The Navi Mumbai International Airport is a testament to the fast growing aviation sector in modern India. The project will cost an estimated INR 16,700 crore to the national exchequer and once commissioned, will handle millions of passengers per year.
- At the same time, the new airport project is already casting deep effects on the real estate industry in the local areas. According to a report published by the Maharashtra Chamber of Housing Industry, property registrations in and near Navi Mumbai have significantly grown after GVK won the bid to build the new airport.
- Industry observers note property rates in Navi Mumbai being comparatively cheaper. These include 2 BHK near Navi Mumbai International Airport and a lot of unsold real estate projects in the area have suddenly found new market demand.
- Areas such as Panvel, Karanjade, and Khopoli have registered a significant spike in terms of new launches. Property buyers and real estate investors are also flocking to areas such as Ulwe and Dronagiri.
- The upcoming airport has also created sudden market demand for affordable housing in Navi Mumbai. Industry observers feel this trend will gain steam as the new airport nears completion. 2 BHK near Navi Mumbai International Airport are attracting interest. Prices, on average, range from INR 40 lakhs for a 1-BHK flat to INR 80 lakhs and above for a 3-BHK apartment in Navi Mumbai.
- In addition, Panvel, which already boasts an abundance of real estate supplies, is witnessing high demand for residential real estate in the wake of construction of the Navi Mumbai International Airport.
- Buyers are also keen to purchase property in Panvel owing to great connectivity in the form of a local railway station and the NH-48 which passes through Panvel.
- Further, a batch of new residential complexes including 2 BHK near Navi Mumbai International Airport are under construction. Observers in the real estate industry also note that a whole new ecosystem of amenities (and commercial property) could be built around the new airport. This gives real estate buyers and investors very good reason for investing in Navi Mumbai.
- Further to the above, the Navi Mumbai town planning authority, the City and Industrial Development Corporation (CIDCO), is working to construct a coastal road to connect Kharghar with Belapur.
These developments establish the fact that the upcoming new airport in Navi Mumbai is driving growth in the residential and commercial real estate markets of Navi Mumbai.