Navi Mumbai Airport Delayed, Affects Realty

Due to the delay in the proposed Navi Mumbai international airport, the realty sector in the area is affected badly. Navi Mumbai witnessed a fall of property prices.
The delay of Airport affects the realty sector of Navi Mumbai.

The delay of Airport affects the realty sector of Navi Mumbai.

Property prices in Navi Mumbai were expected to shoot up. The proposed international airport was believed to boost the property prices in the area. However it will be, as the project is delayed, a setback to the realty sector.

Since the proposal of international airport in 2010, the property prices in and around the locality have doubled and tripled. The announcement had an impact on the prices in areas like Kalamboli, Kharghar, Panvel and Ulwe. Prices in all these neighborhood areas shot up highly.

The new airport was proposed to be developed at Navi Mumbai. It, for pure aviation purpose, needs around 1,160 hectares of land. Additionally it needs another 225 hectares of land is required for other purposes.

Out of these 1160 hectares, 291 hectares of land is yet to be attained. Prithviraj Chavan, the Maharashtra chief minister, said in a reply in the parliament. Continue reading