The work is scheduled to be completed in the next 25 months, with plans to commission the terminal building and the 3,900m long runway by October 2024.
Last month, TPL received the engineering, procurement and construction (EPC) contract from Yamuna International Airport Private Limited (YIAPL) to develop NIA in Jewar, Uttar Pradesh.
An unnamed YIAPL representative was quoted by the publication as saying that both the terminal and runway are expected to be completed on time for planned commercial flights at the airport by the final quarter of 2024.
The state governments of Uttar Pradesh and Zurich AG have agreed to finish the project by 29 September 2024.
In case of failing to meet the deadline, the agreement has a provision of imposing a $1m fine per day.
Once developed, NIA will be the second international airport in the NCR region. It will have a passenger handling capacity of 12 million per annum.
TPL is also expected to develop various airside infrastructure, roads, utilities, and landside facilities, among others, in addition to the terminal and runway.
The company aims to complete the entire airport project, which will be operated by Zurich AG under a 40-year concession, in four stages within 2061.
The official added: “The airport master plan is prepared to accommodate the demand throughout the 40-year concession period with two runways.
“The airport will open with a single runway and a terminal capacity to handle 12 million passengers per year.
“Up to the end of the concession in 2061, Noida International Airport will be developed with two parallel runways and additional terminal capacity to serve 70 million passengers.”