Enhancements in Phase 2 of Noida Airport: A Strategic Investment by Uttar Pradesh Government

Team Opulnz Abode:12-11-2023,8:12am: Read Time – 2 min

Increased Compensation for Land Acquisition

The Uttar Pradesh government has increased the compensation for the second phase of the Noida International Airport by Rs 880 crore, bringing the total payout to landowners to Rs 4,780 crore. This move is part of the government’s commitment to moderately compensate the landowners affected by this significant infrastructure project. Approximately 70% of the land acquisition, covering 1,181 hectares across six villages in Jewar, has been completed, with Rs 2,800 crore already distributed to farmers​​​​.

Development of a Maintenance, Repair, and Overhaul (MRO) Hub

The acquired land will be utilized to develop a maintenance, repair, and overhauling (MRO) hub. This facility is expected to position the region as a key aviation hub in India. Noida International Airport Ltd (NIAL), a joint venture of the UP government and development agencies, oversees this development and is poised to invite international investments for the MRO centre​​​​.

Progress and Future Roadmap of Noida International Airport

The first phase of the Noida International Airport is on track for completion in October 2024. This phase includes one runway, an air traffic control tower, and a terminal building. The second phase will feature the construction of an additional runway. Once all phases are completed by 2070, the airport will boast six runways, four terminal buildings, and the capacity to handle 225 million passengers annually, along with the MRO and aviation hub​​​​.

Financial Contributions from Various Authorities

To support this ambitious project, the UP government has released Rs 329 crore, contributing to its 37.5% stake in NIAL. Other regional development authorities, such as the Noida Authority, Greater Noida Industrial Development Authority (GNIDA), and the Yamuna Expressway Industrial Development Authority (Yeida), will release their contributions​​.

Addressing Additional Compensation Needs

Initially, an estimate of Rs 3,900 crore was made in March 2021 for the land acquisition. This estimate, however, did not account for landowners’ assets like tube wells and interest for 690 days. With the approved additional compensation, the authorities will now commence the distribution of these assets as well, ensuring a more comprehensive settlement for affected landowners.​

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 https://www.opulnzabode.com/max-estates-luxury-flats-noida-sector-128/ Source: https://realty.economictimes.indiatimes.com/news/infrastructure/uttar-pradesh-government-hikes-payout-for-phase-2-of-noida-airport-by-rs-880-crore/104665979