Jewar Airport construction is approved and the Airport in Greater Noida will begin before 2019 general election. The Uttar Pradesh government has approved setting up of Joint Venture Company to acquire the land of the project with the total cost of nearly 4,000 crores.
Jewar Airport project has been cleared by the central government, home ministry and defense ministry with proper NOCs with an in-principle clearance for immigration.
According to an order by the UP government, the joint venture company will capable to obtain the land by the acquisition through the Land acquisition Act or by the mutual agreement with the land owners.
Land acquisition through the mutual agreement will cost the government more; the JV Company will have 37.5% shareholding of the UP government and same as of Noida Development Authority. 12.5% will be given to the Greater Noida Development Authority and Yamuna Expressway Industrial Development Authority which will equally benefit all the shareholders.
The 4,000 crore rupees cost of land acquisition have to be borne by the similar ratio of Rs 1,500 crore in the first two entities and Rs 500 crore by the latter one. The complete project has been divided into the four stages of completion.