The Mumbai International Airport Limited (MIAL) has leased a part of the airport land to a city realtor for Rs580 crore as part of the SkyCity project.
The MMRDA is the special planning authority of this mini city that will be situated in the heart of Mumbai, surrounding the airport. The SkyCity will have excellent road connectivity via the Western Express Highway, Andheri-Ghatkopar-Kurla Link Road and Sahar Road, along with key areas around the airport that would include Andheri, Bandra, Kurla, Powai, SEEPZ and Santa Cruz. It will also enjoy metro connectivity.
The contract to Oasis Realty Pvt Ltd is part of the overall commercial development of 22 million sqft, in phases over 10 years, around the airport, which MIAL aims to monetise.
MIAL says hotels, convention centres, retail entertainment centres, including theme parks, shopping malls, commercial spaces will be developed on the lines of the Bangkok airport city. Officials say it will turn the area near the airport into a hub not only for air passengers and business executives but also for the local people. The project has been designed by architectural firm HOK.
While announcing the development, Dr GVK Reddy, executive chairman, MIAL, said: "Located in the heart of Mumbai, it will be well connected to all parts of the city and Mumbai Metropolitan Region... Tenants will be encouraged to value practices such as energy and water conservation, waste management and improving indoor air quality."
MIAL, in its latest feasibility report, claims that the SkyCity project and infrastructure development around airport such as the Metro station etc, which are in the pipeline, will directly generate 27,000 jobs and add Rs66.4 billion in income to the national GDP. In terms of indirect economic impact, SkyCity will generate 96,000 jobs.
Chhatrapati Shivaji International Airport, which is among the busiest airports in Asia, has the capacity to cater to 40 million passengers every year. The present yearly footfall is about 32 million.