The Maharashtra State Government has finally approved the pilot project of the Navi Mumbai Airport Influence Notified Area (NAINA). It is one of the largest planned Greenfield developments in Navi Mumbai. City and Industrial Development Corporation (CIDCO), which is designated as the Special Planning Authority (SPA) for NAINA had submitted an Interim Development Plan (IDP) for 23 villages in Panvel taluka admeasuring around 3700 Ha. The IDP was prepared to avoid any haphazard commercial or residential development around the proposed international airport. The villagers who have surrendered land under the NAINA scheme will get planned plots with additional floor space index (FSI) from CIDCO.
Colliers Research view
The NAINA project has a locational advantage of being in proximity to an existing suburban railway network, national highways, state highways and the proposed Multi-Modal Corridor (MMC) apart from the proposed International airport. Also, the existing Navi Mumbai infrastructure network can be extended to the proposed Greenfield development. The real estate prices in this area has witnessed a price appreciation after the announcement of the international airport and the NAINA scheme initially. However, the prices are almost stagnant since the last few years due to delay in approvals. According to various sources, several projects are awaiting approvals and commencement certificates in this region. The IDP approval should expedite the overall approval process. However, in our opinion, a further increase in prices is unlikely in the short term, as the initial announcements has already inflated the prices to a level where further appreciation is likely to happen only after concrete development.