Prime Minister Narendra Modi inaugurates Navi Mumbai International Airport: Real estate market gears up for take off
Real estate experts say the Navi Mumbai Airport will boost property growth across MMR, driving demand in affordable and mid-income housing segments
Navi Mumbai International Airport (NMIA) was officially inaugurated by Prime Minister Modi on October 8, 2025, nearly 28 years after its initial planning began. This event marked a historic milestone for the Mumbai Metropolitan Region (MMR). While commercial operations are expected to commence in December 2025, the real estate market is already buzzing with optimism, with experts and developers anticipating a surge in activity driven by the new airport.
The Navi Mumbai International Airport (NMIA) was developed by Adani Airport Holdings Ltd in collaboration with the City Industrial Development Corporation (CIDCO) and is expected to not only ease the burden on Mumbai’s existing airport, which handles 1,000 flights daily with a single operational runway at a time, but also to enhance the overall aviation infrastructure in the region.
With operations set to begin in phases from December, real estate developers and experts expect the airport to drive significant appreciation in property values across key areas such as Panvel, Ulwe, Taloja, Belapur, Kharghar, Dronagiri, Karjat, and Alibaug.
How is the Navi Mumbai International Airport expected to impact the real estate markets in the region?
According to real estate experts, the residential real estate market in Navi Mumbai can anticipate a 10%-15% price rise over the next two to three years.
"The Navi Mumbai International Airport is the real game-changer. With vast underdeveloped land and improved infrastructure on the horizon, property prices are expected to appreciate by 10–15% over the next 2–3 years. While supply remains high, the city’s price differential with Mumbai leaves ample headroom for growth," said Ritesh Mehta, Senior Director and Head (North and West), Residential Services and Developer Initiatives, JLL India, a real estate consultancy firm.
"The real inflexion point will come when a full-fledged CBD develops in Navi Mumbai, like the Kharghar Corporate Park, in line with BKC in Mumbai, comes up. This is when the city’s real estate dynamics might truly begin to shift," Mehta said.
According to real estate developers, apartment prices have doubled in the Navi Mumbai region over the last decade.
"The appreciation in residential real estate has been remarkable. Back in 2015, I was selling apartments at around ₹3,600 per sq ft for my project near the Navi Mumbai Airport. Today, those same units are priced above ₹8,000 per sq ft, reflecting a healthy appreciation of over 10% annually," said Ashok Chhajer, CMD at Arihant Superstructures Ltd.
Some developers believe the impact on property prices will become evident as early as next year.
“We at The Wadhwa Group have always believed in the region, and we’re one of the first to undertake a large-scale township development, located just 10 to 15 minutes from the new Navi Mumbai International Airport and 40 to 45 minutes from the Main Mumbai City via the Atal Setu. Once the airport is operational, we expect large-scale social infrastructure projects to come to life, and also see a huge uptake in demand and price appreciation of 20 to 25% in the next 1 year for quality homes in the Panvel region," Navin Makhija, Managing Director, The Wadhwa Group.
Impact of Navi Mumbai International Airport on affordable housing projects
According to real estate developers, the impact of Navi Mumbai airport will also be seen on the affordable housing segment.
"I agree that those purchasing homes in the ₹40–50 lakh range may not use the airport frequently. However, it is important to understand that in the initial couple of years, demand in this price segment will primarily come from airport staff, as well as professionals in the aviation, hospitality, and ancillary sectors," said Dinesh Doshi, developer from Navi Mumbai and President of NAREDCO, the apex body of real estate developers.
"Over time, as the airport and hospitality infrastructure develop, retail spaces and commercial offices, education institutes, and the health sector will gradually emerge in the area. This shift has already begun and is expected to continue with growing confidence after the airport story. Therefore, the impact of the airport extends across all price segments," Doshi said.
What is the demand-supply ratio of housing units in Navi Mumbai?
According to PropEquity data, Navi Mumbai reported launches of 6,056 units, reflecting a 6% quarter-over-quarter (Q-o-Q) growth and a 12% year-over-year (Y-o-Y) increase as of Q3 CY25.
In terms of sales, Navi Mumbai saw 7,212 units sold, reflecting a modest 1% quarter-over-quarter (Q-o-Q) growth but a 6% year-over-year (Y-o-Y) decline.
Also Read: CIDCO to auction 30 plots for bungalows and commercial spaces near Navi Mumbai International Airport
How far is Navi Mumbai Airport from Mumbai?
The Navi Mumbai International Airport is approximately 45 minutes by road from South Mumbai and about an hour from the Bandra Kurla Complex (BKC), though travel time may vary depending on traffic conditions. It is roughly 1 hour and 30 minutes by road from the existing Mumbai International Airport.
All about Navi Mumbai International Airport
The NMIA is built at a cost of ₹19,650 crore. Phase 1 of Navi Mumbai International Airport is India's largest greenfield airport project, developed under a Public–Private Partnership (PPP).
The airport is designed across 1,160 hectares of area, and it will eventually handle 90 million passengers annually (MPPA) and 3.25 million metric tonnes of cargo.
