Prime Minister Narendra Modi laid the foundation stone of the Noida International Airport in Jewar, Uttar Pradesh, on Thursday. While addressing the event, the prime minister said the international airport will provide a major boost to the state’s economy in terms of tourism, export, employment and real estate.

PM Modi said, “The Noida International Airport will become the logistics gateway of northern India.” Civil Aviation Minister Jyotiraditya Scinda told India Today TV in an exclusive interview that the Jewar airport will lead to the creation of one lakh jobs.

Watch | All about Jewar Airport, UP’s fifth international airport

KEY DETAILS ABOUT THE AIRPORT PROJECT

Once the construction is completed, it will be India’s largest airport. Spread across an area of 1,334 acres, Noida International Airport is being developed by Yamuna International Airport Private Limited (YIAPL), which is a 100 per cent subsidiary of Swiss concessionaire Zurich International Airport AG.

The total cost of the project is estimated at Rs 29,560 crore. The construction work is underway and the first phase of the airport is likely to be completed by 2024. The airport’s construction will be completed in four phases over a period of approximately 30 years. Once it becomes operational, Uttar Pradesh will have a total of 5 airports.

Many experts have praised the airport project, saying that it will significantly boost the Uttar Pradesh economy in terms of jobs creation, exports, investments and more.

Read | PM Modi to lay foundation stone for Jewar Airport today | All you need to know

Having said that, here are 5 ways the airport will benefit the state’s economy:

JOB CREATION

The airport’s strategic location is likely to create job opportunities for at least 1 lakh people, according to Civil Aviation Minister Jyotiraditya Scinda. Job opportunities will not just come from the construction of the massive project but also when the airport becomes operational.

BIG INVESTMENTS

Besides job creation, the project is also likely to draw massive investments in the region. Officials estimate the airport to bring in investments worth Rs 35,000 crore. In the initial years after completion, the airport is expected to yield investments worth Rs 10,000 crore for adjoining areas.

Given its strategic location, many corporates would look to invest in the region. It is located about 72 km from Delhi’s IGI Airport and 40 km from the multi-nodal logistics hub at Dadri.The investments could be related to development of real estate in the surrounding area, offices, trade centres and more.

TRADE & EXPORTS

It is worth mentioning that the Noida International Airport will be the first ever airport with an integrated multi-modal cargo hub, which will significantly boost shipment activity and provide a boost to exports and imports. The airport’s vast size will also allow a high volume of shipments, which will ultimately provide a boost to the state’s economy.

TOURISM

The airport is expected to boost income from tourism in the state. After completion, the airport will ease travelling for residents of East Delhi, Noida, Ghaziabad, Greater Noida, Meerut and nearby west UP districts. Moreover, with a target of over one crore footfall every year, the airport will give a major boost to tourism in Agra and Mathura.

REAL ESTATE BOOST

It is also likely to substantially boost real estate development and sales in the Greater Noida region. The Jewar airport has been pegged as a vital project by experts tracking the real estate sector as they feel that the project will lead to a surge in demand for real estate in Noida, Greater Noida and Yamuna Expressway.

“These regions were previously speculator havens and needed significant impetus to attract end-user demand. For an area to become end-user-centric and liveable, an infrastructure project like the Jewar Airport can help kick-start more real estate developments, including housing, commercial, retail, and hospitality projects,” said Santhosh Kumar, Vice Chairman ANAROCK Group.

“If the construction progresses as per the schedule and Phase 1 completes by the second half of 2024, there will be significant ‘real’ benefits. Already, over the last year, commercial activity – particularly warehousing – saw increased momentum in and around the airport also factoring in other mega projects in the vicinity, including the Film City,” he added.