How Will Navi Mumbai Airport Impact The Navi Mumbai Real Estate
Panvel is the undisputed leader as far as residential launches in Navi Mumbai are concerned. With completion of the metro, there will be a spurt of residential launches in this area. But, there is another big reason to invest in this hotspot - the Navi Mumbai International Airport.
What makes the new airport special?
Unlike the Chhatrapati Shivaji International Airport of Mumbai which is a single-runway affair, the new airport in neighbouring Navi Mumbai will have two parallel runways and will handle around 80 flights per hour. The first phase is expected to be completed by the end of 2019, with one runway and the terminal building ready to handle up to 10 million passengers. The second phase, to be completed by 2022, will take the handling capacity up to 25 million passengers.
The right time to invest in Navi Mumbai
With the construction of international airport at Navi Mumbai in full swing now, the real estate market of Panvel is expected to look up soon. Being in the proximity to the airport has made these locations one of the most promising property destinations in Navi Mumbai today.
The government has taken well-planned steps to make the new airport as a breather for the choked single-runway Chhatrapati Shivaji International Airport. The CIDCO expects the airport to generate over 4 lakh direct and indirect jobs. This means more and more people will migrate to Navi Mumbai, giving a major boost to the peripheral area’s real estate too. Several MNCs have already set up their offices in Navi Mumbai and this has spurred demand for social amenities and residential units alike. CIDCO is focusing hugely on the development prospects in Navi Mumbai and residential real estate demand should hit the roof soon.
Panvel is just around 4 kms from the airport. This will be directly benefitting the residents of the projects that are coming in Panvel. The upcoming airport has triggered a lot of activity in the affordable housing segment. Nestled between Mumbai and Pune, Panvel is a hub of affordable housing, and so is this new project. One such upcoming project is Wadhwa Wise City, where city connectivity and nature-living go hand in hand.
The International Aerotropolis in recent times has become sought-after neighbourhoods. Unlike real estate development being planned around an existing airport, the Aerotropolis in Navi Mumbai will have the advantage of the international airport which is being under construction. This is exactly where the Navi Mumbai’s real estate market will gain from. When one looks at the potential that the Aerotropolis offers, the Panvel region has been attracting attention from Mumbai-based corporate entities looking out for commercial real estate.
There are several infrastructure developments which are driving preference for Panvel too. While some are yet to take off and have had some negative impact in the real estate sector, others show promise of on-time delivery. Hence, if you are looking for an investment or a property for end-use, Navi Mumbai, especially Panvel seems to be good option to consider.