Jewar airport expected to fuel economic growth in Greater Noida
Residential societies that have been locked for many years are expected to become occupied when the airport nears completion, as the project will boost economic activity in this region.noida Updated: Jun 25, 2017 21:48 IST
The proposed international airport project at Jewar along 165km Yamuna Expressway may boost the population in Greater Noida and fuel economic activity.
Many refer to Greater Noida as a ‘ghost city’ due to unoccupied housing projects. Residential societies that have been locked for many years are expected to become occupied when the airport nears completion, as the project will boost economic activity in this region.
Greater Noida was established as a planned industrial town in 1992 on 40,000 hectares of agricultural land, double the area of neighbouring Noida. However, industrial development took a back seat and the authority allotted around 50% land for residential development, defeating the purpose of an industrial town. As per the Greater Noida authority’s estimate, the city has an urban population of around 2 lakh even after 25 years of being set up.
“Greater Noida became a ghost city because it failed to develop as an industrial town. But now, the airport project will provide a much-needed boost as hotel chains, industries, MNCs and others will invest in this town. I feel it will become one of the most sought-after cities in the next five to six years,” NK Kharbanda, former chairman of Indian industries association, said.
The Greater Noida authority is also planning schemes for industrialists to cash in on the airport project.
“I have decided to hire a private agency for conducting a survey and helping us to benefit from the project. We can come up with new industrial schemes to lure investors to this town and boost economic activity,” said Debasish Panda, chief executive officer of the Greater Noida authority.
Panda is hopeful of attracting international investors once the airport is set up.
“The airport project will undoubtedly be of a huge advantage for the growth of Greater Noida. Traders dealing with high-value products such as jewellery and diamonds will prefer investing in this region because they will enjoy air connectivity now. We will engage with many types of investors as we will have a lot to offer them,” Panda said.
The authority is also planning to repackage industrial and institutional plot schemes. “I will take the help of a private agency that will survey industrial and institutional plots. I will bring in new schemes to lure investors. We will obviously use the airport project to fuel economic activity,” said Panda.