The proposed Jewar airport near Noida which is likely to be opened by March 2023 will also see development of an aviation hub in the vicinity. Multinational professional services firm Ernst & Young has already submitted a project report on the aviation hub to the Yamuna Expressway Industrial Development Authority (YEIDA).
According to the report, the aviation hub will primarily cater to business and leisure travellers.
The hub will use clean and green energy. It will also feature a "good" public transport system, entertainment as well as leisure facilities, according to a report by The Times of India.
The report quoted YEIDA chairman Arunveer Singh saying that a golf course, leisure park, musical water fountain, skill development centres etc. can be expected in the aviation hub.
E&Y has studied top international airports such as Istanbul Airport in Turkey and Schiphol Airport in Amsterdam. The report mentions Singapore's Changi Airport and Incheon International Airport in Korea.
The development seems to be a boost for the millennials preferring to buy home in Noida as the city has large stock of unsold inventory with several builders.
The upcoming Jewar airport will support the growth of real estate sector in Noida. It has attracted industrial investments in Noida and Greater Noida. Excited by the airport, real estate developers have launched new projects to meet the expected rise in residential real estate demand.
People living on rent have also started searching properties in Noida and Greater Noida as the Central government has made some policy changes like lower GST, tax sops for unsold inventories etc.
The Uttar Pradesh government is likely to float a tender for the development of Jewar airport once the model code of conduct is lifted.
The state government has notified 1239.14 hectares in six villages for land acquisition in the first phase.
There are 8,971-project affected families whose either farming or residential land have come under this project.