In February 2018, Prime Minister Narendra Modi laid the foundation stone for the first phase of the second airport in Mumbai, the Navi Mumbai International Airport, about 21 years after the plans to build it were conceived. Months later, London-based Zaha Hadid Architects was selected to design the Terminal 1 and the ATC Tower of the airport. However, work on the project is far from starting.
What do we need to know about the Airport?
How would the Navi Mumbai Airport help Mumbai?
To be built at an estimated cost of Rs 16,700 Crore, the airport will act a breather for the choked single-runway Chhatrapati Shivaji International Airport in Mumbai. Official data show the Mumbai airport handled over 45 million passengers last year while it has an installed capacity to serve only 40 million passengers.
Who is building the Navi Mumbai Airport?
GVK Group is building the airport, along with state-run infrastructure development agency City and Industrial Development Corporation (Cidco) in a 74:26 equity structure.
What is the layout of the Navi Mumbai like?
The new airport will have two parallel runways, and will handle close to 80 flights an hour.
Where is the land?
Over 2,268 hectares of land is needed for the project. However, efforts are still on to acquire the land required for the project. Also, about 3,500 families across 10 villages of Navi Mumbai have been impacted by the proposed airport. So, the Cidco has rehabilitated about 400 families.
What is the time line of completion of Navi Mumbai Airport?
The Airport will be developed in Four Phases.
In Phase-I, the terminal building would be constructed with one runway. Work under this phase is likely to be completed by the end of 2020. The airport will have the capacity to handle 10 million passengers.
Work on Phase-II will be completed by 2022. After the completion of this phase, the capacity of the airport will increase to 25 million passengers.
After the completion of works in Phase-III and Phase-IV in 2027 and 2031, respectively, the airport will be handling 60 million passengers.
How would the Navi Mumbai Airport impact Real estate?
The Cidco expects the airport to generate over 4 lakh direct and indirect jobs. This means more and more people will migrate to Navi Mumbai, giving a major boost to the peripheral area’s real estate. The change is already visible.
According to a report by the Maharashtra Chamber of Housing Industry, of the total property registrations recorded in at near Navi Mumbai between November 2016 and February 2017, around 16-17 per cent was done after GVK won the bid to build the airport.
Sensing the potential of Navi Mumbai, ace developers such as Hiranandani and IndiaBulls have launched their projects here. Since property at Navi Mumbai is comparatively affordable, projects lying unsold at Navi Mumbai would find more willing takers in the times to come.
Which localities will benefit?
Panvel, which is around four kilometres from the airport, will be directly benefitting from the project. Nestled amid Mumbai and Pune, the town is a hub of affordable housing. Karanjade is another residential neighbourhood near the airport which is also likely to see significant residential development in the coming days. Khopoli, which is about 40 kilometres from Navi Mumbai, has also seen notable real estate growth in terms of new launches. Ulwe and Dronagiri are other popular localities that are also the key focus of property buyers.
What are the Prices like?
The upcoming airport has triggered activity rush in the affordable housing segment. This is likely to go better as the process to complete the project picks pace. On an average, you have to shell out Rs 40 lakh for a 1BHK, Rs 55 lakh for a 2BHK and Rs 75 lakh for a 3BHK at Navi Mumbai.
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