India’s aviation sector is undergoing a major transformation, with several new airports scheduled to become operational in the next few years. These developments are not only enhancing connectivity but also having a significant impact on real estate prices in their respective regions. Here’s an in-depth look at the major upcoming airports and their influence on the real estate market.
Navi Mumbai International Airport is set to handle 10 million passengers annually in its first phase, which is expected to be completed by December 2024. This airport is being developed to decongest Mumbai’s Chhatrapati Shivaji Maharaj International Airport. The development has spurred significant real estate activity in surrounding areas like Panvel, where property prices are rising due to increased demand for residential, commercial, and industrial spaces. This airport is expected to serve as a major hub, boosting the economic profile of Navi Mumbai and attracting both domestic and international investors.
Jewar International Airport, Noida, Uttar Pradesh
The Noida International Airport at Jewar is part of India’s Vision 2040 for aviation and is expected to start its first phase of operations by the end of 2024. Initially, it will handle 12 million passengers per year, with a long-term capacity of up to 70 million annually. This project is set to transform Noida and Greater Noida into prime real estate destinations, with increased demand for residential, commercial, and industrial properties. The airport will also enhance connectivity to Delhi, further boosting the attractiveness of the region for businesses and residents.
Chhatrapati Sambhaji Raje International Airport, Pune, Maharashtra
Located at Purandar, 40 km from Pune, this new airport will significantly improve connectivity for Pune. Scheduled for a 2024 launch, it aims to replace the existing Lohegaon Airport. The development is leading to a surge in real estate prices in nearby areas like Hadapsar, Wagholi, and Kharadi. These regions are witnessing a boom in residential and commercial projects due to the anticipated increase in accessibility and economic activities.
Ayodhya Airport, Uttar Pradesh
Named Maryada Purushottam Shri Ram International Airport, this facility is expected to be operational by January 2024. The airport’s development is set to boost real estate prices in Ayodhya and its surrounding regions. Given the city’s historical and religious significance, enhanced connectivity is likely to attract tourists, investors, and businesses, driving up demand for properties.
Shivamogga Airport, Karnataka
Operational from August 2023, Shivamogga Airport will enhance regional connectivity in Karnataka. The airport is anticipated to spur real estate development in Shivamogga and nearby areas, promoting residential and commercial growth. The airport features a 3200-meter runway and a lotus-shaped terminal building, making it a significant addition to Karnataka’s aviation infrastructure.
Holongi Airport, Arunachal Pradesh
Set to debut in 2024, Holongi Airport near Itanagar will significantly improve connectivity in the northeastern region. The development is expected to drive real estate investments in and around Itanagar, with enhanced accessibility attracting both commercial and residential projects. This airport is crucial for boosting tourism and economic activities in Arunachal Pradesh.
Kalyani Airport, Kolkata, West Bengal
Situated 53 km from Kolkata, Kalyani Airport is scheduled to open in 2024. This new airport will ease the burden on Netaji Subhash Chandra Bose International Airport and is likely to stimulate real estate growth in Kalyani and surrounding regions. Improved connectivity will make these areas attractive for both residential and commercial investment.
Impact on Real Estate
The development of these airports is poised to create significant economic opportunities, driving up real estate prices in the surrounding areas. Improved connectivity attracts businesses, boosts tourism, and makes regions more accessible, thus increasing demand for both commercial and residential properties. Here’s how these airports are influencing the real estate market:
Commercial Development
Office Spaces and Business Hubs: Airports often lead to the establishment of new business hubs and office spaces in their vicinity. The increased connectivity allows companies to operate efficiently with easier access to domestic and international markets. For instance, the Navi Mumbai International Airport is expected to turn Panvel and surrounding areas into bustling commercial centers. Office spaces and business parks are being planned and developed to cater to the influx of businesses looking to capitalize on the improved connectivity.
Retail Spaces and Malls: The rise in foot traffic due to new airports can lead to a boom in retail spaces and shopping malls. Airports attract a steady stream of travelers who often require nearby amenities, making areas around airports prime locations for retail development. For example, Jewar International Airport’s development is likely to spur the construction of new shopping centers and retail outlets in Noida and Greater Noida.
