Airports are important magnets of growth. The area in which it is set up begins to attract additional infrastructural developments, businesses, residential structures. Collectively, this makes the area a much sought after destination for real estate developers.

The current international airport at Mumbai will soon reach saturation point. Mindful of this, the government identified land in Navi Mumbai to set up Mumbai's second international airport. The Steering Committee, which was set up as per the new greenfield airport policy, recently gave "In Principle" approval for setting up the Navi Mumbai International airport.

As per the current schedule, the first phase of the Navi Mumbai airport can become operational by 2014. But Chief Minister Ashok Chavan, while chairing a review meeting recently, asked government officials to speed up the work of regeneration of mangroves and resettlement of 3,000 families, so that the much awaited airport will be a reality by December 31, 2013 instead of 2014.

While granting the environmental clearance, Union Ministry of Environment & Forests has directed to neutralize the impact of loss of mangroves by regenerating them. CIDCO (City and Industrial Development Corporation) will regenerate the mangroves on 300 acres of land, which is double the size of the existing 150 acres covered by the mangroves. For the task, the CIDCO has appointed M/S. Lewis Environmental Services Inc, a USA based firm as expert review consultant, said a senior official.

The total land earmarked for the project is 2053 hectares, of which 1153 hectares is in possession of CIDCO. About 443 hectares which was with the State Government, has been transferred to CIDCO. The remaining 457 hectares is private land and officials are negotiating a deal with the owners.

News impact on Expat Properties

The 'in principle' approval being given by the Steering Committee as well as the urgency shown by Maharashtra's chief minister to set up the international airport is certainly good news. Since real estate stands to benefit with the arrival of any new development, Panvel & its surrounding real estate will see rising interest in the immediate future.

Knowing the impact that the airport, which is near Panvel, will have on real estate, Expat Properties introduces you to its properties located near this proposed airport. Subsequent benefits await The Gardens (in Khalapur), The Solitude Greens (in Panvel). Other properties are located in the areas of Karjat and Mahad.

As the airport is set up, the well known area of Karjat will become even more attractive to those wanting to invest in real estate. This area is on the development radar of the Mumbai Metropolitan Region Development Authority (MMRDA). It recently decided to improve the road infrastructure in Karjat.

By taking the NH 17, that is being four-laned, one comes to Mahad in the Raigad district. This district has recently been attracting majority investments amidst the economic slowdown. With the arrival of the airport, the Raigad district will attract additional developments. Mahad will benefit as a result.

Expat Properties has set up its projects in these locations, knowing their potential to appreciate in the immediate future.

For more information visit:

'Start Navi Mumbai Airport a Year Ahead of Schedule: Chavan', Times of India, December-6-2009.
'In principle approval for 12 Greenfield airports: Patel', Business Standard, November-24-2009.
'Rs30-crore mission to improve MMR roads', DNA, August-11-2009.