Navi Mumbai International Airport Launch: A Boon for Local Real Estate

The Navi Mumbai International Airport (NMIA) officially began its commercial operations on December 25, 2023. This development has been a long-awaited milestone for the region, and real estate experts are optimistic about the positive impact it will have on property values and overall development in the Mumbai Metropolitan Region (MMR) and the Pune Metropolitan Region (PMR).

The airport's inauguration was a grand event, with Prime Minister Narendra Modi raising the green flag to signal the start of operations. Domestic flights by IndiGo, Akasa Air, Air India Express, and Star Air are now connecting NMIA to multiple Indian cities. IndiGo’s Bengaluru-Navi Mumbai service was the first arrival at 8 am, and a Hyderabad-bound flight marked the first departure at 8:40 am.

According to real estate experts, the NMIA has already started to influence the property market. The airport is a cornerstone of the region’s broader infrastructure push, supported by major upgrades in road, rail, metro, and waterway connectivity. Localities such as New Panvel, Old Panvel, Kharghar, Ulwe, and Taloja are witnessing a surge in development, with a growing supply of premium residential projects, gated communities, and large integrated townships.

Deepak Khandelwal, Principal Partner & Chief Sales Officer at Square Yards, noted that apartment prices in the Panvel region have grown by nearly 74% between FY2021 and FY2025, from Rs. 10,000–12,000 per sq. ft. to Rs. 17,000–21,000 per sq. ft. In contrast, other parts of Navi Mumbai have seen a more modest 45% growth, with prices ranging from Rs. 19,000–21,000 per sq. ft.

For residential plots, Panvel's plotted land rates have also seen a significant increase, rising from Rs. 40,000–50,000 per sq. yd. to Rs. 80,000–85,000 per sq. yd., a 93% growth. In other parts of the city, plot prices were higher at Rs. 1,10,000–1,30,000 per sq. yd., but with a relatively slower growth rate of 58% over the same period.

Mohit Malhotra, Founder and CEO of Neoliv, highlighted that the first flight from NMIA marks a defining moment for the extended MMR, setting in motion a new phase of regional growth. Micro-markets closest to NMIA will benefit immediately, but the larger impact will unfold across strategically connected locations such as Khopoli. Positioned along the Mumbai–Pune Expressway, Khopoli stands to gain from improved accessibility, rising economic activity, and expanding employment corridors linked to the airport ecosystem.

Despite the rising property values, the areas around NMIA still offer affordable housing options for homebuyers. Ulwe, located just 10–15 minutes from the airport site, offers 1BHK and compact 2BHK apartments priced between Rs. 40 lakh and Rs. 80 lakh. Taloja, expected to benefit from the upcoming metro line and proximity to industrial hubs, offers homes in the Rs. 45 lakh to Rs. 90 lakh range for 1BHK and 2BHK units. Kharghar, a more developed node, commands a premium but still has 1BHK options starting at around Rs. 80 lakh.

The Navi Mumbai International Airport is approximately 45 minutes by road from South Mumbai and about an hour from the Bandra Kurla Complex (BKC), though travel time may vary depending on traffic conditions. It is roughly 1 hour and 30 minutes by road from the existing Mumbai International Airport.

Overall, the launch of NMIA is expected to catalyze the real estate market in the region, making it an attractive investment destination for both developers and homebuyers.