The airport will be built on a public-private partnership model with the GMR Group, that now operates New Delhi's Indira Gandhi International Airport, getting the Right of First Refusal at the time of bidding for the Noida international airport.
Minister of State for Civil Aviation, Jayant Sinha, said he saw a great opportunity for industrial houses, such as pharmaceutical and automobile companies, to set up factories near the airport site.
The Noida global airport will cater to 30-50 million passengers per year over the next 10-15 years, Mr. Raju said.
Later the minister took to the microblogging site Twitter and said that the area notified for Noida Airport is 3000 hectares; 1st phase will be developed for 1000 hectares. "We expect Rs 15,000-20,000 crores of investment", Raju said in a series of tweets.
The metro service in Noida is also likely to be extended up to Jewar in order to improve connectivity to the airport.
The IGI Airport now handles almost 62 million passengers every year.
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The new aviation facility at Jewar - Noida International Airport - is expected to ease the infrastructure pressure on the Indira Gandhi International Airport (IGIA) located here.
Senior minister Raju said that the government will honour the Operation Management and Development Agreement (OMDA) with GMR, which operates the Delhi Airport jointly with the Airports Authority of India (AAI) for Delhi airport.
The capacity to handle 30-50 million passengers per year will put the Jewar airport on par with the Mumbai airport, which sees 45 million passengers per year.
The Centre today cleared the the proposal to build an airport in Greater Noida today, an ANI report said.
The Uttar Pradesh government had asked the civil aviation ministry to do a technical evaluation of the Jewar airport project on the outskirts of Greater Noida. He claimed that farmers are ready to give land for the airport project "at negotiated terms".
Civil Aviation Minister Ashok Gajapathi Raju on Saturday said approval for the first phase of Jewar airport in western Uttar Pradesh has been granted.
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