India Plans Skyscrapers Near New Airports to Boost Real Estate

NEW DELHI: Civil Aviation Minister Ram Mohan Naidu has announced that the government would take efforts to amplify real estate activities within close proximity to upcoming and new airports in order to ensure sectoral growth to 15% in the near future.

An official release said the Minister made the announcement during the second day of the National Real Estate Development Council’s (NAREDCO) 17th National Convention on Saturday. “The Minister indicated that a study is being undertaken to draw development cues from leading airports of the world such as those in New York, London, and Hong Kong, so that multiple large-scale economic activities can be ensured around upcoming airports in the country,” the release said.

The Minister emphasised that airports in these global cities operate at very high economies of scale with multiple associated activities, including real estate development. “India would take a cue from these examples to develop similar utilities around new greenfield airports.”

Airports generate huge footfalls not only for recreation but also for diverse economic activities in and around their vicinity. “Hence, the Government intends to encourage the creation of convention centers and hotels close to such airports for multiple economic gains,” Naidu said.

“The Government has already operationalised 88 airports, with many more in the pipeline,” he added. Niranjan Hiranandani, Chairman, NAREDCO, in his address, pointed out that the growth of the real estate sector must be aligned with national requirements, and the industry must rise to deliver on those expectations.