Mumbai and Delhi Airports Rival Global Hubs in Non-Aero Revenue per Passenger
A recent report by Knight Frank India and NAREDCO reveals that Mumbai and Delhi airports are on par with global hubs like London Heathrow and Tokyo Haneda in terms of non-aero revenues per passenger. The report also projects a significant increase in India’s air passenger traffic by 2030.
Nonaero RevenueAir Passenger TrafficAerocity DevelopmentAirport ProfitabilityUrban GrowthReal Estate MumbaiAug 30, 2025
India’s busiest airports in Mumbai and Delhi match global hubs in per-passenger non-aero revenues, as claimed by the latest analysis report ‘Beyond The Runway’ by Knight Frank India and National Real Estate Development Council (NAREDCO). According to the report, Mumbai’s Chhatrapati Shivaji Maharaj International Airport (CSMIA) stands third in the world in terms of per passenger non-aero revenue at USD20.1, while Delhi’s Indira Gandhi International (IGI) Airport stands fifth with revenue of USD18.1. These figures nearly match leading global benchmarks such as London Heathrow at USD21.6 and Tokyo Haneda at USD19.9.
Non-aero revenue streams include retail, food and beverage, duty-free, parking, advertising, and real estate leasing, which are increasingly central to financial sustainability. The report also projected India’s annual air passenger traffic to increase from 412 million in 2025 to 600 million in 2030. “While capacity expansion remains vital, monetising this rising passenger base through non-aero revenue channels will be equally critical to financial sustainability. The analysis underlines that non-aero revenue will no longer be a secondary income source but a central growth lever for the aviation sector,” read the report.
The analysis showed that airports managed under the public-private partnership (PPP) model generate 87% of the country’s total non-aero revenue while handling 64% of total traffic. “India’s airports are at an inflection point. The strong performance of PPP airports in driving non-aero revenues highlights how critical these streams are for long-term sustainability. With traffic set to rise to nearly 600 million by 2030, airports must think beyond runways and embrace integrated commercial ecosystems such as aerocities. This will not only strengthen airport profitability but also create new engines of urban growth,” said Shishir Baijal, chairman and managing director of Knight Frank India.
The report suggested that non-aeronautical revenue is poised to see an exponential rise, benefiting from both increased passenger numbers and improved per-passenger spending. With even a modest increase of USD1 per passenger across the projected traffic base could translate into USD29.5 billion in annual non-aero revenues for Indian airports in 2030. It identified aerocity development, planned urban ecosystem around the airport that can integrate office spaces, hospitality, retail, entertainment, logistics, and convention centers, as a game-changing opportunity to generate non-aero revenue while catalyzing broader economic growth.
G Hari Babu, president of NAREDCO, said, “The future of aviation growth in India is deeply linked with real estate and infrastructure development. With passenger traffic projected to touch 600 million by 2030, airports are no longer just transit hubs, they are becoming integrated economic zones. The development of aerocities around major airports can unlock massive non-aero revenues, create new business districts, and stimulate allied infrastructure such as hotels, retail, and commercial spaces.”
Frequently Asked Questions
What are non-aero revenue streams for airports?
Non-aero revenue streams for airports include retail, food and beverage, duty-free, parking, advertising, and real estate leasing. These streams are crucial for financial sustainability.
Which airports in India are leading in non-aero revenue per passenger?
Mumbai’s Chhatrapati Shivaji Maharaj International Airport (CSMIA) and Delhi’s Indira Gandhi International (IGI) Airport are leading in non-aero revenue per passenger, standing third and fifth globally, respectively.
What is the projected growth in India’s air passenger traffic by 2030?
India’s air passenger traffic is projected to grow from 412 million in 2025 to 600 million in 2030.
What is the significance of aerocity development?
Aerocity development involves creating integrated urban ecosystems around airports, integrating office spaces, hospitality, retail, entertainment, logistics, and convention centers. This development can generate substantial non-aero revenue and stimulate broader economic growth.
How do public-private partnership (PPP) models contribute to airport profitability?
Airports managed under the public-private partnership (PPP) model generate 87% of the country’s total non-aero revenue while handling 64% of total traffic. This highlights the critical role of PPP models in driving non-aero revenues and enhancing airport profitability.
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