Also read: Union Budget 2024: Real Estate Perspectives from Industry Leaders