Mumbai: The "best" compensation deal ever in the country that was struck by the state government with project-affected persons (PAPs) on Monday to clear the way for the proposed Navi Mumbai airport also brings land worth over Rs 10,000 crore into the real estate market for development.
Besides the land already acquired, the 671 hectares more required for the airport is owned by PAPs and is mainly coastal land used for agricultural purposes, which till recently was valued at Rs 200 per square metre. The land that the PAPs would now get as compensation along the Mumbai-Pune bypass near Panvel will fetch on average Rs 1 lakh per square metre. The land will form an urban hub of Navi Mumbai named Pushpak Nagar.
Cidco officials said the moment compensatory land distribution is started in Pushpak township in the next couple of months, the land will start gaining value as it will then be an urban node of Navi Mumbai.
13/11/13 Chittaranjan Tembhekar/Times of India
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Besides the land already acquired, the 671 hectares more required for the airport is owned by PAPs and is mainly coastal land used for agricultural purposes, which till recently was valued at Rs 200 per square metre. The land that the PAPs would now get as compensation along the Mumbai-Pune bypass near Panvel will fetch on average Rs 1 lakh per square metre. The land will form an urban hub of Navi Mumbai named Pushpak Nagar.
Cidco officials said the moment compensatory land distribution is started in Pushpak township in the next couple of months, the land will start gaining value as it will then be an urban node of Navi Mumbai.
13/11/13 Chittaranjan Tembhekar/Times of India
