The City and Industrial Development Corporation (CIDCO), which oversees urban planning for the Maharashtra government, is anticipated to complete the master plan for the Navi Mumbai Aerocity development within the next three months, according to an official.
The planned Aerocity, covering 667 acres adjacent to the Navi Mumbai International Airport (NMIA), will feature a mix of residential, commercial, retail, and industrial buildings. Its completion is expected to be a significant milestone for the urban and real estate landscape of the city.
CIDCO is currently selecting a consultant to develop the master plan and provide advisory services for the project.
In addition to the Aerocity, CIDCO plans to establish an Educity, a Medicity, and an International Corporate Park within a 10-km radius of the new airport, aimed at fostering an integrated ecosystem for education, healthcare, and global business initiatives.
The inauguration of the Navi Mumbai International Airport is scheduled for this week.
“These supporting projects are expected to significantly increase real estate demand throughout Navi Mumbai and position the airport area as a key investment and growth hub,” stated the aforementioned official.
The Maharashtra government has expedited the project in accordance with the airport’s commercialization strategy. The proposed plan includes approximately 123 acres allocated for residential, commercial, and retail use, while the remaining land will be designated for mixed-use and industrial purposes.
Experts believe that the finalization of the master plan will significantly influence Navi Mumbai’s real estate market. Increased residential demand is anticipated as the Aerocity, airport, and related developments create jobs and stimulate economic growth. There is likely to be heightened interest in mid- and premium-segment housing from professionals in aviation, logistics, education, healthcare, and corporate sectors.
“The streamlined last-mile connectivity and strategic location of the airport are setting new standards for urban development, economic opportunities, and global connectivity, affirming Navi Mumbai’s growing prominence on the global stage,” remarked Karan Singh Sodi, a senior managing director at JLL India. “With the launch of this airport, the entire Panvel-Ulwe corridor is poised for significant growth across various asset classes.”
