 "Navi Mumbai airport")
Real estate near the Navi Mumbai International Airport (NMIA) is poised for substantial growth as developers believe the Navi Mumbai Airport Influence Notified Area (Naina), as well as enhanced connectivity to the region, would propel demand in the sector.
The airport, worth $2.1 billion, is expected to be inaugurated in June.
Adani Realty is likely to launch a ₹10,000 crore, 1,000+ acre township near Navi Mumbai Airport, aiming to create a premium mixed-use urban hub over the next decade.
Naina, a well-planned city spanning 371 sq km, will be developed across 170 villages in Panvel, Pen and Uran in Raigad district. Once developed, it will be a hub for trade, technology and other industries, with around ₹14,000 crore allocated for infrastructure development in the region.
“Upon completion this year, NMIA will connect Navi Mumbai globally, leading to an influx of visitors, talent migration, corporate establishments and trade setups. Industrial warehousing, e-commerce, residential, retail and commercial real estate will benefit from this growth, bolstered by favourable government policies and reforms,” said Niranjan Hiranandani, chairman, Hiranandani group and Naredco.
Naina’s proximity to NMIA, India’s largest state-run port authority Jawaharlal Nehru Port Authority (JNPA) and its special economic zone (SEZ), as well as the Mumbai Trans Harbour Link (MTHL), which is India’s longest sea bridge connecting Mumbai to Navi Mumbai, among others, would draw realtors to the area.
Vinod Rohira, managing director and chief executive officer, K Raheja Corp, said Navi Mumbai’s transformation was being driven by major infrastructure developments like the new airport and the MTHL, which has brought Mumbai within a 20-minute reach.
“That kind of access is reshaping demand — residential projects are seeing much greater demand due to Navi Mumbai’s growing appeal as a place to live and work. Also, commercial leasing activity is seeing strong growth, driven by IT, banking, financial services and insurance (BFSI), and data centres,” he said. According to Rohira, retail and hospitality will come next.
The average residential property rates in Navi Mumbai increased by 23 per cent year-on-year (Y-o-Y) in 2024, to around ₹10,810 per square foot (psf).
Experts at Anarock believe this rise coincides directly with progress on the NMIA and supporting infrastructure developments.
The vicinity of the airport has attracted established real estate players, including Adani Realty, Godrej Properties, Hiranandani Group, K Raheja Corp, Panchshil Realty and Arihant Superstructures.
Godrej recently acquired three contiguous land parcels on lease from CIDCO in Navi Mumbai’s Kharghar for around ₹716.58 crore. Gramercy Info Park, a firm affiliated with Panchshil Realty — a Pune-based builder — bought land parcels worth ₹615 crore in Navi Mumbai’s Ghansoli area, reportedly for a data centre.
Residential property prices in Ghansoli have gone up by 13 per cent quarter-on-quarter (Q-o-Q) in the first quarter of 2025 to around ₹16,199 psf, while the prices in Kharghar during the same period appreciated by 18 per cent to around ₹12,295 psf, according to MagicBricks.
Key markets in the airport’s vicinity, including Kalamboli, Kamothe, Kopar Khairane, Nerul East, Seawoods, Panvel, Sanpada, Ulwe, Uran and Vashi, have seen significant growth in residential property prices in Q1CY25, on a Q-o-Q basis.
“Developers are strategically launching premium residential and commercial projects that capitalise on the anticipated economic boom. Many are acquiring land parcels in strategic locations near infrastructure nodes and designing integrated townships,” said Prashant Thakur, regional director and head, research, Anarock group.
“Additionally, there is a notable shift towards creating mixed-use developments that combine residential, retail and office spaces to maximise value and cater to the expected influx of professionals once the airport becomes operational,” Thakur added.
It has raised concerns of infrastructure constraints, chiefly transportation networks and utilities, which may not keep up with the pace of growth. This can lead to congestion and service inadequacies.
Further, the long gestation period of infrastructure projects and affordability concerns amid rapid appreciation of property prices can risk pricing out middle-income buyers who initially viewed Navi Mumbai as an accessible alternative to Mumbai.
“Environmental sustainability presents another significant challenge, as development pressures threaten ecologically sensitive areas, including mangroves and wetlands. Finally, there is the risk of oversupply in certain segments as developers rush to capitalise on the growth narrative, potentially leading to absorption challenges and price corrections in specific micro-markets. This will happen if demand fundamentals do not keep pace with aggressive supply expansion,” said Thakur.
Meanwhile, Hiranandani believes challenges such as inadequate land records, inflated land values, lack of consent from landowners and issues related to fair compensation and rehabilitation persist.
“The presence of multiple nodal and government agencies further complicates the process, impacting project viability,” he added.
Taking flight
> The airport, worth $2.1 bn and built by the Adani group, is set to be inaugurated in June
> Cidco is developing a Navi Mumbai Airport Influence Notify Area across 170 villages
> MMRDA is working on the ‘Third Mumbai’ after Mumbai and Navi Mumbai.
> Avg residential property rates in Navi Mumbai surged 23 per cent Y-o-Y in 2024
