Following a delay of one and half years, the Navi Mumbai airport project has finally set its pace. On Monday, the project was finally handed over to the GVK led Mumbai International Airport Ltd who won a bid of Rs 16,000 crore for this project. It will be seen to further offer 12.6% share in revenue to the nodal agency, Cidco, which will execute the entire project. However, GMR Group, holding 10.44% shares is seen as a rival.
Cidco will further pass on the bid for final approval to the management implementation committee, run by the state chief secretary. The cabinet is expected to conclude the whole process by the end of February or early March. As known, the Mumbai International Airport Ltd is partnered with Airports Authority of India and had already redeveloped the domestic and international airport of Santacruz and Sahar.
This Navi Mumbai International Airport will be done with its execution on a public-private participation (PPP) through a special purpose vehicle (SPV). When Cidco will be done with proposing the design of the Airport, GVK will build it. The whole process will be done to keep the residential consumers in mind and so as to reach no harm to the. All this is expected to generate more revenue from the increase in other public infrastructure such as hotels, D malls, Restaurants, Hospitals etc. The maximum count is estimated at 60 million by the year of 2035.
With the development of infrastructure, it is proportionally expected that the Residential apartments for sale in Mumbai will increase too. A lot of new flats will be made to cater the needs of people who want to come and work in Mumbai.
However, the number of Flats For Rent In Mumbai will increase for the time being because the increasing residential demands need at least 3 years to fulfill the demands completely.