Mumbai: With the Adani Group’s recent announcement that the much-delayed Navi Mumbai International Airport is expected to be operational by the first half of 2025, real estate observers and players in the region say that developers have made some inroads into acquiring land parcels near the airport, at the Navi Mumbai Airport Influence Notified Area (NAINA), although the approach is markedly cautious.
“We have seen land aggregation efforts in Navi Mumbai and NAINA from Tier-I developers in Navi Mumbai, as well as from some developers in Mumbai. However, the large developers have been taking their time as the airport completion has been delayed,” said Ritesh Mehta, senior director, and head (north and west), residential services and developer initiative at JLL India.
Some large developers have started business development in the region, most notably the Hiranandani Group, which owns the integrated Hiranandani Fortune City project, located off the Mumbai-Pune expressway near Panvel. The first phase of the project includes operational homes, commercial premises, as well as a data centre operated by group firm Yotta.
Observers added that most concerns are around the lack of mass transit and employment options in the region, as well as some landowners demanding part of the transaction in cash.
Besides the Atal Setu, the only viable public transit option in the region is the single-track Panvel to Karjat railway line, currently being double-tracked to enable suburban railway operations. A mass transit option such as the metro will be on the anvil only when enough population and employment opportunities come up, according to real estate observers and official sources.
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