All set to take-off! Jewar Airport gets wings with Zurich AG security clearance; CBRE sees rapid employment

Undoubtedly, Jewar Airport is one of the most ambitious projects of Modi government as it is expected to massively boost industrial development in Uttar Pradesh and nearby regions. Now, inching towards the take-off stage, a major development has taken place. Swiss firm Zurich Airport International AG has got security clearance for developing Rs 29,560 crore Jewar airport, UP government has confirmed.

S P Goyal, Principal Secretary in UP government, has tweeted, "Glad to share that Zurich Airport International AG has got the Security Clearance for the development of the Noida International Greenfield Airport at Jewar!!"

Glad to share that Zurich Airport International AG has got the Security Clearance for the development of the Noida International Greenfield Airport at Jewar!!

— SP Goyal (@spgoyal) May 19, 2020

Reacting to the big announcement of security clearance given to Zurich Airport International AG for development of Jewar airport, commercial real estate services company, CBRE, said, "Jewar airport is amongst the largest planned infrastructure projects in India and is also the largest airport development initiative in the country. It will not only strengthen regional, national and international connectivity, but also act as a catalyst for a well-rounded and comprehensive real estate development along the Yamuna expressway and surrounding regions."

Anshuman Magazine, Chairman & CEO – CBRE India, South East Asia, Middle East & Africa, says, "From a real estate perspective, the proposed international airport (and other infrastructure initiatives planned alongside) and abundant land availability offer several opportunities for developers and investors - residential projects, commercial complexes, industrial and warehousing facilities and manufacturing hubs. The new metro rail corridor, Yamuna Expressway, Eastern Peripheral Expressway and the planned rapid rail network will also play a major role in improving the accessibility of this region from all parts of NCR. "

"Last but not the least, it will also lead to rapid employment generation in and around Jewar and other nearby districts. All these factors make it one of the most landmark planned infrastructure initiatives in India," Magazine added.

Jewar Airport

The entire project will be spread over 5,000 hectares and is estimated to cost Rs 29,560 crore. The first phase of the airport will be spread over 1,334 hectares and cost Rs 4,588 crore. The project is being managed and operated by Noida International Airport (NIAL), a special agency floated by the government.

In NIAL, the Noida Authority has a stake of 37.5 per cent, the Greater Noida Industrial Development Authority (GNIDA) has 12.5 per cent, Yamuna Expressway Industrial Development Authority (YEIDA) gas 12.5 per cent, and the remaining 37.5 per cent stake belongs to the UP government.

The airport, the third in the national capital region after Delhi's Indira Gandhi International airport and Ghaziabad's Hindon airport, is touted to have six to eight runways, the most in India, when fully built.

Swiss firm Zurich Airport International AG

Swiss firm Zurich Airport International AG had on November 29 emerged as the highest bidder to develop the Jewar airport on the outskirts of Delhi, outbidding competitors like Adani Enterprises, DIAL and Anchorage Infrastructure Investments Holding.