5-star hotels, land prices to take off

Navi Mumbai is set to hit cloud nine, thanks to the proposed international airport.

Navi Mumbai is set to hit cloud nine, thanks to the proposed international airport.

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City and Industrial Development Corporation (CIDCO) Managing Director G.S. Gill said the airport could attract investments of Rs 5,000 crore to the local economy.

The airport is being seen as a major turning point in Navi Mumbai’s history. “This will be the most important project since the railways came here in 1991-92,” Gill said.

The satellite township, already an attractive investment destination, is expecting a realty boom with 14 five-star hotels planned in the area. “Of the 14 plots sold, some are CIDCO plots and some acquired from locals. All the big hotel names will be here,” said property consultant Manohar Shroff.

Real estate consultants said the airport would make property prices in Panvel, Kharghar, CBD Belapur and Nerul skyrocket. “The day the airport’s bhoomi pujan is done, prices will rise 30 to 35 per cent,” Rajesh Prajapati, a builder.