CIDCO starts developing 400 lakh sq. ft. aerocity near Navi Mumbai Airport.

cidco-starts-developing-400-lakh-sq.-ft.-aerocity-near-navi-mumbai-international-airport

Cidco has kicked off the process of developing an aerocity abutting Navi Mumbai International Airport.

As airports serve as an engine to boost the economy, the aerocity will be a commercial and residential district on its southern side spread over around 300 hectares.

From financial services and corporate offices to residential and entertainment centers, hotels, hospitals, schools, and export-oriented services to aero-centric warehousing, the aerocity will accommodate and offer a range of activities and facilities.

In all, 400 lakh square feet will be developed as part of the plan, including well-designed roads, Metro lines, and automated waste collection systems.

“There is a requirement for financial services and banks, besides residential and commercial facilities, as airports are economic engines. Building an aerocity serves that purpose,” a Cidco official said.

Cidco vice-chairman and MD Sanjay Mukherjee said, “The land acquisition is complete, and the project has been divided into four packets. International consultants have been appointed for techno-economic feasibility, marketing assessment, and so on. As we begin our mission again, we are taking a holistic view on the development of Navi Mumbai.”

Aerocities around the world is built with a focus on a particular sector while some serve as transit destinations. The sectors may range from financial to cargo services or aero-centric activities.

Cidco officials said to enable a conducive urban design form and make the aerocity a benchmark for development in the country, it will be developed with a global floor space index. The Navi Mumbai Aerocity will also offer a central command-and-control operation to manage all utilities.

More importantly, utilities will be laid through tunnels to avoid digging of roads. The concept plan has been finalised and a detailed master plan along with a detailed design of the facilities will be taken up shortly.

While development of the infrastructure is likely to commence soon, Cidco is looking at various options and revenue models for the aerocity. For instance, Delhi International Airport has awarded rights for the development of aerocity land to a realty firm with an arrangement for an annual lease and one-time payment.

While Cidco looks at ensuring the development of the aerocity in sync with the completion of the development of the international airport and MTHL, it has initiated promotion of the project to create awareness among prospective firms about the benefits of locating their businesses in it.

Meanwhile, Cidco is also looking at the right market conditions for a global auction of its corporate park in Kharghar, close to the upcoming international airport.

Source: https://realty.economictimes.indiatimes.com/news/infrastructure/cidco-starts-developing-400-lakh-sq-ft-aerocity-near-navi-mumbai-international-airport/80311782

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