Monday, June 05, 2017

Airports Authority expects to monetise 7,000 acres of land

New Delhi: The Airports Authority of India (AAI) expects to monetise nearly 7,000 acres out of its total land bank of about 1.36 lakh acres and use this land for building shopping centres, commercial offices and conference centres, among others.
The civil aviation ministry has started inter-ministerial consultations on amending the Airports Authority of India Act, 1994, to expand the scope of usage for land owned by the Authority. After the consultations and the Cabinet approval, the government will introduce a Bill in Parliament to amend the law.
“Currently, there are restrictions on the purposes for which we can use the Authority’s land. The amendment (in the AAI Act) will allow us to use nearly five per cent of our total land bank of around 55,000 hectares for other purposes. Some of the land will be used for cargo purposes as well,” AAI chairman Guruprasad Mohapatra told The Indian Express.
The earnings from the monetisation of the land will be used for developing airports across the country. Chapter 3, Section 12 of the AAI Act lays down what is possible for the Airports Authority to do with its land. It allows the Authority to establish and maintain hotels, restaurants and restrooms at or near the airports, establish warehouses and cargo complexes at the airports for the storage or processing of goods.
05/06/17 Sunny Verma/Indian Express