Residential Projects
Housing Developments: Proximity to an airport makes areas more attractive for residential developments. The increased accessibility and job opportunities drive demand for housing. Developers are capitalizing on this by launching new residential projects, which can range from affordable housing to luxury apartments. In Pune, areas around the upcoming Chhatrapati Sambhaji Raje International Airport, like Hadapsar and Wagholi, are seeing a surge in housing projects, catering to the expected influx of residents.
Gated Communities and Townships: The development of new airports often leads to the creation of gated communities and townships. These offer a combination of residential, commercial, and recreational spaces, providing a holistic living experience. Such integrated townships are being planned around Navi Mumbai and Jewar to accommodate the growing population and provide a higher quality of life.
Infrastructure Improvements
Road and Transport Networks: The construction of airports is usually accompanied by significant improvements in local infrastructure. New roads, highways, and public transport systems are developed to support the increased traffic. For example, the Navi Mumbai International Airport project includes the development of the Navi Mumbai Metro and the Mumbai Trans-Harbor Link, which will drastically improve connectivity and accessibility in the region.
Utilities and Services: Alongside transport infrastructure, utilities such as water supply, electricity, and sewage systems are upgraded or newly developed. These improvements not only support the airport but also enhance the overall living conditions in the surrounding areas, making them more attractive for real estate investment.
Tourism Boost
Hospitality Industry Growth: Airports in tourist destinations lead to a surge in visitors, prompting the development of hotels, resorts, and vacation rentals. For instance, the operational Mopa International Airport in Goa is expected to boost tourism in North Goa, leading to increased demand for hospitality services and driving up property prices in areas like Pernem and Mapusa.
Cultural and Recreational Developments: The influx of tourists and new residents often leads to the development of cultural and recreational facilities, such as museums, parks, and entertainment centers. This not only improves the quality of life for residents but also makes the area more attractive for future investments.
Economic Growth and Job Creation
Job Opportunities: The construction and operation of airports create numerous job opportunities in various sectors, including construction, aviation, hospitality, and retail. This economic boost leads to an increase in disposable income among the local population, which in turn fuels demand for real estate.
Local Business Growth: Airports act as catalysts for local business growth by providing better access to markets and suppliers. Small and medium enterprises (SMEs) benefit from improved logistics and transportation, which can lead to business expansion and increased demand for commercial real estate
Detailed Analysis of Specific Airports
Navi Mumbai International Airport, Maharashtra
Navi Mumbai International Airport, positioned in Panvel, is expected to significantly alleviate congestion at Mumbai’s primary airport, Chhatrapati Shivaji Maharaj International Airport. The first phase, anticipated to be completed by December 2024, is designed to handle 10 million passengers annually. This ambitious project, a joint venture between CIDCO and GVK-led MIAL, is already influencing the local real estate market. Property prices in Panvel and neighboring regions like Ulwe and Kharghar have seen a notable increase due to the anticipated rise in demand for residential, commercial, and industrial spaces. Developers are actively launching new residential projects to accommodate the influx of airport staff, business travelers, and new residents. The airport is also set to transform Panvel into a bustling commercial hub, with significant investments in office spaces, IT parks, and retail complexes. Infrastructure projects like the Mumbai Trans-Harbor Link and the Navi Mumbai Metro are further enhancing the area’s connectivity and attractiveness, making it a prime destination for businesses and real estate investments.
Jewar International Airport, Noida, Uttar Pradesh
Jewar International Airport, also known as Noida International Airport, is a cornerstone of India’s Vision 2040 for aviation. Set to begin its first phase of operations by the end of 2024, the airport will initially accommodate 12 million passengers annually, with a long-term capacity of 70 million. This development has sparked a real estate boom in Noida and Greater Noida, with property prices climbing as developers rush to meet the demand for new residential projects. The area’s real estate market is flourishing with the launch of affordable housing, luxury apartments, and mixed-use developments. Additionally, the airport is driving extensive commercial real estate growth, including new office spaces, retail complexes, and hotels. The enhanced connectivity provided by the airport is expected to attract businesses, boost industrial activities, and establish logistics and warehousing hubs, thereby transforming the region into a major economic center .
