India’s next hottest shopping destination may not be its swanky malls, but its airports, which are getting a rapid makeover into 21st century jet-setter retreats.In the process of various airport modernization in Mumbai, Delhi, Bangalore and Hyderabad, they are bringing to India a new brand of retailers and hoteliers and the airport specialists
Commercial activities such as office space, car parking, food and beverages and other retail is source of around 60% of the total turnover of some major airports of the world. These commercial activities one of the ways for airports have to find a way to finance the huge investments for terminal development and renovation.
The GMR Group, which is modernizing India’s second-busiest airport in Delhi, the Indira Gandhi International (IGI) airport, has appointed Jones Lang LaSalle to prepare a strategic plan for monetizing 250 acres of land. Of this, 50 acres will be bid out to global real-estate developers in the next few weeks to raise Rs3,000 crore to part-fund the project cost of Rs8,600 crore. The remaining land will be put to commercial use later for passenger or airport operation related activities.