NMIA Launch Fuels Real Estate Boom in Navi Mumbai

Navi Mumbai: The inauguration of the Navi Mumbai International Airport (NMIA) on September 30 has generated immense excitement among developers, who see it as a major catalyst for the city’s real estate market.

The confirmation came from Vijay Singhal, CIDCO chairman and managing director, during a panel discussion on Building for Tomorrow's MMR. This update was also shared on the Mumbai Metropolitan Regional Development Authority's official social media handle on September 12.

Developers across the region have welcomed the move, hailing it as a transformative push for infrastructure. With the Mumbai Trans Harbour Link (MTHL/Atal Setu) already driving investor interest, NMIA is expected to elevate the city’s market to new heights.

“With the international airport opening, Navi Mumbai will finally be complete in terms of infrastructure. Since the Atal-Setu launch, inquiries in the Ulwe-Dronagiri belt have risen sharply, and now they will grow even further, along with land prices,” said Dharmendra Karia, Choice Group CMD and BANM Trustee.

Land prices in the Navi Mumbai Airport Influence Notified Area (NAINA) currently range between Rs 5 lakh and Rs 25 lakh per guntha (101.17 sq m), translating to Rs 5,000 to Rs 25,000 per sq m.

Karia noted that developers from Mumbai, who traditionally preferred redevelopment projects in the island city and suburbs, are now eyeing large land parcels in Navi Mumbai for townships and complexes.

However, industry leaders have emphasized the need for robust connectivity. “The airport must be supported by approach roads, highways, railways, and metro connectivity. CIDCO should have developed these in parallel, but now it must be done on a war footing,” said Raju John, CEO of Builders Association of India.

Property prices are projected to rise across Navi Mumbai, particularly in Panvel, by 5–15%. Currently, Panvel and New Panvel prices range from Rs 6,500 to Rs 10,500 per sq ft, depending on the project and location. Post-airport inauguration, this could increase to Rs 8,500–Rs 12,500, said Manohar Shroff, director of Shivam Real Estate Pvt Ltd.

Prices in the Navi Mumbai Airport Influence Notified Area (NAINA) range from Rs 5 to Rs 25 lakh per Guntha (101.17 square meters), that is Rs 5000 to Rs 25,000 per sq meter. The current prices of Panvel and New Panvel city range from Rs 6,500 to Rs 10,500 per sq ft, depending on the location, elevation, and project. Post-airport inauguration, this could increase to Rs 8,500 to Rs 12,500 per sq ft.