New Delhi: With the Noida International Airport expected to become operational next April, foreign realty firms, including from Japan, South Korea, and the US, are making a beeline to invest in housing projects proposed in the vicinity, along the Yamuna Expressway. On the cards are three new townships and three foreign university campuses that the Yamuna Expressway Industrial Development Authority (YEIDA) has proposed to develop in the area, Arun Vir Singh, chief executive officer (CEO) of YEIDA, told ThePrint.
YEIDA is the nodal agency overseeing development around the airport and, according to Singh, has received requests for land allotment from foreign real estate developers and educational institutions in the US, UK, Japan, South Korea, Belgium, and others.
The three proposed township projects will be developed on 70 to 100 acres of land in Sector 22D, Yamuna Expressway.
“A lot of real estate firms from US, Japan, South Korea, among others, have expressed interest in developing housing projects. Therefore, we have decided to allot three land parcels for development of townships, or large-scale group housing, along with hospital, schools and commercial facilities in sector 22D. We will soon come up with a scheme for it,” Singh said.
In addition, YEIDA plans to develop Japanese and South Korean industrial cities, spanning 395 acres and 365 acres, respectively, in the area. Located 5 to 10 km from Noida International Airport, the twin cities will feature industries, particularly electronic manufacturing units, along with residential and commercial projects. YEIDA is currently in the process of acquiring land for these developments.
“This will result in employment generation and also boost the local economy. In our bylaws, we have permitted 50 percent village land to be used for commercial use,” he added.
These two cities are in addition to 11 proposed industrial clusters, catering to areas such as semiconductors, data centers, IT, apparel, toys, medical devices, handicrafts, and more, spread across sectors 28, 29, 32, and 33.
The YEIDA has planned the development in such a way that industrial clusters, including the newly planned logistic park, are located within 5-10 km from the international airport, which will also have a cargo hub and terminal.
Singh said that the government is keen on promoting large-scale development by developed nations in the area. “We want countries to develop their ecosystem here by setting up industries, hospitals, schools, housing etc,” he added.
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Educational hub also proposed
The push is also towards developing the area as an educational hub. While private educational institutions/universities have been allotted land in sector 22 E, YEIDA is in the process of allotting land to foreign universities to set up their campuses.
Singh said they have received applications from countries, including US, UK, Belgium, Japan and Sweden, among others, for the setting up of educational institutions and university campuses. “As 100 percent Foreign Direct Investment (FDI) is allowed in the education sector, we have decided to allot three land parcels (one of 100 acres and two of 50 acre each) to international universities for setting up their campuses here,” he said.
Industry members say that the development around the airport has generated a lot of interest both in India and abroad.
“The airport has led to positive development not just around it, but in neighbouring Noida and other areas. In the past few years, we have seen that there is a lot of interest shown by international firms in setting up industries, etc,” said Upasana Arora, Vice-Chairman, Confederation of Indian Industry-Uttar Pradesh chapter.
Real estate experts say investment by foreign firms in industries and real estate is a positive development.
“This will generate employment and demand for housing. It will take time for the area to develop; it will take a good five year to predict anything about the area, but development of social infrastructure and good connectivity with neighbouring areas will boost development. International real estate firms will invest in housing projects, but the government has to ensure that the land is provided at affordable rates,” said Samir Jasuja, CEO, PropEquity, a real estate data analytics firm.
Focus on improving connectivity between airports
The commercial flight operations are expected to start from 17 April, 2025, with three international flights and 25 domestic flights, said Singh.
To ensure good connectivity between the new airport and nearby areas, the YEIDA has decided to provide bus connectivity.
“The bus routes are being finalised. The plan is to run 250 electric buses between Noida airport and Noida, Ghaziabad, Greater Noida and Delhi, including IGI Airport, starting April. To begin with, we will start 50 buses, which will be operated by private players, from November. This will ensure convenient transport service to passengers till the time the rapid rail corridor is developed. The plan is to ensure that there is bus service available at every 5-10 minutes interval to important locations,” said Singh.
The UP government has sent a proposal for the development of a 72-km long rapid rail corridor to provide connectivity between Noida International Airport and IGI airport to the Centre for approval. The corridor will be developed by the National Capital Region Transport Corporation.
The work on improving road connectivity between the airport and nearby areas is also in full swing. “Before the airport becomes operational, we will have highway connectivity between the airport and Delhi-Mumbai expressway. It will take just three hours to reach Jaipur from Noida International Airport,” said Singh.
Apart from road connectivity, the authority is also focusing on developing hotels, including budget ones, near the airport. It plans to develop sector 29, the closest to the airport, along the expressway as an “aero village”, and will come up with a scheme to allot land for hotels and commercial development.
“We are making a few changes in our documents, as we didn’t get a good response from the hospitality sector earlier. We are hopeful that before the operations start, we will allot the land for development of hotels in sector 29, which we plan to develop as an aero village,” said Singh.
(Edited by Zinnia Ray Chaudhuri)
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