Which are the five upcoming airports that will be a game-changer for the real estate sector?
India has some of the most beautiful and well-built airports to create better air connectivity. The government has planned to keep up with the increasing air traffic without overcrowding these existing airports. The Minister of state of civil aviation already announced that the government had planned to build 100 airports in the next fifteen year.
These airports will be interconnected among themselves under the regional interconnectivity scheme. Through this scheme, the government aims to support and encourage regional connectivity by providing financial support for infrastructure development. These upcoming airport developments will provide a much-needed stimulus to real estate growth. Since a new airport creates many fresh business opportunities for hotels, restaurants, and cafes the price of pre-owned land in the airport region automatically hikes up. The investment opportunities for airport projects are also a haven for real estate investors as the profits are guaranteed once the airport becomes operational.
- Jewar Airport, Uttar Pradesh: The main motive behind building an international airport in Jewar is to reduce the load on the Indira Gandhi International Airport. Moreover, this will provide accessible air transport facilities to people living in Noida, Greater Noida and Ghaziabad as well. This lavish airport is to be built in four phases and phase 1 will probably be completed by 2023. This airport is to be built on 5,000 acres and would require an initial investment of INR 20,000 crore.
- Navi Mumbai International Airport: This new international airport in Mumbai Metropolitan area is expected to ease the load in Cthe Chatrapati Shivaji International Airport. This project is being built under the public-private partnership model and will cost approximately INR 16,704 crore. It is expected to start operating from mid-2021 and will facilitate national and international travels.
- Sriperumbudur Airport, Chennai: With almost 30,000 passengers utilizing the facilities of Chennai International airport, the airport is much more crowded than ever. To cope up with the high traffic at Chennai International Airport, the government has proposed to build a new airport at Sriperumbudur, Chennai. The Airport Authority of India plans to build this airport over 4,000 acres out of which 2,000 acres of land have already been acquired. This airport will help in maintaining the traffic in Chennai airport and is expected to accommodate more air carriers by 2020.
- New Vijayawada-Amaravati Airport, Andhra Pradesh: This proposed airport will be serving the Amaravati district of Andhra Pradesh. Built on 5,000 acres near Mangalagiri this project is expected to be completed by December 2020. This new airport will be easy to access and is expected to smoothen air travels for locals as well.
- Mopa Airport, Goa: Developed by Goa government in collaboration with GMR this Greenfield airport will be built in the northern district of Goa. Further, this airport is expected to handle 30 million passengers when it starts to operate. The construction of this airport is expected to be completed by 2022.