Non-metros and small towns could soon have glitzy malls, hotels and convention centres on the sprawling land parcels that belong to the Airports Authority of India (AAI) but have been lying vacant for years. Finance minister Arun Jaitley's Budget cleared the way to amend the AAI Act "to enable effective monetisation of land assets".
"The resources, so raised, will be utilised for airport upgradation," the FM said. He also allowed private sector participation in operating and maintaining airports in small towns, as in their metro counterparts.
The Modi government estimates that developing airports across India over the next 15 years will require an investment of Rs 2-3 lakh crore, minus the cost of land. AAI has a huge land bank of 55,687 acres across the country - collectively one-and-a-half times the size of Chandigarh.
However, the AAI Act currently allows using this land only for aviation-related activities. "(With cities expanding) AAI airports are now in the middle of most cities. The demand for use of our land is for things like malls and convention centres, which the Act does not allow at present. With the Budget talking about amending the Act, we will be able to utilise our land in a more market efficient manner. This is a very good development," said AAI chairman Guruprasad Mohapatra.
02/02/17 The Times Of India
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"The resources, so raised, will be utilised for airport upgradation," the FM said. He also allowed private sector participation in operating and maintaining airports in small towns, as in their metro counterparts.
The Modi government estimates that developing airports across India over the next 15 years will require an investment of Rs 2-3 lakh crore, minus the cost of land. AAI has a huge land bank of 55,687 acres across the country - collectively one-and-a-half times the size of Chandigarh.
However, the AAI Act currently allows using this land only for aviation-related activities. "(With cities expanding) AAI airports are now in the middle of most cities. The demand for use of our land is for things like malls and convention centres, which the Act does not allow at present. With the Budget talking about amending the Act, we will be able to utilise our land in a more market efficient manner. This is a very good development," said AAI chairman Guruprasad Mohapatra.
02/02/17 The Times Of India
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