Navi Mumbai Real Estate: The Impact of the New International Airport
The inauguration of the Navi Mumbai International Airport is expected to transform the city's real estate market, making it a viable alternative to Mumbai. Here’s what to expect.
Navi MumbaiReal EstateInternational AirportProperty MarketDevelopmentReal EstateOct 09, 2025
Conceived in the 1970s as a satellite city of India’s financial capital, Navi Mumbai has developed into a thriving property market with planned infrastructure and affordable living options. Despite its proximity to Mumbai, Navi Mumbai has not achieved the same scale or pricing momentum. The inauguration of the first phase of the Navi Mumbai airport in Ulwe is expected to act as a catalyst for reshaping property values across the region.
Land prices in areas such as Ulwe, Panvel, Taloja, and Kharghar have surged in recent years. For example, Panvel's average plotted land rates rose by 93% between 2020-21 and 2024-25, reaching ₹80,000-85,000 per square yard, according to real estate advisory Square Yards. In other parts of the city, plot prices are even higher, ranging from ₹1,10,000 to ₹1,30,000 per square yard, with a 58% increase over the same period.
Growing land sales and prices may trigger residential momentum in the years to come. Many leading builders have acquired large land parcels in Navi Mumbai or have started developing township projects. Bengaluru-based developers, such as the Prestige Group, are also scouting for land in the region. One of the most prominent projects will be Adani Realty’s 1,000-acre township.
A proposed aerocity spanning 667 acres adjacent to the airport, featuring residential, commercial, and office development, is expected to transform the real estate in the region. However, it is still a long way off. Maharashtra's urban planning and development agency, City and Industrial Development Corporation (CIDCO), has yet to finalize the master plan for the aerocity. With the airport's inauguration, the project is expected to gather pace. The land has been acquired, and a consultant will soon be appointed to prepare the master plan.
Over three decades ago, CIDCO planned Belapur in Navi Mumbai to be a central business district, serving as an alternative to the Bandra Kurla Complex (BKC) in Mumbai. That didn’t turn out as planned. Since then, office parks such as Mindspace have emerged on the Thane-Belapur Road, but the region still lacks a large office hub status. For Navi Mumbai to develop fully as a property market, it needs a thriving office market that enables job creation, according to Gulam Zia, senior executive director at property advisory Knight Frank India.
Compared to Mumbai, Navi Mumbai has a small office market. However, the latter has a cost advantage and, along with infrastructure development, may see more companies leasing space as well as new office supply coming in.
With the launch of the airport, the Panvel-Ulwe corridor is expected to grow significantly across multiple asset classes. Beyond residential and office, Navi Mumbai has already emerged as a significant data center hub. Lumina CloudInfra, the data center platform of Blackstone Group, has two sites in the city, with 180MW underway. Global asset manager CapitaLand Investment also launched its first data center in Navi Mumbai in August, which is leased to a global hyperscaler.
Navi Mumbai has also been steadily developing as a prominent logistics and industrial real estate center, and analysts believe that it will gain further pace now. International players, such as Ascendas Firstspace, already have logistics parks in Panvel, and more are likely to establish new facilities in the area.
Frequently Asked Questions
What is the expected impact of the Navi Mumbai International Airport on the property market?
The airport is expected to act as a catalyst for reshaping property values and boosting the real estate market in Navi Mumbai, making it a more attractive alternative to Mumbai.
Which areas in Navi Mumbai have seen a significant rise in land prices?
Areas such as Ulwe, Panvel, Taloja, and Kharghar have seen significant increases in land prices, with Panvel's rates rising by 93% between 2020-21 and 2024-25.
What is the proposed Navi Mumbai Aerocity project?
The Navi Mumbai Aerocity is a proposed 667-acre development adjacent to the airport, featuring residential, commercial, and office spaces. It is expected to transform the real estate landscape in the region.
Can Navi Mumbai become a second Bandra Kurla Complex (BKC)?
While Navi Mumbai has a small office market compared to Mumbai, it has a cost advantage and potential for growth. Infrastructure development and the airport could help it become a significant business district.
What are the emerging sectors in Navi Mumbai's real estate market?
Navi Mumbai is emerging as a significant data center hub and a prominent logistics and industrial real estate center. International players are already establishing facilities in the area.
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