Table of Content:
- Navi Mumbai International Airport
- Navi Mumbai International Airport: Project Details
- Navi Mumbai International Airport: Connectivity Details
- Status of Navi Mumbai Airport Construction
- Navi Mumbai International Airport Project: Impact On Real Estate
The emergence of Navi Mumbai International Airport arose due to the rapid expansion and urbanization experienced in the bustling "City of Dreams," which has led to significant growth in the aviation sector. The primary objective behind establishing this new Mumbai airport is to offer a dependable alternative to the existing Chhatrapati Shivaji Maharaj International Airport.
Continue reading this article to learn about the details of the Navi Mumbai International Airport project.
Navi Mumbai International Airport
NMIA, also known as D.B. Patil International Airport, is a new infrastructural development project in Maharashtra. As per the latest updates, the new Mumbai airport is being constructed at the Mumbai Metropolitan Region Center at Ulwe in Navi Mumbai and is expected to become operational by December 2024. The project is being built in four phases:
The first two are expected to be completed by December 2024.
T2 is expected to be operational by 2028.
T3 construction is likely to be initiated in March 2029.
Once the Navi Mumbai International Airport construction is finished, it will operate as Mumbai's second-largest airport.
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Navi Mumbai International Airport: Project Details
The total land area of the Navi Mumbai International Airport project is approximately 2860 acres.
The initial stage of the project will feature a pair of runways and is anticipated to accommodate 80 flights per hour. Originally, the Navi Mumbai International Airport project had projected operational readiness for December. However, the project faced setbacks due to COVID-19, including lockdown measures, protests, and financial closure, causing delays.
Navi Mumbai International Airport: Connectivity Details
The Navi Mumbai International Airport project is located on NH 4B. The airport will link to Mumbai via a 21 km six-lane MTHL Project (currently under construction by Larsen & Toubro, IHI Consortium, & Tata Projects Ltd). The airport will be well connected to Pune and is expected to boost the affected locality’s real estate market.
Status of Navi Mumbai Airport Construction
The Adani Group took over as the developer and operator of the new Mumbai airport in 2021. Subsequently, in 2022, the City and Industrial Development Corporation (CIDCO) transferred 2866 acres of land to Adani to construct Navi Mumbai Airport.
In March 2022, the Adani Group completed the financial closure of the greenfield airport, with SBI guaranteeing its debt demand of Rs. 12,770 crores.
In June 2022, the Adani Group commenced the construction of the runway and terminal after acquiring the land from CIDCO. Based on media reports and the current status of Navi Mumbai Airport, it is anticipated that the airport will open its doors to visitors in December 2024.
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Navi Mumbai International Airport Project: Impact On Real Estate
NMIA is set to transform the real estate landscape in and around Navi Mumbai. Below are the factors stating how this upcoming, new Mumbai airport will bring opportunities for investors, developers, and residents.
The NMIA will boost demand for residential properties in the surrounding areas. With the anticipation of economic growth, improved connectivity, and job opportunities, individuals and families will seek housing options near the project. This surge will increase property values.
NMIA necessitates significant infrastructural development in the form of roads, highways, railways, and other transportation networks to ensure seamless connectivity to the airport.
Investing near Navi Mumbai International Airport will offer potential long-term appreciation and a favorable ROI. Once the airport becomes operational, the nearby areas will experience infrastructural development, and property values will also increase.
Conclusion
Navi Mumbai International Airport's development has profoundly impacted the real estate sector in and around Navi Mumbai. The increased demand for residential properties, growth of commercial properties, infrastructural development, and long-term appreciation potential will make investing in real estate near NMIA an enticing proposition.