Chhatrapati Sambhaji Raje International Airport, Pune, Maharashtra
The Chhatrapati Sambhaji Raje International Airport, located in Purandar, approximately 40 km from Pune, is set to replace the existing Lohegaon Airport. With the first phase scheduled for completion in 2024, this airport is anticipated to handle increased passenger traffic and support Pune’s burgeoning economic landscape. The development has already impacted real estate in nearby areas such as Hadapsar, Wagholi, and Kharadi, where property prices are on the rise. These regions are witnessing a surge in residential projects to accommodate IT professionals and business travelers attracted by the enhanced connectivity. The airport is also expected to drive commercial development, with new office spaces, IT parks, and retail outlets emerging to support Pune’s growth as a major IT and business hub. This infrastructure enhancement is likely to further solidify Pune’s status as a significant economic and real estate destination.
Ayodhya Airport, Uttar Pradesh
Maryada Purushottam Shri Ram International Airport in Ayodhya, slated to be operational by January 2024, aims to significantly enhance connectivity for this historically and religiously significant city. The development of this airport is expected to have a profound impact on the local real estate market. Property prices in Ayodhya and surrounding regions are anticipated to rise as the city attracts more tourists, investors, and businesses. The improved accessibility will drive demand for residential properties, prompting developers to launch new housing projects. Additionally, the increased tourist influx is expected to stimulate the hospitality and retail sectors, leading to the development of new hotels, shopping centers, and other commercial establishments, thereby boosting the overall economic profile of Ayodhya.
Shivamogga Airport, Karnataka
Operational since August 2023, Shivamogga Airport is a key development enhancing regional connectivity in Karnataka. The airport, with its 3200-meter runway and iconic lotus-shaped terminal building, is expected to drive significant real estate development in Shivamogga and its vicinity. Increased connectivity is likely to attract residential projects, including gated communities and townships, catering to new residents and business professionals. The airport is also set to stimulate commercial real estate growth, with the development of new office spaces, retail outlets, and hospitality projects. These changes are expected to transform Shivamogga into a more attractive destination for both residential and commercial real estate investments, fostering regional economic growth.
Holongi Airport, Arunachal Pradesh
Holongi Airport, near Itanagar, is set to become operational in 2024, significantly improving connectivity in the northeastern region of India. This development is expected to have a substantial impact on the real estate market in and around Itanagar. Enhanced accessibility is likely to attract both commercial and residential projects, driving real estate investments. The airport is poised to boost tourism and economic activities in Arunachal Pradesh, leading to the development of new commercial spaces, hotels, and retail centers. This infrastructure improvement is crucial for the region’s growth, making Itanagar a more attractive destination for investors and developers.
Kalyani Airport, Kolkata, West Bengal
Kalyani Airport, situated 53 km from Kolkata, is scheduled to open in 2024. This new airport is expected to ease the burden on Netaji Subhash Chandra Bose International Airport, significantly influencing real estate development in Kalyani and surrounding areas. The improved connectivity will make these regions more attractive for residential projects, leading to a surge in property prices and the launch of new housing developments. The airport is also likely to drive commercial real estate growth, with the development of new office spaces, retail outlets, and hospitality projects. These changes are set to support the region’s economic development, making Kalyani a prime destination for real estate investments
FAQs
When will Navi Mumbai International Airport be operational?
The first phase is expected to be completed by December 2024.
What is the capacity of Jewar International Airport in its first phase?
It will handle 12 million passengers annually initially.
Which areas will benefit from the development of Chhatrapati Sambhaji Raje International Airport?
Areas like Hadapsar, Wagholi, and Kharadi in Pune.
What is the anticipated operational date for Mopa International Airport?
Mopa Airport is already operational.
What impact will Ayodhya Airport have on local real estate?
It will boost real estate prices due to increased tourism and economic activities.
How will Shivamogga Airport impact the local economy?
It will enhance regional connectivity and promote residential and commercial growth.
When will Holongi Airport become operational?
In 2024.
Where is Kalyani Airport located?
53 km from Kolkata, West Bengal.
What is the significance of the new airports in boosting India’s aviation sector?
They will increase connectivity, promote economic growth, and attract investments.
How do new airports influence real estate prices?
By enhancing accessibility, attracting businesses, improving infrastructure, and boosting tourism, leading to increased demand for properties.
