In November 2021 the Prime Minister of India laid the foundation stone for the Jewar International Airport in NOIDA. This international airport has been in the planning stages for a very long time and now finally the construction is going to start in 2021. This airport is going to be built in 4 stages over the period of 30 years and the first phase is expected to be completed in 2024 and most probably the next stage will take another 4 to 5 years.
This mega project is going to have a lot of effect on the prices of real estate in sectors not only in Noida/ Ghaziabad but also on the prices of a number of sectors in the Greater Faridabad belt. Whenever an International Airport is planned it becomes a great centre for commercial and economic activity in the area and draws a lot of large real estate companies including the demand for real estate from the hospitality industry. The demand from the hospitality industry in any region is always followed by rising value of the real estate in any region. It also boosts employment opportunities in the area leading to more money in the pockets of the local residents of the surrounding areas.
This project is not only going to add a great deal of value to the prices of real estate in Noida but will also do the same for many number of sectors in Greater Faridabad especially those sectors which are close to the FNG or the Faridabad Noida Ghaziabad expressway just adjacent to the green belt in the area.
The project is going to be completed at an estimated cost of around 30000 crore rupees over a period of ten years in 4 different phases. The first phase as mentioned above has already been started and will be completed by the end of 2024. Once completed it is going to be creating job opportunities not only in Noida/Ghaziabad but also in the areas along the Agra expressway and also the FNG Expressway but also in the Greater Faridabad area. Once the construction starts it will definitely have a positive effect on the development of Noida as well as Greater Faridabad and will also have a positive effect on the prices of real estate in Greater Faridabad. It is going to be a land mark in the region.