Like greenfield airports around the world that created tremendous opportunities for their regions and led to the making of global cities around them, the recently inaugurated and soon-to-open Navi Mumbai International Airport (NMIA) is poised to have a similar impact. Set up by Adani Airports and state entity CIDCO, it is expected to transform the Ulwe-Panvel corridor into an emerging global city and a real estate gold mine.
This airport was first conceived about 35 years ago. It is expected to not only ease the burden on Mumbai’s existing airport but also to emerge as the epicentre of economic and real estate transformation.
“We are seeing a pattern of building new airports in India emerging from Navi Mumbai to Noida’s Jewar and earlier in Hyderabad and Bengaluru. It begins with rapid-fire infrastructure upgrades such as expressways and Metro connections, and then proceeds to the development of aerocities,” said Anuj Puri, chairman, Anarock Group.
A view of Navi Mumbai airport.
“These include commercial office spaces, hotels, retail, and logistics hubs within a 5km to 10km radius. Housing demand rises by between 20% and 30%, more or less in tandem with the rate of job generation. Naturally, this results in prices rising by anywhere between 10% and 20% annually in the first few years,” he said.
“Such airport-based ecosystems emulate the best practices seen around the world and gradually become self-sustaining economic zones in their own right. They will draw in massive aeronautical and non-aeronautical revenue over the coming years,” he added.
Obviously, early investors in micro-markets near airports have a strong first-mover advantage and will turn very decent profits as India’s aviation industry continues to grow, he pointed out.
A skyrocketing growth
With the NMIA, the second airport in the Mumbai Metropolitan Region (MMR) is becoming a reality. The real estate price in the airport’s catchment area, which is already galloping, is headed for skyrocketing growth.
A view of Navi Mumbai airport.
As more airport staff and airline crew would soon populate this region, the added demand would be created for residential real estate. Demand for commercial real estate would also see a quantum jump, sending the prices upwards.
Earlier this month, the airport was inaugurated by Prime Minister Narendra Modi. The flight operations have been scheduled to commence from December.
“Navi Mumbai is poised to further elevate its status as a premier global metropolitan destination,” said Karan Singh Sodi, senior managing director (Mumbai MMR & Gujarat) and head-alternatives, India, JLL.
A view of Navi Mumbai airport.
He said the integrated infrastructure — encompassing rail, road, and metro connectivity — would unlock unprecedented avenues for growth across all segments of real estate.
“The seamless last-mile connectivity and strategic positioning of the airport are setting new benchmarks for urban development, economic opportunity, and global connectivity, reaffirming Navi Mumbai’s emergence on the world stage,” he emphasised.
As per recent data released by Magicbricks, a real estate platform, the average property rates have climbed from ₹9,981 per sq.ft. in Q3 2023 to ₹14,299 per sq. ft in Q3 2025, marking a remarkable 43.26% increase.
A view of Navi Mumbai airport.
In the last two quarters alone, prices have jumped by 15%, underlining the city’s emergence as a high-growth investment corridor.
“During the last quarter, with the news of the new airport starting soon, the buyer demand rose 6.4% quarter-on-quarter (QoQ), while supply declined 10.7% QoQ, underscoring heightened competition in a tightening market,” the platform mentioned.
Popular micro-markets such as Panvel (₹14,400 psf), Kharghar (₹16,900 psf), and Taloja (₹9,500 psf) have emerged as top choices, attracting first-time buyers and investors alike, analysts said.
A view of Navi Mumbai airport.
A global city
Stating that the inauguration of the airport would redefine the growth trajectory of the MMR, real estate developer and president of CREDAI-MCHI, Sukhraj Nahar, said that now with the airport, Navi Mumbai’s stature would be truly realised as a ‘global city.’
A view of Navi Mumbai airport.
According to him, the reduction in travel time between key nodes such as Panvel, Kharghar, Ulwe, Dronagiri and Mumbai’s core business districts, would further strengthen the region’s economic fabric.
Tata Realty and Infrastructure, a major player in residential and commercial real estate, is of the view that the airport would be a game-changer for the region, driving an expected 3% capital value appreciation till 2027 specifically for the IT sector.
“Its aerotropolis-style development, integrating business, housing, retail, and logistics — creates one of India’s most efficient, future-ready, and economically vibrant hubs,” said Sanjay Dutt, MD & CEO, Tata Realty and Infrastructure Ltd.
A view of Navi Mumbai airport.
Aerocity plan
“We are already seeing strong traction across commercial, residential, retail, and data centre segments. Commercial segment has already witnessed a notable uptick in demand from domestic corporates as well as global players looking to set up GCC units in the market,” Dutt said.
