Prime Minister Narendra Modi has set the base for the first phase of the second international airport in Mumbai, the Navi Mumbai International Airport. The government has already announced fast-track permissions and clearances for the airport project. This has created a positive impact on the real estate development in Navi Mumbai and locations in the airport’s neighbors, especially the Panvel region.
Navi Mumbai Airport project
Navi Mumbai International Airport is a project located in Mumbai’s Kopra-Panvel area. GVK Power and Infrastructures Ltd have signed a contract with City Industrial Development Corporation Ltd (CIDCO) to establish the Navi Mumbai International Airport Pvt Ltd, a special purpose vehicle to execute the Navi Mumbai International Airport development project. GVK will hold a 74% stake in the airport project whereas CIDCO will hold the remaining 26%. NMIAL aims to complete and commission the phase 1 of Navi Mumbai airport by the end of 2021. The second phase is expected to be completed by 2022 and the third phase of the Navi Mumbai airport is likely to be completed by 2027. The fourth and the final phase of the airport project will be completed by 2031. This information is as per the report by a leading newspaper.
How would the airport project impact the real estate?
The fast-tracking of the Navi Mumbai International project is having a positive impact on the real estate development in Navi Mumbai and the locations in the airport’s locality. The CIDCO anticipates the airport to generate more than four lakh direct and indirect jobs. This indicates more and more people will be migrating to Navi Mumbai. This will increase the demand for housing projects in Navi Mumbai and flats in Panvel .
The key micro-markets like Ulwe, Kamothe, Kharghar, Taloja, and Panvel are the areas that are likely to benefit due to the upcoming airport project. CIDCO also has some plans for Navi Mumbai as well. A 100 hectares’ corporate park will be established in the Kharghar region on the lines of BKC.