The new airports in India are pivotal for the country’s future economic and real estate growth. By enhancing connectivity and accessibility, these airports are transforming their respective regions into lucrative investment destinations for both residential and commercial real estate
Page Contents
India’s aviation sector is undergoing a major transformation, with several new airports scheduled to become operational in the next few years. These developments are not only enhancing connectivity but also having a significant impact on real estate prices in their respective regions. Here’s an in-depth look at the major upcoming airports and their influence on the real estate market.
Navi Mumbai International Airport is set to handle 10 million passengers annually in its first phase, which is expected to be completed by December 2024. This airport is being developed to decongest Mumbai’s Chhatrapati Shivaji Maharaj International Airport. The development has spurred significant real estate activity in surrounding areas like Panvel, where property prices are rising due to increased demand for residential, commercial, and industrial spaces. This airport is expected to serve as a major hub, boosting the economic profile of Navi Mumbai and attracting both domestic and international investors.
Jewar International Airport, Noida, Uttar Pradesh
The Noida International Airport at Jewar is part of India’s Vision 2040 for aviation and is expected to start its first phase of operations by the end of 2024. Initially, it will handle 12 million passengers per year, with a long-term capacity of up to 70 million annually. This project is set to transform Noida and Greater Noida into prime real estate destinations, with increased demand for residential, commercial, and industrial properties. The airport will also enhance connectivity to Delhi, further boosting the attractiveness of the region for businesses and residents.
Chhatrapati Sambhaji Raje International Airport, Pune, Maharashtra
Located at Purandar, 40 km from Pune, this new airport will significantly improve connectivity for Pune. Scheduled for a 2024 launch, it aims to replace the existing Lohegaon Airport. The development is leading to a surge in real estate prices in nearby areas like Hadapsar, Wagholi, and Kharadi. These regions are witnessing a boom in residential and commercial projects due to the anticipated increase in accessibility and economic activities.
Ayodhya Airport, Uttar Pradesh
Named Maryada Purushottam Shri Ram International Airport, this facility is expected to be operational by January 2024. The airport’s development is set to boost real estate prices in Ayodhya and its surrounding regions. Given the city’s historical and religious significance, enhanced connectivity is likely to attract tourists, investors, and businesses, driving up demand for properties.
Shivamogga Airport, Karnataka
Operational from August 2023, Shivamogga Airport will enhance regional connectivity in Karnataka. The airport is anticipated to spur real estate development in Shivamogga and nearby areas, promoting residential and commercial growth. The airport features a 3200-meter runway and a lotus-shaped terminal building, making it a significant addition to Karnataka’s aviation infrastructure.
Holongi Airport, Arunachal Pradesh
Set to debut in 2024, Holongi Airport near Itanagar will significantly improve connectivity in the northeastern region. The development is expected to drive real estate investments in and around Itanagar, with enhanced accessibility attracting both commercial and residential projects. This airport is crucial for boosting tourism and economic activities in Arunachal Pradesh.
Kalyani Airport, Kolkata, West Bengal
Situated 53 km from Kolkata, Kalyani Airport is scheduled to open in 2024. This new airport will ease the burden on Netaji Subhash Chandra Bose International Airport and is likely to stimulate real estate growth in Kalyani and surrounding regions. Improved connectivity will make these areas attractive for both residential and commercial investment.
Impact on Real Estate
The development of these airports is poised to create significant economic opportunities, driving up real estate prices in the surrounding areas. Improved connectivity attracts businesses, boosts tourism, and makes regions more accessible, thus increasing demand for both commercial and residential properties. Here’s how these airports are influencing the real estate market:
Commercial Development
Office Spaces and Business Hubs: Airports often lead to the establishment of new business hubs and office spaces in their vicinity. The increased connectivity allows companies to operate efficiently with easier access to domestic and international markets. For instance, the Navi Mumbai International Airport is expected to turn Panvel and surrounding areas into bustling commercial centers. Office spaces and business parks are being planned and developed to cater to the influx of businesses looking to capitalize on the improved connectivity.
Retail Spaces and Malls: The rise in foot traffic due to new airports can lead to a boom in retail spaces and shopping malls. Airports attract a steady stream of travelers who often require nearby amenities, making areas around airports prime locations for retail development. For example, Jewar International Airport’s development is likely to spur the construction of new shopping centers and retail outlets in Noida and Greater Noida.
