Navi Mumbai Airport

Will comply with authority's conditions, says GVK

Urban planners and real estate experts say bad town planning in Mumbai and rising deaths during the ongoing pandemic are a "sad reality".

On August 31, the GVK group-led Navi Mumbai International Airport awarded the airport's engineering procurement and construction contract to Larsen & Toubro

A formal agreement was signed today by GVK group founder and chairman GVK Reddy and L&T's managing director S N Subrahmanyan

He said there has been "good cooperation" between the concessionaire, the project-affected persons and the state government

A GVK spokesperson refused comment on cost escalation

'We have been shamefully late in building a second airport for Mumbai,' said Mark Martin, founder of Dubai-based Martin Consulting LLC

With the PM laying the foundation stone on Sunday, the Navi Mumbai International Airport, being built by the state-run Cidco and the GVK Group

From capacity, challenges to commissioning: Business Standard tells you all you need to know regarding the airport project

The project will be developed on 74:26 per cent partnership between MIAL and CIDCO and airport's phase 1

New Delhi, 23 October More than 20 years after it was conceived, the race to build Navi Mumbai airport is not going to be easy.If the bidding conditions are adhered to, the first phase of the project would require an investment of ~11,000 crore (for a 10-million-per-annum capacity) and needs to be completed in three and a half years of the date the unencumbered land becomes available to GVK group-led Mumbai International Airport Ltd, the company recommended for building the greenfield airport.The Cabinet is expected to meet by the end of this month to give the go ahead to the much-delayed project.When the first phase of the airport will be completed depends on when CIDCO makes available unencumbered land to the airport developer, and therein lies a big problem. Experts say that this could take two years, pushing back the date of the opening of the airport even further.Many fear that the project cost determined last year might have escalated by 5 per cent per annum. CIDCO is the joint .

Cidco managed to get around most of the opposition on Wednesday and began work on the airport

The sagging financials of GVK Group are a concern, said the analysts

Mumbai and Delhi airports have large commercial development opportunities

Experts say higher project risks and absence of commercial development opportunity could be reasons for 10-12 per cent revenue share

Offers 12.6% in revenue share to Cidco, while only other bidder GMR offered 10.44%

Tata Realty & Hiranandani Developers refrain from participation

Changes in project conditions have been made

CIDCO received solitary bid from GVK while three other shortlisted bidders did not submit as yet

Three bidders had decided not to participate citing project challenges and onerous bid conditions