According to Mukherjee, CIDCO, which owns a 26% share in the Navi Mumbai Airport project, has ‘almost’ completed its portion of the work, while the concessionaire, Navi Mumbai International Airport Ltd (NMIAL), began its portion on August 4, 2021.

More than a month ago, a government-appointed expert group recommended that the long-delayed Navi Mumbai Airport project be awarded a second environmental approval. The expert appraisal committee (EAC) established by the Union environment minister made this observation during a meeting on October 8, 2021.

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What are the advantages of Navi Mumbai Airport in terms of real estate?

The NMIAL would not only relieve pressure on Mumbai’s Chhatrapati Shivaji International Airport (CSIA), a single-runway airport that handles over 25% of all air traffic in India’s financial capital, but it would also boost Navi Mumbai real estate, which has seen a year-on-year decline in housing sales.

Despite being a hotbed of affordable real estate nestled among scenic beauty, Navi Mumbai real estate hasn’t gotten the attention it deserves. Plans to build a city parallel to the country’s commercial nerve center Mumbai were first made in the 1970s when it became clear that the space-starved Maximum City was on the verge of a population explosion when it became clear that the space-starved Maximum City was on the verge of a population explosion when it became clear that the space-starved Maximum

In 2019, only 15,533 houses in the 25 most prominent Navi Mumbai localities were sold, compared to 16,787 in 2017. In Navi Mumbai, on the other hand, over 34,000 housing units remained unsold.

A brand-new airport would have a substantial impact on the Navi Mumbai real estate market by improving the area’s commercial value and, in particular, by creating job opportunities. Once operations begin, the NMIAL will provide employment opportunities for up to four lakh people.

This growing workforce will drive up demand for rental and residential real estate in Navi Mumbai by purchasing and renting houses in the adjacent suburbs.

Demand for property in this location would increase even more once the Navi Mumbai Metro is open (anticipated in August 2020), resulting in a surge in prices. Similarly, the Mumbai Trans Harbor Bridge, which will significantly reduce travel times between Navi Mumbai (Nhava Sheva) and South Mumbai (Sewri), will boost the real estate market in the independent city, which was ranked second in the government’s ease of life ranking in 2018.

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