Residential Projects
Housing Developments: Proximity to an airport makes areas more attractive for residential developments. The increased accessibility and job opportunities drive demand for housing. Developers are capitalizing on this by launching new residential projects, which can range from affordable housing to luxury apartments. In Pune, areas around the upcoming Chhatrapati Sambhaji Raje International Airport, like Hadapsar and Wagholi, are seeing a surge in housing projects, catering to the expected influx of residents.
Gated Communities and Townships: The development of new airports often leads to the creation of gated communities and townships. These offer a combination of residential, commercial, and recreational spaces, providing a holistic living experience. Such integrated townships are being planned around Navi Mumbai and Jewar to accommodate the growing population and provide a higher quality of life.
Infrastructure Improvements
Road and Transport Networks: The construction of airports is usually accompanied by significant improvements in local infrastructure. New roads, highways, and public transport systems are developed to support the increased traffic. For example, the Navi Mumbai International Airport project includes the development of the Navi Mumbai Metro and the Mumbai Trans-Harbor Link, which will drastically improve connectivity and accessibility in the region.
Utilities and Services: Alongside transport infrastructure, utilities such as water supply, electricity, and sewage systems are upgraded or newly developed. These improvements not only support the airport but also enhance the overall living conditions in the surrounding areas, making them more attractive for real estate investment.
Tourism Boost
Hospitality Industry Growth: Airports in tourist destinations lead to a surge in visitors, prompting the development of hotels, resorts, and vacation rentals. For instance, the operational Mopa International Airport in Goa is expected to boost tourism in North Goa, leading to increased demand for hospitality services and driving up property prices in areas like Pernem and Mapusa.
Cultural and Recreational Developments: The influx of tourists and new residents often leads to the development of cultural and recreational facilities, such as museums, parks, and entertainment centers. This not only improves the quality of life for residents but also makes the area more attractive for future investments.
Economic Growth and Job Creation
Job Opportunities: The construction and operation of airports create numerous job opportunities in various sectors, including construction, aviation, hospitality, and retail. This economic boost leads to an increase in disposable income among the local population, which in turn fuels demand for real estate.
Local Business Growth: Airports act as catalysts for local business growth by providing better access to markets and suppliers. Small and medium enterprises (SMEs) benefit from improved logistics and transportation, which can lead to business expansion and increased demand for commercial real estate
Detailed Analysis of Specific Airports
Navi Mumbai International Airport, Maharashtra
Navi Mumbai International Airport, positioned in Panvel, is expected to significantly alleviate congestion at Mumbai’s primary airport, Chhatrapati Shivaji Maharaj International Airport. The first phase, anticipated to be completed by December 2024, is designed to handle 10 million passengers annually. This ambitious project, a joint venture between CIDCO and GVK-led MIAL, is already influencing the local real estate market. Property prices in Panvel and neighboring regions like Ulwe and Kharghar have seen a notable increase due to the anticipated rise in demand for residential, commercial, and industrial spaces. Developers are actively launching new residential projects to accommodate the influx of airport staff, business travelers, and new residents. The airport is also set to transform Panvel into a bustling commercial hub, with significant investments in office spaces, IT parks, and retail complexes. Infrastructure projects like the Mumbai Trans-Harbor Link and the Navi Mumbai Metro are further enhancing the area’s connectivity and attractiveness, making it a prime destination for businesses and real estate investments.
Jewar International Airport, Noida, Uttar Pradesh
Jewar International Airport, also known as Noida International Airport, is a cornerstone of India’s Vision 2040 for aviation. Set to begin its first phase of operations by the end of 2024, the airport will initially accommodate 12 million passengers annually, with a long-term capacity of 70 million. This development has sparked a real estate boom in Noida and Greater Noida, with property prices climbing as developers rush to meet the demand for new residential projects. The area’s real estate market is flourishing with the launch of affordable housing, luxury apartments, and mixed-use developments. Additionally, the airport is driving extensive commercial real estate growth, including new office spaces, retail complexes, and hotels. The enhanced connectivity provided by the airport is expected to attract businesses, boost industrial activities, and establish logistics and warehousing hubs, thereby transforming the region into a major economic center .
