Mumbai airport land draws interest of realty firms
GVK-owned Mumbai International Airport Ltd’s two prime land plots worth up to ?4,500 crore have drawn interest from several global investors and domestic commercial developers, said two people aware of the matter. More than 30 property developers, including K. Raheja Corp, Phoenix Mills Ltd, and Xander-backed Virtuous Retail South Asia Ltd (VRSA), have submitted expressions of interest (EoI) to develop the two land plots owned by Mumbai airport, said one of the two people cited above. The two land parcel, located near Mumbai’s domestic airport, are around 17 acre and 6 acre. With a total development potential of around 5 million sq. ft, both the land plots could be worth ?4,000-4,500 crore at the current market rate, this person said. “The process to monetize the land was started last month. Expressions of interest were invited from potential developers to develop the two land plots. Several developers including global investors and developers have shown interest,” said the second person. Mumbai airport will offer the land for development on a long-term lease basis. Both the plots are strategically situated, with one of them located right in front of the airport where three metro line constructions are underway and the other on the old Andheri-Kurla road towards the airport, according to the person mentioned above. Property consultant CBRE has been hired to manage the bidding process.
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