The agency that runs the Mumbai airport plans to make thousands of crores by selling off part of the land in pricey Andheri that had been given to it for improving facilities. The Mumbai International Airport Ltd (MIAL), that includes the Airports Authority of India (AAI) and a consortium led by infrastructure major GVK, plans to sell around 70 acres presently valued at Rs.5000 crore.
This land is part of the acreage allotted to MIAL for the airport modernization project. The MIAL says this land is excess of the project requirements. It will now be leased out to private developers over the next three-four years to build hotels, malls and offices.
“The first tranche of 10-12 acre will hit the market next year,” Anil K Pandit, president for real estate at the airport operator, Mumbai International Airport Pvt Ltd (MIAL), said at the CII Real Estate Conclave.
As per the agreement between the government and MIAL, the latter is allowed to develop the land around the airport. The company can also sub-lease the land for development.
MIAL is a joint venture between the GVK-SA Consortium and Airports Authority of India (AAI) and operates Mumbai’s Chattrapati Shivaji International Airport. The land to be sub-leased in the market by MIAL is currently being used for a parking lot, and has a fabrication plant and a batching facility used for construction of the new integrated terminal.
Pandit said the integrated airport terminal will be delayed by three-four months and will now open in March 2013 instead of the previous deadline of December 2012.
