New Airports In India Will Have An Impact On Real Estate
The development of new airports in India under the Ude Desh ka Aam Naagrik (UDAN) scheme will provide low-cost flights from major cities to smaller towns. Under this initiative, air service is on in over 359 routes touching 59 airports, 5 heliports, and 2 aerodromes. As a result, economic growth and real estate development in these cities are expected to accelerate.
The Central Government launched the ‘Ude Deshka Aam Nagrik’ (UDAN) scheme in 2016 to fulfil the common man’s dream of flying and connecting tier-I and II cities with metropolitan cities. The scheme entails charging Rs 2,500 for an hour’s flight by fixed-wing aircraft or Rs 2,500 for a 30-minute helicopter flight covering approximately 500 kilometres. Since its implementation, the number of operational airports has increased from 74 to 141. Explain in detail some of the new airports in India built under UDAN, as well as how the initiative is likely to boost the country’s real estate sector:
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India’s upcoming and new airports
Noida’s Jewar Airport
This international airport, locate in Noida, is slated to be India’s largest. The airport is expected to cost Rs 29,650 crores. The first phase of Jewar airport is schedule to begin in 2022-23. This airport has six runways and will share traffic with Delhi’s Indira Gandhi International (IGI) Airport.
New Airports In India: Pune’s Purandar Airport
This airport will share the traffic load of Pune’s Lohegaon Airport. It is only 40 kilometres from Pune and is known as the Chhatrapati Sambhaji Raje International Airport. Its estimated project cost is Rs 6,000 crores, with operations set to begin in February 2024.
New Airports In India: Kurnool Orvkal Airport
It was inaugurated in 2019 in Andhra Pradesh. It covers 639 acres. This airport has not yet been granted a commercial licence. It will benefit Kurnool, Srisailam, and Nandyal’s tourism and real estate sectors.
New Airports In India: Goa’s Mopa Airport
This new airport will cost Rs 3,000 crores to build. The first phase will be finish in 2022. Mopa airport will be built in four phases and will have a capacity of 13.3 million passengers per year.
Maharashtra’s Sindhudurg Airport
Only 27 kilometres from the Mumbai-Goa Expressway. It was dedicate in March 2019. It will have a positive impact on the state’s tourism. Carry 400 passengers per day.
Kolkata’s Kalyani Airport
It will take off the load from Kolkata’s Netaji Subhash Chandra Bose International Airport, which is 45 kilometres away at Dum Dum. Cover 1,500 acres and have a capacity of 8.5 million passengers per year. It will begin operations in 2030.
Arunachal Pradesh’s Holongi Airport
This Greenfield airport will be 14 kilometres from Itanagar. It is estimate that the project will cost Rs 1,200 crore and will cover an area of 320 hectares. This airport will improve accessibility to the state. It will be operational on August 15, 2022.
New Airports In India: Rajkot Airport, Gujarat
It is one of the new airports in India, located near National Highway 8B in Hirasar. A320 flights will be handle at this single-runway airport. It is expected to go live by the end of 2022.
Maharashtra’s Navi Mumbai International Airport
This new international airport, also known as NAINA, is currently under construction in Panvel, Navi Mumbai (Navi Mumbai Airport Influence Notified Area). It is expecte to be complete in 2023 and will handle 90 million passengers per year. It will share the workload of Mumbai’s Chhatrapati Shivaji Maharaj International Airport and serve the Mumbai Metropolitan Region (MMR).
Rourkela Airport, Orissa
This airport has been in operation since January 2019. The Airports Authority of India (AAI) hopes to build two more in Utkela and Jeypore.
New Airports In India: The effect on real estate
All of these airports are design to improve connectivity to tier II and III cities, which will increase property demand and prices. The suburban areas surrounding metros and large cities will rapidly develop, providing more residential and commercial projects to prospective property buyers. The construction of new airports in India may also result in macroeconomic development and an improvement in the local people’s financial situation. Most importantly, reduced travel time will attract more business to tier-II and III cities, providing a boost to real estate development in these cities.
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