Well, right when investors were getting paranoid about the future of their investments and enthusiastic ones were contemplating about not jumping in, comes the announcement by Chief Minister about the airport.

The first phase which will witness a traffic of one crore passengers, costing 16,000 crores will be up and about by 2019!

Well, sounds good!

However, is it all going to effect property prices (dumb question I feel)?

Is the news going to bring about a 360% transformation in the way properties are being touted in the city with locations around the airport site benefiting form it?

The properties are already priced a lot, so will it further render houses out of the reach of the common man?

Or is it reaping time for investors alone?
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  • Already 25-30% of Navi Mumbai property prices are approximately can be attributed to the proposed airport. Right now in the developed nodes of Navi Mumbai, a 2 BHK in a good building with few basic amenities (mostly not useful) by a 2rd grade builder cost above 1.2 to 1.5 Cr, which is comparable to a 2 BHK by grade 1 reputed builders in the outskirts of Mumbai (like Mulund, Malad etc) with top class amenities.

    Even places like Ulwe, where there is hardly any basic civic amenities are present, still the prices for a good 2 BHKs are quoted around 80 lacs or so by regular builders, of that I think, 25-30 lacs can be attributed to be the premium charged for the airport. In fact, the irony is that most end users of places like Ulwe are unlikely to take more 5-10 flights in next 10 years, looking at their economic background, still they are paying 25-30 lacs as premium for the airport. Just to console themselves they will get to hear the take off/landing FoC, a great benefit
  • Perfect manzb; ! You are right about it and that is something that confounds me too! Paying such premium amount for something that they will never get to enjoy. In this case, the airport and the airplanes. For a majority of them it will be just like an additional feather in the cap of the city to boast before others "Ok we have the international airport near to our house and we can see the planes taking off and and landing in day in day out."

    Such a pity that they they are paying for something they will never use!

    Now some would say, that this is necessary for the growth of property prices and also for benefiting small time investors and buyers!
  • All over India, airport locations are not the premium place, except for the Navi Mumbai Airport...

    Can you or anyone else name another city where people are paying such huge airport premium in India?
  • manzb; You seem to have stirred up a hornets' nest! This is something to ponder on. Frankly I don't remember any other premium place in India or at least cannot claim to have read about such exorbitant prices anywhere. If it is the truth, then this is evidently the higher benches calling the shots without restrain. Nice share here, really.
  • The entire Navi Mumbai airport is a builder's propaganda and it is supported by the politicians as they are partner to the game.

    Frankly speaking, I don't find any good reason for the Navi Mumbai airport. The ideally it should have been in between Mumbai and Pune and a huge facility with high speed trains connecting both the cities with the airport in between. That is the ideal scenario. That way all other areas leading to airport would have developed and Mumbai and Pune would have got de-congested. Also freight services, budget carriers and Middle east services could have been diverted to the new airport, thus reducing the pressure on the old Mumbai airport. Similarly Pune population will have easy and better access to international flights and many domestic locations (operated by budget carriers). Right now, because of proximity to Mumbai, Pune people suffers as it is not properly connected to all across India, and they need to come to Mumbai for that, despite being one of the top 10 cities of India.
  • That is some valuable insight manzb; So does it mean that the builder's in Navi Mumbai are more influential than the other cities? You are right about it all being a builder's propaganda as is the scenario everywhere, but the explanation that you have given makes some sense to me. It cold have been that way. Has the lack of space in Mumbai or the abundance of it in here got anything to do with it? But then, space is not an issue with Pune. So that is something to think over.
    Is there nothing on the cards for Pune?