PM may flag off Jewar airport project before LS polls

Created on 13.03.2019 14:01:11
PM may flag off Jewar airport project before LS polls

BN Singh, district magistrate of Gautam Buddh Nagar, says the foundation ceremony will be announced shortly. “We are still not in a position to comment about its schedule. As far as the land acquisition for the forthcoming airport goes, it is on,” Singh said.

The district administration has activated Sections 23 and 31 of the land acquisition act to start the payment of compensation for land acquired from the farmers. Sources say that despite reservations, over 70% of the farmers are accepting the compensation.

The state government will acquire 1,334 hectares for the construction of the first phase of Jewar airport.

Manoj Gaur, vice-president of Credai National and MD of Gaursons India, said, “As per our information, the foundation stone for Jewar airport is likely to be laid by PM Narendra Modi by next week.”

Prashant Tiwari, president of Credai, Western UP, said, “Preparation for laying of the foundation stone for Jewar airport is in full swing and the date is likely to be announced before election notification.”

Amit Modi, president (elect) of Credai, Western UP and director of ABA Corp, said, “We believe that the foundation ceremony will take place by next week, before the Election Commission of India notifies dates for the general election.”

Apart from the airport, the development of physical infrastructure to support the international traffic in the area will also help the real estate market in the region. Developers and experts say that the construction of an international airport would lead to the development of commercial real estate in the surrounding areas like Noida, Greater Noida, and the YEIDA.

At present, rentals of commercial property in Noida and Greater Noida are barely one third of those prevailing in Gurugram. Owing to low rentals, quality commercial space is not coming up here, as it would not be sustainable.

Once the airport is developed, several MNCs would look for quality space in this region also, which would bump up rentals and spur the development of quality commercial space here.

 

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