Sunday, January 28, 2007

Panvel airport: Real estate bonanza on cards

Mumbai: Along with a brand new airport in Panvel, the city will also get a huge land mass the size of 50 Oval Maidans.
When the Greenfield International Airport comes up at Panvel, landlord Cidco (City and Industrial Development Corporation) will sell a 470-hectare (1,161 acre) plot for development—hotels, airline offices, malls, multiplexes, in-flight caterers, among them.
According to sources in the marketing department of Cidco, a conservative estimate pegs the value of the land at Rs 3,290 crore.
Cidco will develop the airport along with the Airports Authority of India and a private bidder on a plot more than 1,000 hectares in size.
Cidco and AAI will each have a 13 per cent stake, while the rest will be held by the successful bidder.
Part of the funds raised by Cidco may be used to connect the airport with Mumbai by hovercraft, rail, metro rail, and the Nhava-Airport expressway.
28/01/07 Yogesh Naik/Times of India
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