Amidst the growing demands for residential, commercial, retail, and industrial developments around the upcoming Noida International Airport, the Yamuna Expressway Industrial Development Authority plans another development. According to reports, the authority plans to develop a brand new city around the Jewar Airport, urban centres, logistics parks, and other facilities, catering to the growing demands of various developments. YEIDA has decided to acquire 6,065 hectares of agricultural land from 40 nearby villages over the next two years.
The Noida International Airport, also known as the Jewar Airport, is dubbed India’s and Asia’s largest airport. It will serve as an alternative to the Indira Gandhi International Airport in Delhi by relieving its high and rising traffic load. The development of the new city is anticipated to boost the real estate market in the region. Once completed, the brand new city will boost the real estate prices in the region, thus establishing various projects.
Sanjay Sharma, Director, SKA Group says, “The development of a new city around the Jewar Airport by YEIDA is a transformative initiative that will significantly enhance the infrastructure and economic landscape of the Noida-Greater Noida region. This large-scale project will not only cater to the rising demand for residential, commercial, and industrial spaces but will also create numerous opportunities for investment and job creation. As the region evolves into a major urban centre, we anticipate a robust growth in real estate, driving prosperity and development for the local community and beyond.”
Furthermore, the new city will be divided into various sectors, including 5, 6, 7, 8, 9, 10, and 11, each with unique offerings. Among these planned developments are a Fintech City, a Japanese City with 395 hectares of land, and a Korean City with 365 hectares of land. The authority has set a budget of over Rs. 63,000 crore to transform the acquired land into an urban centre with all necessary infrastructure and amenities.
“The new city around the Jewar Airport will be a catalyst for unprecedented growth in the region. With comprehensive development plans, we foresee a robust real estate market emerging in Noida- Greater Noida, driving economic prosperity and community development and bringing more residential, commercial, and retail projects to the region,” adds Salil Kumar, Director (Sales & Marketing), CRC Group.
Neeraj Sharma, MD, Escon Infra Realtors, says, “The construction of the new city by YEIDA near the Noida International Airport will benefit the people in the region. With better connectivity via Yamuna Expressway, strong infrastructure, and important facilities, it will become a highly sought-after real estate destination, leading to new projects being initiated here. Hence, more people will be drawn to Noida and Greater Noida, enhancing the appeal and value of these areas, leading to a positive development for the real estate industry.”
Mr. Shorabh Upadhyay, MD, Trisol RED adds, “The new city development by YEIDA around the Jewar Airport is poised to revolutionize the entire Noida-Greater Noida region. This large-scale project will attract investments, create jobs, and enhance the region’s infrastructure, making it a sought-after destination for both businesses and residents.”
Out of 6,065 hectares, YEIDA will acquire 4,076 hectares through the land acquisition process, 1,069 hectares will be purchased directly from farmers through mutual agreement, and 380 hectares will be reclaimed as government land. Thus, the development of the new city is slated to cater to the growing demands of investors, businesses, and homebuyers looking to invest in the region.
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