Delhi NCR is a $272 billion economy today fuelled by positive microeconomics, driving forces, and growth catalysts. Interestingly, no factor of influence singularly catalysed the region like the Indira Gandhi International (IGI) Airport.
The big-league economic accelerator employs more than five lakh people directly- one of the largest globally- easily surpassing its closest benchmark, the Hartsfield-Jackson Atlanta International Airport in the US, by 18%. Interestingly, it also accounts for 0.11% of national employment and 8.47% of state-level jobs.
With a 60.2% increase in passenger traffic from the previous year, IGI ranked ninth among the world's busiest airports of 2022 -- the sole representative from South and Southeast Asia in the esteemed top 10 list- accommodating an impressive 59.5 million passengers annually in 2022.
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"The emergence of the IGI airport has certainly placed Delhi & the contiguous region surrounding it in a league of world cities", observes Ankit Aditya Pradhan, Founder & Managing Director, Realty Assistant Pvt. Ltd . "The Terminal 3 of the Indira Gandhi International Airport brought about a remarkable metamorphosis in the national capital region ", he adds.
And now comes the new chapter to that narrative --the forthcoming Noida International Airport (NIA) at Jewar-- which promises to redefine the region's socio-economic landscape once again – only in a manner like never before!
With an estimated investment of Rs 10,050 crore, the NIA is in line to be among Asia's largest, with an impressive capacity of 12 million passengers annually - in just its first phase of operations. At full tilt, it would cater to a staggering 225 million passengers annually.
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"Noida International Airport is not just a transformative project, but a catalyst for growth that would generate employment opportunities for over 1 lakh individuals while alleviating congestion at the IGI and serving the needs of residents in Delhi, Noida, Ghaziabad, Aligarh, Agra, Faridabad, and neighbouring areas", adds Mr Pradhan.
The NIA will also feature an Aerocity on the lines of Delhi and Hyderabad airports. Spread across 172 acres; it will house hotels, restaurants, bars, shopping centres and recreational facilities. Movement in that direction is already underway.
Roseate Hotels and Resorts have already expressed interest in developing an airport hotel at Noida Airport's Aerocity. At the same time, Galgotias Infra has signed a memorandum of understanding (MoU) with Yamuna Expressway Industrial Development Authority (YEIDA) to invest in projects worth Rs 510 crore in Aerocity.
We find ourselves at the tipping point in NCR's landscape; expect more great things coming this way at full throttle", says Ankit.
As a multi-modal connectivity hub, NIA will attract investments to the tune of Rs 60,000 crore to Uttar Pradesh with several big-ticket announcements from the likes of Patanjali, Infosys, Microsoft, Adani Group, HCL, Google, TCS, and many more international giants.
The NIA airport shall fall on India's busiest freight corridor network. The airport will have a dedicated cargo terminal with a capacity of 20 lakh metric tonnes, expanding to 80 lakh metric tonnes along the way. By its final development phase, NIA shall surpass IGI to emerge as the leading airport in India.
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"The advent of the NIA, with its massive employment generation and multi-modal connectivity, marks a turning point for the region's real estate along the Yamuna Expressway. The upcoming years hold immense growth potential for Yamuna Expressway, which most definitely hits its golden phase now", he concludes.
About Company
Realty Assistant Pvt Ltd. provides 360° property management solutions in India under the Viraaj Ventures umbrella. As a multi-dimensional conglomerate, Viraaj Ventures has operational footprints in information technology & software development, enlistment & recruitment, structural & civil engineering consulting services, wealth management & BFSI services. Apart from this, the company is making a difference in digital marketing, legal & corporate advisory services, infrastructure development & real estate.
