Navi Mumbai Airport Ignites Real Estate Boom: Prices Skyrocket
The inauguration of the Navi Mumbai International Airport (NMIA) has sparked a significant real estate boom, with residential and land prices in Ulwe, Panvel, Taloja, and Kharghar witnessing substantial increases.
Navi MumbaiReal EstateProperty PricesAirportInvestmentReal Estate MumbaiOct 08, 2025
Land rates in Ulwe, Panvel, Taloja, and Kharghar have shot up by 50-60% in the last three years, while residential prices have increased by 20-40%, according to Anarock Research. Ulwe, where the airport is located, has seen the highest increase of 40% in residential prices, while Kharghar has experienced a 20% growth during the period.
“There remains a scope for an additional 30-40% growth (in land prices) over the next two years,” said Anuj Puri, chairman at Anarock Property Consultants. However, Puri noted that since most corporates have already acquired land in the vicinity of Navi Mumbai airport, any further increase in land prices is likely to create an upward pressure on overall property prices within the airport catchment.
Deepak Khandelwal, principal partner & chief sales officer at Square Yards, pegged the price rise even higher. Housing prices in the Panvel area have risen by nearly 74% between FY21 and FY25 to Rs 10,000-12,000 per square foot, compared with 45% growth in the rest of Navi Mumbai, though the latter commands a higher property price of Rs 19,000-21,000 per square foot. Plot rates in Panvel on average touched Rs 80,000-85,000 per square yard, reflecting a steep 93% increase, compared with 58% growth in other parts of Navi Mumbai, where the prices are higher at Rs 1,10,000-1,30,000.
As the airport, billed to be the country’s largest when fully operational, got closer to inauguration, property developers launched a plethora of projects. About 45 million square feet of residential spaces were launched across Navi Mumbai in the last three years, with around 67% of this supply contributed by just the four key micro-markets. Mumbai has seen launches of 282 million sq ft during the period.
Launches seem to be clearly following the demand. “Many large developers are also launching their residential projects here, making Kharghar, Panvel, Ulwe, and Taloja prominent residential hubs,” Puri of Anarock said. Ram Naik, co-founder & CEO of The Guardians Real Estate Advisory, expects a multifold rise in property demand in key micro-markets such as Ulwe. Areas that were earlier viewed as “potential zones” will now transition into “high-demand corridors.” With improved connectivity via the Mumbai Trans Harbour Link, upcoming Metro lines, and the Sion-Panvel highway expansion, the entire belt will benefit from faster access to both south Mumbai and Thane, Naik said.
From an investment perspective, Navi Mumbai is entering its “golden phase,” he added, noting that capital appreciation in select pockets could rise by 20-30% over the next few years. “Developers with quality projects and timely execution capabilities stand to gain the most, while buyers will find greater long-term value compared to the saturated markets of Mumbai city,” he said.
Anshuman Magazine, chairman & CEO – India, South-East Asia, Middle East & Africa at CBRE, said the airport will have a “transformative impact” on the city’s real estate, especially in the surrounding areas. “While the needs of airport personnel, working professionals, and aviation staff are likely to drive the residential demand around the airport, commercial demand is likely to be fueled by the development of logistics parks, offices, and hotels,” he said.
Property developers are equally upbeat about price appreciation. “We believe prices will go up by 20-25% in the immediate future before they stabilize. In places where prices have not gone up, they will increase now,” said Vijay Wadhwa, chairman emeritus at Wadhwa Group. Wadhwa believes that places such as Kharghar have become expensive now.
Recently, the Navi Mumbai International Airport (NMIAL), operated by Adani Airport Holdings, leased 405 ready-to-move-in flats on rent from the Wadhwa Group in its township project, Wadhwa Wise City, in Panvel. “There is a good demand for residential complexes with good amenities. We feel a lot of demand will come from people who work in the airport and allied businesses,” Wadhwa said.
The development outlook for Panvel, Kharghar, and Ulwe is deeply tied to the unfolding vision of NAINA Mumbai 3.0, which is reshaping the region into a structured urban extension of Mumbai, said Mehernosh Tata, MD & CEO of Godrej Housing Finance. Vimal Nadar, national director & head of research at Colliers India, said Navi Mumbai’s strategic positioning as a sub-dollar office market, coupled with enhanced connectivity and global access offered by the airport, are expected to drive heightened office leasing activity in the area over the next few years. Also, Nadar noted, the proposed 667-acre Navi Mumbai Aerocity next to the airport will foster a new urban ecosystem that blends work and lifestyle.
Frequently Asked Questions
How much have land rates in Ulwe, Panvel, Taloja, and Kharghar increased in the last three years?
Land rates in these areas have increased by 50-60% in the last three years.
What is the expected growth in land prices over the next two years?
There remains a scope for an additional 30-40% growth in land prices over the next two years.
How has the housing price in Panvel changed between FY21 and FY25?
Housing prices in Panvel have risen by nearly 74% between FY21 and FY25.
What factors are driving the demand for residential and commercial properties around the Navi Mumbai International Airport?
The needs of airport personnel, working professionals, and aviation staff are likely to drive residential demand, while commercial demand is fueled by the development of logistics parks, offices, and hotels.
What is the proposed Navi Mumbai Aerocity, and how will it impact the region?
The proposed 667-acre Navi Mumbai Aerocity next to the airport will foster a new urban ecosystem that blends work and lifestyle, driving further development and investment in the region.
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