Navi Mumbai, Noida airports spurring realty boom

16 Aug 2023 CW Team

A massive infrastructural project that supports a thriving, continuously self-sustaining real estate ecosystem. The Navi Mumbai International Airport (NMIA) and the Noida International Airport in western Uttar Pradesh's Jewar are two of the largest infrastructure projects of this decade. According to experts, the real estate boom being caused by these developments would eventually surpass that observed in nearby satellite cities like Noida and Gurugram.

However, both are developing at radically different rates, with Jewar's real estate market being far more immature than that of NMIA.

Since the NMIA was first conceptualized in 1997, it has been widely publicized. Two of the project's four phases are projected to be completed in the second half of 2024, giving the communities surrounding Ulwe, including Panel and Nerul, plenty of time to develop in all real estate markets. According to Vivek Rathi, head of research at real estate firm Knight Frank India, "In the 2005–14 cycle, properties were sold in the Navi Mumbai region on account of the airport narrative and people found favor in it."

The Mumbai Trans Harbour Link, suburban rail network lines, and the Virar-Alibaug Multi Modal Corridor are among the connecting infrastructure projects that are being built concurrently and will be completed around the time the airport opens for business.

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