Jewar Airport gets ₹5,000-cr infra booster

The Yamuna Expressway Industrial Development Authority (YEIDA) has signed an agreement to raise ₹5000 crore in three years for the development of residential and commercial projects in and around the upcoming Jewar airport. Arun Vir Singh, CEO of the authority informed that the funds will be provided by the Housing and Urban Development Corporation (HUDCO) and will be used for building the industrial estates, Electronic City and housing projects. As per the MoU, YEIDA will require ₹4000-5000 crore for the development around the Jewar airport and the Uttar Pradesh government has earmarked about 5,000 hectares of land in Jewar on Yamuna Express for an aviation and transport hub. About 1,300 hectares of land has been handed over to Zurich Airports for the development of the airport in the first phase. Outside that, an aviation hub is planned where it will have hotels, MROs and other establishment related to aviation. The agency needs to acquire land for that and financing by NBCC will help it in achieving the targeted expansion. The concessionaire has the right to develop commercial space, including hotels and office space, within the space provided to them. Zurich Airports has won the contract to build and operate Jewar airport, which will act as the second airport for Delhi, for a period of 40 years, including construction period of four years in the first phase. The airport is expected to start operations around 2023-24, by when the existing airport is set to exhaust its capacity of more than 100 million.