The Noida International Airport in Jewar is nearing completion, with trial operations expected to begin by the end of June. Recognized as the "Jewar airport," this project has transformed the region into an airport town, attracting real estate investments and economic opportunities. Local residents are capitalizing on this growth through land investment and property rentals. Land prices are expected to rise significantly post-operationalization, prompting investors to buy plots nearby. Additionally, the surge in housing demand has led residents to rent out rooms and buildings, fetching monthly rents ranging from INR 5,000 to INR 8,000. The state government is developing a metro connection to enhance connectivity. However, long-term prosperity depends on human capital development, prompting calls for improved educational facilities and vocational training institutes.
The Noida International Airport Limited (NIAL), which is overseeing the construction of the Noida International Airport in Jewar, has announced that trial operations at the airport are expected to start by the end of June as the first phase is nearly 80% complete.
Once a large rural area with little claim to fame, Jewar is now widely known as an airport town - an identity that has stuck, though not its official name, with people referring to the Noida International Airport as the "Jewar airport".
As the new airport is set to unleash significant economic growth, local residents have identified two main real estate-focused avenues to earn more income till the airport becomes functional.
The first avenue is for those who have cash in hand. With land prices expected to rise significantly once the airport becomes operational, those with spare cash are buying plots as close to the airport as possible, in anticipation of sizable capital gains down the line.
The second avenue involves renting out rooms and buildings. With many early entrepreneurs arriving to set up businesses before flights begin, demand for housing has surged. Some families are leasing rooms in their homes, while others have added construction to accommodate tenants, currently fetching monthly rents from INR 5,000 to INR 8,000.
Additionally, the state government has directed local agencies like the Yamuna Expressway Industrial Development Authority (YEIDA) and NIAL to develop a metro connection linking the Noida Airport to the wider Delhi/NCR region. This would further enhance connectivity and unleash the economic potential of the region.
However, not all locals are benefiting equally. While real estate will surely provide short term gains, long-term prosperity depends on developing human capital. Many of the youth lack the education and skills required for high-paying jobs at the airport site. With farming options also diminishing due to land acquisition, locals are calling for improved educational facilities, including vocational training institutes focusing on aviation.
Chief Minister Yogi Adityanath has approved plans for a new skill development centre near the airport spread over 8,700 square meters. Slated to offer courses in aviation, apparel and other fields once ready, it aims to equip local youth for the job opportunities the new airport promises to usher in. But villagers say that there is an urgent need for more higher education options in the region if they are to fully participate in Jewar's economic transformation.
The impending launch of the Jewar International Airport has already kicked off a real estate boom in the area. However, as construction nears completion, the biggest gains in land values are yet to come. If managed properly, the real estate fortunes being made today could end up securing the long-term financial security of generations of families in the new airport city of Jewar.
Advertisement
Facebook
Whatsapp
