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NAVI MUMBAI REALTY MARKET HITS HARD AS NAVI MUMBAI AIRPORT FATE WILL BE DECIDED BY NEXT YEAR

The fate of Navi Mumbai’s proposed international airport would be decided early next year after IIT, Bombay, completes a comprehensive study on the environmental impact of the project in the region including a public hearing, the Union environment ministry has said. Looks like the Navi Mumbai International Airport is yet going to ring sleepless nights for CIDCO officials who have been trying to get the green approval from the Union Environment Ministry on this ambitious project. The Ministry recently has stated that only after IIT, Bombay, completes a comprehensive study on the environmental impact of the project in the region including a public hearing, will the project be given the clearance. The decision is likely to come early next year. The project proponent CIDCO has also been asked to conduct a public hearing as mandated by the law. The airport to be spread over 1,615 ha and having a total area of 2,800 ha is expected to come up near Panvel, about 35 km from the existing Mumbai Chhatrapati Shivaji International Airport, with an investment of around Rs 10,000 crore. It is a well known fact that the Navi Mumbai builders and developers are banking on this ambitious project of the city to propel the already slack realty sector in Navi Mumbai and with the decision of the Union Environment Ministry, the realty market of the city may once again be hit hard. Bureau Report – NMTV News.

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