Navi Mumbai's new airport to boost realty in neighbouring areas

Mumbai: The work of the much-delayed Navi Mumbai International Airport Ltd (NMIAL) project will now progress as per the scheduled timelines and the project will be on track as City and Industrial Development Corporation of Maharashtra (Cidco) has handed over the entire 2,886 acres of land to Adani.

After a string of missed deadlines, the NMIAL, for which Prime Minister Narendra Modi laid the foundation stone in 2018, is likely to be commissioned for operations by December 2024 boosting the real estate market in the neighbouring areas. Recently, the Cidco cleared all the 3,070 structures located in the project area and the entire site has now been made available for airport construction.

The town planning body is also close to completion of the rehabilitation of more than 5,000 families from the villages that fall under the area. To meet the 2024 deadline, Adani Group-led NMIAL has commenced work on its Terminal 1 and the runway. The NMIAL is a Greenfield Airport, which will serve passengers in the Mumbai Metropolitan Region (MMR).

Bizz Buzz interacted with quite a few stakeholders to have their opinion on the issue. As the work for the Navi Mumbai International Airport progresses ahead, it will simultaneously bolster the economy and create lakhs of direct and indirect jobs in Navi Mumbai. It is likely to benefit the real estate market of the neighbouring areas around the airport. The area is set for the biggest infrastructural boost and will now be an undisputed hotspot as far as the real estate development in Navi Mumbai is concerned.

Bhasker Jain, Chief Business Officer of The Wadhwa Group said, "The area is strategically located close to several infrastructure developments and with the government's strong focus on developing the region, it is slated to be the next economic growth corridor. The commencement of the work of the NMIAL along with the other infrastructure developments is driving the demand for residential and commercial real estate in this new growth corridor. In recent times, the region has emerged as the hub for smart residential townships, good road and railway connectivity and growing infrastructure."

The new airport will bring the biggest change to adjoining areas such as Panvel, Taloja, Karjat, Neral, Khopoli, Ulwe, Dronagiri and Uran. It will uplift the housing demand in these areas and attract people from all walks of life. The world-class infrastructure coupled with smooth connectivity will encourage MNCs to set up their offices around these neighbouring areas. When you look at the potential that these areas will offer, it will drive the demand for real estate investments.

Dr Sachin Chopda, Managing Director, Pushpam Group said, "The fast tracking of the NMIAL will create a strong demand for property investment in the adjoining areas. With such fast-paced Infrastructure evolution, exceptional connectivity along with surreal scenic surroundings, most of the homebuyers prefer such locations from their investment perspective to gain regular rentals or consider for the weekend getaways. Owing to certain parameters such as affordability, pleasing weather, blissful activities, open landscape and convenience, the region has witnessed a strong demand for second homes too, especially for the investor-driven community."