70 acres of Mumbai airport land on sale soon

Mumbai: 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 around Rs5,000 crore. This land is part of the acreage allotted to MIAL for the airport modernisation project. The MIAL says this land is in excess of the project requirements.
According to a senior executive at GVK, MIAL is looking to sell 10-12 acres, which realtors value at between Rs700 crore and Rs800 crore, within the next one year.
The remaining 60 acres will be put on the block within the next three to four years, said Anil K Pandit, president, real estate at GVK.
"There are some permissions that we are seeking from the government and once that is done, we would sell the land in tranches. The land to be sold is apart from the one that has a slum on it," said Pandit, on the sidelines of the CII real estate conclave in Mumbai. Government approvals could come through within a year, said sources close to the development.
Company officials, however, did not respond to queries on the fate of the plot that has a slum on it.
25/06/11 Hindustan Times

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Categories: Airports Jun 2011