Two major infrastructure projects in India, the Navi Mumbai International Airport and the Noida International Airport in Jewar, are driving a real estate boom in their respective regions. Experts believe that the growth around these airports may eventually surpass the development seen in satellite cities like Noida and Gurugram.
However, the pace of development differs significantly between the two airports. Real estate development around Navi Mumbai is at a more advanced stage compared to Jewar. With two out of four phases expected to be operational by late 2024, areas surrounding NM airport, such as Panvel and Nerul, have had ample time to grow across real estate segments.
During 2005-2014 period, properties in the Navi Mumbai region were sold based on the airport narrative, attracting investors and homebuyers. The development of connectivity infrastructure like the Mumbai Trans Harbour Link, suburban rail networks and the Virar-Alibaug Multi Modal Corridor has coincided with the airport’s construction.
On the other hand, the Noida International Airport, whose foundation stone was laid in November 2021, is still in its early stages of development. Both airports are expected to alleviate the congestion at Delhi and Mumbai airports, currently the two busiest in India..
Experts agree that while niche markets may develop around the Noida airport, it will be several years before the stretch from Greater Noida to Jewar sees full-scale development. The growth around these two airports reflects the ongoing infrastructure development, creating opportunities for real estate developers.
