Navi Mumbai International Airport, located in Ulwe, Navi Mumbai, is now officially called the D B Patil Navi Mumbai International Airport.It is named after Late Loknete Dinkar Balu Patil, who was a senior member of the Peasants and Workers Party of India. He campaigned for equitable compensation for Navi Mumbai farmers, whose lands were allocated by CIDCO for the development of the new city. Upon completion, the airport will serve as the second airport in the Mumbai Metropolitan Region (MMR), relieving congestion and augmenting Mumbai’s existing Chhatrapati Shivaji Maharaj International Airport.
The overall development of the airport is being undertaken by the Adani Group. The greenfield Navi Mumbai International Airport is being developed by CIDCO through a public-private partnership (PPP) model on a Design-Build-Finance-Operate-Transfer (DBFOT) basis in five phases. The project’s detailed design consultant, L&T Infrastructure Engineering Limited, was appointed by CIDCO. RITES, on behalf of CIDCO, prepared the airport’s masterplan. Jacobs Engineering Group from Texas contributed by developing a detailed model for sizing the terminal area and facilities.
Project cost & area The anticipated project cost is estimated to be ₹16,700 crore (approximately US$2.0 billion).The airport encompasses an area of 1,160 hectares, with CIDCO having transferred the complete 2,866 acres of land to Adani. Connectivity The airport will be accessible via roads in three directions: NH 4B (348), the Sion Panvel Highway, and through Atal Setu. It will connect to the railway network via Targhar Railway Station. Metro connectivity will be provided by Metro Line 2D (DN Nagar to Mandale – Mankhurd), Metro Line 8 (Mumbai Airport to Navi Mumbai Airport), and the Navi Mumbai Pendhar Belapur Taloja Metro Line.Future initiatives aim to establish access to the airport through hovercraft services from Colaba and cargo operations from Raigad during Phase 2 with future plans of water connectivity as well.
Benefits for Real Estate in Third Mumbai & Navi Mumbai
Benefits for Real Estate in Third Mumbai & Navi Mumbai
The establishment of Navi Mumbai International Airport is set to catalyse the development of an aero city nearby, significantly boosting the real estate market in Navi Mumbai and its neighbouring areas. Since the project was announced in 2018, these regions have witnessed growth in the real estate sector, with further potential for property rates to rise around the airport. Improved infrastructure and efficient connectivity from the airport to other parts of the city are also expected to attract multinational corporations (MNCs) and start-up’s to establish their offices in adjacent areas.
The positive developments surrounding the international airport are expected to drive demand in the residential sector. An increasing number of individuals, including migrants, may move to adjacent suburbs seeking improved job prospects and quality of life. Consequently, there will be significant demand for both affordable and high-end residential properties in Navi Mumbai. Third Mumbai is planned to be a fully integrated city featuring residential and commercial towers, banks, data centers, sports facilities, universities, government offices, and knowledge parks.
