The first phase of Mumbai's proposed new greenfield international airport to be built at Navi Mumbai will be complete by 2012, at an estimated cost of Rs 4,200 crore.
The project will be implemented in four phases. Navi Mumbai International Airport will be situated on National Highway 4B, 25 km away from the existing Sahar International Airport.
The airport will be executed on a public-private-partnership model basis, by forming a Special Purpose Vehicle (SPV) in which the City and Industrial Development Corporation (CIDCO) of Maharashtra and the Airports Authority of India (AAI), will hold equity of around 26 per cent while the rest will be held by private developers.
The SPV will design the project, raise the required resources, issue Engineering and Project Contracts (EPCs) to build and manage the airport during the concession period, and finally transfer back the assets.
"We hope to start and complete the bidding process in 2007. The land required is about 1,140 hectares for the core airport activity," Civil Aviation Minister Praful Patel said after a meeting with Maharashtra Chief Minister Vilasrao Deshmukh in New Delhi on Monday.
"We want the airport to be built by 2012 and not later than that. At least the first phase should be over by then", Patel said.
Deshmukh said the International Civil Aviation Organisation (ICAO) has already given techno-feasibility clearance to the Navi Mumbai airport.
The airport is expected to absorb 10 million passengers per annum in its first year of operation in 2013, twice the number of by 2020 and ultimately 40 million passengers per annum by 2030.
The two leaders also reviewed the situation relating to the development of Nagpur airport as a national multi-nodal hub to cater to domestic cargo and passenger traffic.