Will sub-lease or develop about 50-60 acre in next few years, hold auction for 10-12 acre next year; new T2 terminal to be delayed by 3-4 months.
The GVK group-run Mumbai International Airport Ltd (MIAL) plans to monetise its land bank around the airport over the
next three to four years through a mix of sub-leasing and development.
The airport operator is planning an auction for a first tranche of 10 acre of land next year. The company is looking to monetise around 50-60 acre in the next few years.
“We will surely look at monetising our land parcel, but approvals take time. Once these are in place we should start doing so by next year,” said Anil Pandit, president-real estate, MIAL, on the sidelines of Confederation of Indian Industry real estate conclave.
The monetisation could include a hospitality project or other developments by the airport operator itself. The company will take a decision on the mix of development and leasing in the next few
weeks. About 50-60 acre, including the first tranche of 10-12 acre, is expected to be freed up after the airport construction is completed.
The land is currently occupied by batching, parking lots and other operation related facilities. The company has not taken account land that may be available from the slum occupied area.
Pandit said that the airport project, which includes construction of the new international terminal, will be delayed.
“The original date to start operations was December 2012, now we expect this to be delayed by another three to four months,” said Pandit. He cited “political” reasons for the delay.
The airport project consists of the new T2 terminal building, which would be used for both domestic and international passengers, a new domestic terminal 1-C, a parallel taxi way, a new permanent cargo facility, a dedicated link from T2 terminal to the Western Express Highway and a couple of other facilities.
Out of these, the official said the T2 building will take time, while the rest will come up faster. MIAL is a joint venture between the GVK-SA consortium and Airports Authority of India. GVK also operates Bangalore International Airport. It has recently entered into an agreement to develop two airports in Indonesia.
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