Delhi NCR’s 2nd International Airport To Be Developed By Europe’s 4th Best Zurich Airport
Thursday, March 12, 2020 IST
We all know Delhi NCR is getting its second airport to manage ever-growing transit traffic. Now we also know Zurich Airport will be developing the project! Noida is set to see its first airport. By 2024, IGI airport’s capacity is expected to be saturated with over 10 crore passengers annually. The aviation ministry has had this one on the cards for a long time but recently preponed plans of development. The only question that remained was which giant will get to reap the benefits of laying this seed.
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What is it
Delhi NCR’s second airport in Jewar will be the country’s biggest, twice the size of the original 5,100 acres in Gurgaon. With 8 runways and technology that’s ahead of its time, this project will be defining for Uttar Pradesh and Delhi NCR. Noida-Greater Noida will transform into a hub of business, tourism, and probably hotels and entertainment too. What’s certain is that real estate will see a boost, pushing it light years into the future in just a few years. The first international airport of the capital has already proved what it does to the surroundings. Aerocity has turned into the city’s hub for luxury, travel and food. In all probability, Noida will be no different. That’s bound to change things around in terms of safety, traffic and governance. This has huge implications, but today we are focused on who gets to usher in the future.
Who’s who
IGI Airport’s developer, GMR and India’s king Adani both had to kneel before Europe’s fourth best airport’s winning bid. GMR Group-led DIAL had the right of first refusal. They offered revenue share of ₹351 per passenger. Adani Group offered ₹360 and Switzerland’s Zurich Airport bid ₹400.97. They will be investing ₹4,663.731 crore for the first phase of development by 2023. There was another bidder. Anchorage Infrastructure Investments Holdings Ltd offered ₹205 per passenger. It’s an unlisted public company from Mumbai that was born in June 2019, with the total paid up capital of ₹6.15 crore. This is not Zurich Airport’s first project in India. It sold its last shares of Bangalore Airport in 2017.
Jewar Airport will be under a 40-year contract with Zurich Airport. The project was announced in 2001 and real estate developers jumped at the chance to procure land that would surely boom. The time seems to have come but development will be on hold until visible signs of construction activity make a dent in Jewar. They’re wary of oversupply and want to be certain of return at par with IGI airport’s vicinity. By 2031 Jewar Airport is expected complete phase 2 of development and see 3 crore passengers annually; by phase 3 in 2036, 5 crore; and by phase 4 in 2040, 7 crore. At least that’s the plan, but land will be have to acquired from innocent farmers and we all know how brutal that is. Relocation of those harmed, to a good site at the earliest, is a major concern too.
We’re excited to see how the government and developers play this out! Travel to Delhi is surely going to become a breeze one way or another.
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