The Union ministry of environment and forests (MoEF) recently gave the crucial Stage-II forest and wildlife clearance for the Navi Mumbai International Airport project. It means all necessary clearances for the project have been given, and the nodal agency, CIDCO expects to commission the first phase of the Rs 16,000-crore project by December 2019.
This will have a positive impact on real estate development in Navi Mumbai and locations in the airport’s vicinity, especially the Panvel region, said Niranjan Hiranandani, MD, Hiranandani Communities. “These permissions being granted by the MoEF and CIDCO setting a target to commission the first phase will give a ‘push’ to a totally new development for the Mumbai Metropolitan Region (MMR), the Aerotropolis,” he added. Across Mumbai and the Mumbai Metropolitan Region (MMR), many who use the term, ‘NAINA’ when they speak of the new area being developed by CIDCO on the outskirts of Navi Mumbai, overlook the fact that it is an acronym for the ‘Navi Mumbai Airport Influence Notified Area’, said Niranjan Hiranandani. “The environment clearances mean we now have realistic deadline for completion of the airport, with the resulting positive impact on Navi Mumbai and Panvel Realty,” he pointed out.
Till some years back, townships surrounding airports were associated with a certain degree of negativity given aspects like constant noise and pollution. Globally, with eco-sensitive norms coming into force, international aerotropolis have, in recent times become ‘chic’ and ‘trendy’ neighbourhoods. “From a scenario where real estate development is planned around an existing airport, the Aerotropolis has the advantage of the airport yet being under construction,” said Niranjan Hiranandani.
When one looks at the potential that an Aerotropolis has, consider that Navi Mumbai, especially the Panvel region, has been attracting attention from Mumbai-based Corporate Entities looking out for commercial real estate which offers large floor plates and global standards of amenities and facilities. The new trend of consolidation and re-location has been driving interest in new developments which integrate residential and commercial real estate. Across Mumbai and the Mumbai Metropolitan Region (MMR), most of the larger spaces available are located on the highways leading out from Panvel; and one such upcoming integrated township is Hiranandani Fortune City, Panvel. When one talks about an Aerotropolis, Hiranandani Fortune City, Panvel fits in perfectly with the overall concept.
As one of India’s leading real estate brands, Hiranandani, has continually pioneered newer technologies, bold design and precision engineering to create landmark residential townships and commercial complexes, and Hiranandani Fortune City, Panvel promises to be no different. It has been planned so as to not just fit in with the concept of an Aerotropolis, but to also conceptualize a work culture that will go beyond just business.
The growing attention that Corporate entities are focusing on Navi Mumbai and Panvel has been in sync with fast movement of projects that will create better connectivity on all four aspects - Road-Rail-Air and Sea. Projects on all four means of transport are on the ‘fast track’ and are having a positive impact, be it the trans-harbour sealink, the Navi Mumbai airport, the railway terminus at Panvel, the upgrading of the Sion-Panvel expressway or even the expansion at JNPT. These have resulted in growing positive sentiment when it comes to commercial real estate in the Panvel region. The Trans-Harbour Sealink will bring Panvel and its neighbouring areas closer to South Mumbai, making this Aerotropolis an ideal location for work spaces, back-end offices as also spaces for BFSI, IT and ITeS sectors, as also corporate relocating and consolidating office spaces.
The Navi Mumbai international airport has impacted real estate growth in locations in its vicinity, especially the Panvel region, said Niranjan Hiranandani. “The Aerotropolis will be a game changer for Navi Mumbai and Panvel Realty,” he concluded.
Niranjan Hiranandani is Founder & MD, Hiranandani Group. His recent initiative is Hiranandani Communities. He is the Founder and First President (West), National Real Estate Development Council (NAREDCO), which works under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India.
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