Chhatrapati Sambhaji Raje International Airport, Pune, Maharashtra
The Chhatrapati Sambhaji Raje International Airport, located in Purandar, approximately 40 km from Pune, is set to replace the existing Lohegaon Airport. With the first phase scheduled for completion in 2024, this airport is anticipated to handle increased passenger traffic and support Pune’s burgeoning economic landscape. The development has already impacted real estate in nearby areas such as Hadapsar, Wagholi, and Kharadi, where property prices are on the rise. These regions are witnessing a surge in residential projects to accommodate IT professionals and business travelers attracted by the enhanced connectivity. The airport is also expected to drive commercial development, with new office spaces, IT parks, and retail outlets emerging to support Pune’s growth as a major IT and business hub. This infrastructure enhancement is likely to further solidify Pune’s status as a significant economic and real estate destination.
Ayodhya Airport, Uttar Pradesh
Maryada Purushottam Shri Ram International Airport in Ayodhya, slated to be operational by January 2024, aims to significantly enhance connectivity for this historically and religiously significant city. The development of this airport is expected to have a profound impact on the local real estate market. Property prices in Ayodhya and surrounding regions are anticipated to rise as the city attracts more tourists, investors, and businesses. The improved accessibility will drive demand for residential properties, prompting developers to launch new housing projects. Additionally, the increased tourist influx is expected to stimulate the hospitality and retail sectors, leading to the development of new hotels, shopping centers, and other commercial establishments, thereby boosting the overall economic profile of Ayodhya.
Shivamogga Airport, Karnataka
Operational since August 2023, Shivamogga Airport is a key development enhancing regional connectivity in Karnataka. The airport, with its 3200-meter runway and iconic lotus-shaped terminal building, is expected to drive significant real estate development in Shivamogga and its vicinity. Increased connectivity is likely to attract residential projects, including gated communities and townships, catering to new residents and business professionals. The airport is also set to stimulate commercial real estate growth, with the development of new office spaces, retail outlets, and hospitality projects. These changes are expected to transform Shivamogga into a more attractive destination for both residential and commercial real estate investments, fostering regional economic growth.
Holongi Airport, Arunachal Pradesh
Holongi Airport, near Itanagar, is set to become operational in 2024, significantly improving connectivity in the northeastern region of India. This development is expected to have a substantial impact on the real estate market in and around Itanagar. Enhanced accessibility is likely to attract both commercial and residential projects, driving real estate investments. The airport is poised to boost tourism and economic activities in Arunachal Pradesh, leading to the development of new commercial spaces, hotels, and retail centers. This infrastructure improvement is crucial for the region’s growth, making Itanagar a more attractive destination for investors and developers.
Kalyani Airport, Kolkata, West Bengal
Kalyani Airport, situated 53 km from Kolkata, is scheduled to open in 2024. This new airport is expected to ease the burden on Netaji Subhash Chandra Bose International Airport, significantly influencing real estate development in Kalyani and surrounding areas. The improved connectivity will make these regions more attractive for residential projects, leading to a surge in property prices and the launch of new housing developments. The airport is also likely to drive commercial real estate growth, with the development of new office spaces, retail outlets, and hospitality projects. These changes are set to support the region’s economic development, making Kalyani a prime destination for real estate investments
FAQs
When will Navi Mumbai International Airport be operational?
The first phase is expected to be completed by December 2024.
What is the capacity of Jewar International Airport in its first phase?
It will handle 12 million passengers annually initially.
Which areas will benefit from the development of Chhatrapati Sambhaji Raje International Airport?
Areas like Hadapsar, Wagholi, and Kharadi in Pune.
What is the anticipated operational date for Mopa International Airport?
Mopa Airport is already operational.
What impact will Ayodhya Airport have on local real estate?
It will boost real estate prices due to increased tourism and economic activities.
How will Shivamogga Airport impact the local economy?
It will enhance regional connectivity and promote residential and commercial growth.
When will Holongi Airport become operational?
In 2024.
Where is Kalyani Airport located?
53 km from Kolkata, West Bengal.
What is the significance of the new airports in boosting India’s aviation sector?
They will increase connectivity, promote economic growth, and attract investments.
How do new airports influence real estate prices?
By enhancing accessibility, attracting businesses, improving infrastructure, and boosting tourism, leading to increased demand for properties.
The new airports in India are pivotal for the country’s future economic and real estate growth. By enhancing connectivity and accessibility, these airports are transforming their respective regions into lucrative investment destinations for both residential and commercial real estate
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