A massive infrastructural project that supports a thriving, continuously self-sufficient real estate ecosystem. The Navi Mumbai International Airport (NMIA) and the Noida International Airport in western Uttar Pradesh's Jewar are two of the biggest infrastructure projects of this decade. According to experts, the real estate boom caused by these developments would eventually surpass that of nearby satellite cities such as Noida and Gurugram.
However, both are developing at radically different rates, with Jewar's real estate market far more immature than NMIA's.
Since the NMIA was first conceptualized in 1997, it has been widely published. Two of the four phases of the project are expected to be completed in the second half of 2024, giving the communities around Ulwe, including Panel and Nerul, ample time to develop in all real estate markets. According to Vivek Rathi, head of research at real estate firm Knight Frank India: "In the 2005-14 cycle, properties were sold in the Navi Mumbai region because of the airport's story and people found favour in it."
The Mumbai Trans Harbour Link, suburban railway lines and the Virar-Alibaug Multi Modal Corridor are among the connecting infrastructure projects being built simultaneously and will be completed around the time the airport opens for business.
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