Technical clearance obtained for airport in Navi Mumbai
The minister said that there was congestion during peak hours at the current Mumbai airports as current infrastructure has not kept pace with the growth in civil aviation sector.
Property prices are already on the upswing in Navi Mumbai, in anticipation of rapid development of the area following the new airport. Areas that will benefit are Panvel, Vashi, Kharghar, Kalamboli and areas near Nhava Sheva port in Panvel. Also, some areas near Pune such as Hinjewadi could also appreciate, with the new airport being 90 minutes away by expressway. Land prices in some of these areas have appreciated by over a 100% in 18 months.
Major infrastructure projects such as airports have typically led to substantial real estate appreciation in accompanying areas. In addition to residential demand, requirements of the retail sector and hotels are likely to drive up prices
By INRnews Correspondent
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