Infrastructure projects have resulted in growing positive sentiment when it comes to commercial real estate in the Navi Mumbai – Panvel region

Prime Minister Narendra Modi laid the foundation stone for the Rs 16,700-crore Navi Mumbai airport (NMIA) on Sunday, 18 February 2018, it was a 21-year-old dream which is now on the fast-track. “It was planned in 1997 as a secondary airport to meet the growing needs of Mumbai, but the project has been delayed due to various reasons. Now that the PM has formally inaugurated it, we expect time-bound completion of the same,” said Dr Niranjan Hiranandani.

NMIA will create a totally new real estate development for the Mumbai Metropolitan Region (MMR), the Aerotropolis. “Among the fastest growing regions within the MMR, the Navi Mumbai – Panvel real estate market has been awaiting the ‘Aerotropolis’ which, linked to NMIA, will literally ensure the region ‘takes-off’ as regards further economic growth and development,” said Dr Niranjan Hiranandani.

At the foundation stone laying ceremony of the NMIA, PM Modi pointed out that there are around 450 aircraft operating in the country right now, while airlines have placed orders for over 900 aircraft. This, he said, showed the aviation sector is poised for huge growth in the coming years. Concurring with the Hon’ble PM’s perspective, Dr Niranjan Hiranandani said NMIA would have a positive impact on real estate development in Navi Mumbai and locations in the airport’s vicinity, especially the Panvel region. “Globally, with eco-sensitive norms coming into force, international Aerotropolis have, in recent times become ‘trendy’ neighborhoods. Navi Mumbai’s realty scenario will gain from this, given that it is a scenario where unlike real estate development being planned around an existing airport, the Aerotropolis in Navi Mumbai will have the advantage of the airport being under construction,” he added.

From a real estate perspective, the potential which the Aerotropolis offers, Navi Mumbai, especially the Panvel region, is reflected in increasing attention from Mumbai-based Corporate Entities looking out for commercial real estate which offers large floor plates and global standards of amenities and facilities. “The new trend of consolidation and re-location has been driving interest in new developments which integrate residential and commercial real estate,” said Dr Niranjan Hiranandani.

Infrastructure projects have resulted in growing positive sentiment when it comes to commercial real estate in the Navi Mumbai – Panvel region.  The Trans-Harbour Sealink will bring the NMIA closer to South Mumbai, making the Aerotropolis an ideal location for work spaces, back-end offices as also spaces for BFSI, IT and ITeS sectors – not to mention corporate relocating and consolidating office spaces.

NMIA is expected to impact real estate growth in locations in its vicinity, including Panvel. NMIA has a huge employment generation potential. It is estimated that the airport will generate 1.42 lakh new jobs directly, along with another 2 lakh jobs at an indirect level. “The Aerotropolis will definitely be a game changer for Navi Mumbai and Panvel’s real estate,” said Dr Niranjan Hiranandani..

When the Prime Minister laid the foundation stone for NMIA, it was not just an International Airport, but the biggest green-field project in India’s aviation sector. Stressing on the growth of the sector, the PM said, “India’s aviation sector is growing tremendously. There is a sharp increase in the number of people flying. This makes quality infrastructure in the aviation sector of prime importance.”

“I totally concur with the Hon’ble PM’s thought process on NMIA and its impor5tance to development of the region. The ‘Aerotropolis’ will ensure the region ‘takes-off’ as regards further growth and development,” concluded Dr Niranjan Hiranandani.