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Navi Mumbai: Prime Minister Narendra Modi today is set to inaugurate the much-anticipated Navi Mumbai International Airport, marking a pivotal moment for the region that is set to redefine its commercial and residential landscape. This new airport, located in Ulwe, is the largest greenfield infrastructure project in India and is expected to significantly ease the burden on Mumbai’s Chhatrapati Shivaji Maharaj International Airport.

The immediate impact of the airport’s inauguration is already visible in the real estate sector. Experts reveal that the airport has generated strong momentum in property development around Navi Mumbai, particularly benefiting residential projects. Over the past few years, land prices have surged, with affordable housing options now available closer to the airport.

According to real estate specialists, 2 BHK and 3 BHK apartments can be purchased for under Rs 1 crore in the vicinity, an attractive prospect for middle-income homebuyers.

Your dream house, right next to Navi Mumbai Airport

Strategically positioned in Ulwe, approximately 10 to 15 minutes from the airport, residential prices range from Rs 40 lakh to Rs 80 lakh for 1 BHK and 2 BHK units. The metro extension is expected to further enhance connectivity to nearby areas such as Taloja, where 1 BHK apartments are priced around Rs 45 lakh and 2 BHK homes at about Rs 90 lakh.

Kharghar, a nearby suburb, has also seen considerable development, though property prices there tend to be a bit higher. Navi Mumbai boasts a well-developed infrastructure with access to reputed schools, colleges, and hospitals, adding to its appeal.

Factors contributing to price hike around NMIA

The airport’s completion, part of a Rs 19,650 crore first phase, heralds a major upgrade for the region’s transport capabilities. Once fully operational, the facility will be equipped to handle 9 crore passengers annually, significantly easing congestion at Mumbai’s main airport and improving travel efficiency across the Mumbai metropolitan area. This is expected to attract further investment and expedite economic growth in Navi Mumbai, driving a wave of urbanisation and boosting local businesses.

Infrastructure improvements around Navi Mumbai, including the Atal Setu bridge, Coastal Road, and the expanding metro network, have dramatically shortened commuting times to the new airport. These developments reinforce Navi Mumbai’s growing reputation as an accessible and desirable location for homebuyers and investors alike.

With property prices predicted to rise further, the airport’s inauguration is expected to act as a catalyst, transforming the region both economically and socially in the years to come.

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