Navi Mumbai Airport Giving A Kick-Start To Affordable Housing
An upcoming international airport could undoubtedly prove to be a boon for a particular area’s real estate development. This is what has happened with localities such as Panvel and Karanjade at Navi Mumbai, where the bid for developing a Rs 16,000-crore Navi Mumbai international airport project has been finalised. GVK Power & Infrastructure Ltd, the group that bagged the project, is focused on making first phase of the airport to be operational by 2019. The airport is estimated to handle 60 million passengers a year by 2030.
The greenfield airport project, which is regarded as Asia’s largest public-private partnership airport project, has significantly impacted the realty developments in the neighbouring regions.
According to a report by the Maharashtra Chamber of Housing Industry, out of the total registrations recorded between November 2016 and February 2017, around 16-17 per cent were done after GVK won the bid to build the airport. Over 7,600 properties were registered during the early November in 2016 to February 2017 at the sub-registrar's offices in Vashi, Kopar Khairane and Central Business District (CBD)-Belapur. Several buyers and investors are now actively seeking investment opportunities in the satellite city.
Localities to 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 an excellent hub for 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.
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 Rs 40 lakh for a 1BHK, Rs 55 lakh for a 2BHK and Rs 75 lakh for a 3BHK at Navi Mumbai.