The Proposed Airports Will Boost The Real Estate Of Various Regions In India

Construction of a new airport is one instant way to bring any region into the limelight for good reasons. Connectivity improves, giving easy access to the place by making the travelling time shorter and smoother. Along with the airport, advances the development of residential and commercial projects, and social infrastructure of the region. With over a hundred airports already in function, the government of India is all set to strengthen the airport infrastructure more. Take a look at the number of airports with ongoing constructions and are likely to start operation anytime soon.

Jewar Airport, Greater Noida (UP)

Currently, there is a massive dependency on the Indira Gandhi International (IGI) Airport from the residents of Delhi/NCR and other parts of the country. Seventy-two kilometres away from IGI Airport, the proposed Jewar Airport is a Public-Private Partnership model (PPP) development in Jewar, Gautam Budh Nagar district in the state of Uttar Pradesh. The plan consists of the two-runway airport to be completed by 2023 with an estimation of handling five million passengers per annum. 

The two immediate beneficiaries of this airport project are Noida and Greater Noida. Eminent developers like Godrej Properties, Purvanchal Group, and ATS Group has already launched ready to move and under-construction residential projects in locations close to the proposed airport. The realty market value has now gone up, and people are making the most of this opportunity by investing in these properties. 

Post-2023, the government plans to extend the airport with total six-runways with a capacity to handle 60 million passengers per annum. 

Navi Mumbai International Airport, Maharashtra

A proposed greenfield airport project in Mumbai’s Kopra-Panvel location, the project will be the region's second airport. Mumbai is on its way to becoming the first city in the country with more than one airport. The project is developed on a public-private partnership model. Due to certain legal challenges such as land acquisition, it has been delayed, and the first phase is now expected to be completed by 2020. Navi Mumbai International Airport will lessen the burden from Chhatrapati Shivaji International Airport.

Besides, the expected creation of job opportunities, the real estate will reach greater heights in the region. Areas like Panvel, Karanjade, and Khopoli will benefit the most with this project.

Mopa Airport, Goa

With the rising number of tourists (domestic and foreigners) preferring Goa every year, constructing one more airport in the region is justifiable. Along with the existing Dabolim airport, the construction of Mopa Airport as a greenfield airport has already begun. The development will sure shot influence tourism as well as real estate. 

The first phase of the project is expected to be completed by 2020-21.

Hollongi Airport, Arunachal Pradesh

The northeast part of India is all set to fly high with the proposed Hollongi Airport in Arunachal Pradesh. This project is sure to boost the economy, tourism, and real estate of the state. The airport will also have several impressive sustainability features. The government is expecting completion by 2022.  

Airport at Sriperumbudur, Chennai

Chennai faces air traffic in the existing airport which has led to the decision of a new airport in the city. After the official talks, six locations have been shortlisted for the project - Thiruporur, Cheyyar, Vallathur, Thodur, Maduramangalam and Mappedu.