The Yamuna Expressway Industrial Development Authority (YEIDA) has announced a significant funding boost for the Noida International Airport project in Jewar, with an allocation of ₹805 crore for the upcoming fiscal year 2023-24. This is double the allocation of ₹405 crore for the current fiscal year and will be used for the acquisition of land for Phase 2 and Phase 3 of the airport and other infrastructure development around the facility.
The construction of the Noida airport at Jewar is currently underway, and the process of land acquisition for the second and third phases has begun. In the Jewar airport project, the YEIDA and Greater Noida Industrial Development Authority (GNIDA) each hold a 12.5 percent stake, while the Noida Authority and the state government have 37.5 percent shares each. The second phase will require the acquisition of 1,365 hectares of land.
In addition to the funding allocation for the airport project, the YEIDA has approved a total budget of ₹5,624.85 crore for FY 2023-24, which is 23 percent higher than the current fiscal year's budget of ₹4,528.65 crore and double the revised estimates of ₹2,621.26 crore for FY 2022-23. The authority has also decided to acquire land of width 500 metres around industrial sectors located near Jewar, Noida International Airport, including in sectors 21, 28, 29, 33, 10, and 09.
The increased funding and land acquisition are expected to accelerate the development of the Noida International Airport and improve its infrastructure, thereby boosting the region's economic growth and creating employment opportunities.