Highlighting that commercial demand would likely be fuelled by the development of logistics parks, offices and hotels, Anshuman Magazine, chairman & CEO, South-East Asia, Middle East & Africa, CBRE, said the airport would catalyse transit-oriented development, further amplified by its synergy with other mega-projects like Mumbai Trans Harbour Link (MTHL), and Navi Mumbai Metro Line 1.
A view of Navi Mumbai airport.
As per estimates by PropEquity, over 1 lakh units each have been launched and sold in Navi Mumbai in 2022-2025 (till August).
Close to 75% of the units launched and 80% of the units sold were priced under ₹1 crore in 2024.
The share of the affordable segment is the largest in launch and absorption in 2024. The majority of consumers are more inclined towards affordable segment houses (₹50 lakh).
A view of Navi Mumbai airport.
According to the firm, the demand for homes is so high that the inventory overhang reached a historic low of 14 months in 2024, the lowest since 2020.
Expansion lanes
This greenfield airport will further accelerate the growth, driving sustained demand and significant price appreciation, presenting lucrative long-term investment opportunities,” said Vimal Nadar, national director & head of research, Colliers India.
“Further, Navi Mumbai’s strategic positioning as a sub-dollar office market [monthly leasing rates below a dollar], coupled with enhanced connectivity and global access offered by the airport, is expected to drive heightened office leasing activity in the area over the next few years,” he added.
The proposed aerocity in the vicinity, designed to seamlessly integrate top-notch commercial, residential, and recreational spaces, will foster a new urban ecosystem that blends work and lifestyle, he added.
“The market response has been strong, with apartment prices in the Panvel region rising by nearly 74% between FY 2021 and FY 2025, compared to 45% growth across the rest of Navi Mumbai. The airport is set to drive the next wave of value creation, reinforcing Panvel’s position as one of the most promising growth hubs not only within the MMR but beyond,” said Deepak Khandelwal, principal partner and chief sales officer, Square Yards.
NMIA’s inauguration comes at a time when Navi Mumbai and its surrounding growth corridors are witnessing unprecedented infrastructure development.
Enhanced mobility
The Atal Setu (MTHL) — India’s longest sea bridge — has already bridged the gap between South Mumbai and Navi Mumbai, cutting travel time to less than an hour.
Complementing this will be the Mumbai Metro Line 8, connecting T2 of the Chhatrapati Shivaji Maharaj International Airport (CSMIA) to the Navi Mumbai International Airport (NMIA), offering smooth intra-city mobility.
The Panvel-Karjat railway line, currently under advanced development, will strengthen linkages between Navi Mumbai, Raigad, and the hinterland, paving the way for new residential and industrial clusters.
Together, these mega infrastructure projects are positioning the Navi Mumbai region as one of the most promising investment destinations in India’s real estate landscape, according to analysts.
Big urban centre
Among the biggest beneficiaries of this infrastructure wave is Panvel, which has steadily evolved from a peripheral suburb to the next big urban centre.
With its proximity to the airport and connectivity via the MTHL, Metro, and rail corridors, Panvel is now emerging as the preferred choice for integrated townships and self-sustained communities.
Navin Makhija, managing director of The Wadhwa Group, said, “The inauguration of the Navi Mumbai International Airport marks a transformative moment for Navi Mumbai and the Panvel region. The region’s accessibility, connectivity from the main Mumbai city and infrastructure undertaken within the region have made it an ideal destination for large-scale development, and its growth is inevitable.”
“Once the airport is operational, we expect large-scale social infrastructure projects to come to life, and also see a huge uptake in demand and price appreciation of 20% to 25% in the next year for quality homes in the Panvel region,” he said.
Experts believe the impact of the airport will be long-term and structural, rather than short-lived or speculative. The region is expected to attract not only end-users but also corporates, hospitality players, and logistics companies seeking proximity to the new air hub.
Ram Naik, co-founder & CEO, The Guardians Real Estate Advisory, said, “The Navi Mumbai Airport is arguably the most transformative infrastructure development the MMR has witnessed in the past decade. While immediate appreciation will be visible in micro-markets such as Panvel, Ulwe, and Taloja, its long-term impact will extend across the entire region.”
“The combination of MTHL, the Multimodal Corridor, and the expanding Metro network makes this a once-in-a-generation opportunity for both end-users and investors. We’re already witnessing renewed confidence from NRIs and institutional investors in the Navi Mumbai growth story,” he said.
Prashant Sharma, president of NAREDCO Maharashtra, said, “This is not just about aviation — it’s about economic transformation. Developers and planners must ensure that this growth remains inclusive, with adequate focus on affordable, sustainable, and transit-oriented housing.”
According to market estimates, property prices in Navi Mumbai and its peripheries have already appreciated by 10%-15% over the past 12 months, with further upside expected post the airport inauguration.
As connectivity deepens and infrastructure projects converge, Navi Mumbai is poised to transform from a satellite city into a global economic and real estate powerhouse, it is believed.