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Mumbai Airport to house Retail malls after overhaul

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The proposed Mumbai airport’s up grading is likely to come up in an area of 5.7 Crores Sq.ft, totally for non-aeronautical uses like retail, commercial and hotel ventures and the proposed sites are at Sahar village, Kurla and Kalina.
As per to Cushman & Wakefield, the renovation and up-grading of 47 airport ventures in India is likely to have 78 Million Sq.ft for commercial use by 2015. In Mumbai, around 28% of the 132 acres will be for retail, 50% for hospitality and 22% for commercial space. Around 3,000 hotel accomodation will arise in 5 & 4 star hotels.
Cushman & Wakefield senior executive said to www.propertykhazana.com that, “Almost 50% of the expected 78 Million Sq.ft of airport properties in India is focused in three cities Mumbai, Bengaluru and New Delhi. These cities only get around 14 Million Sq.ft of commercial space and around 10,200 hotel rooms. Nearly 27,525 hotel rooms will be constructed from development of airports across the country.”
Global development rate of the airport segment is around 9% yearly and India has observed as average of yearly growth of 35% in a span of 6 years. Non-aeronautical revenues are likely to hike from 35-54% by 2015, added a source at the www.propertykhazana.com. Airports has the advantage of 24-hour movement with commuters, they are critical settings for coming generation, retail entertainment hubs also business and hospitality zones. Mumbai developer was granted the venture to clear 276 acres of property under slums from the Santa Cruz airport. A large piece of this property was unchained for office and retail development. Realty zones nearness to the terminals has bragged the place advantage and capitalizes on it to grasp a best. This also clearly goes for property prices, but it does not make these regions as the most costly regions.
Source: Real Estate

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