Work on City & Industrial Development Corporation of Maharashtra's airport project in Navi Mumbai is expected to begin by January 2007, after some issues relating to land acquisition are sorted out and clearance of the Union Cabinet is obtained.

The cost of the project, which is being developed through the public-private partnership route, is estimated to be Rs.3,200 crore-4,000 crore. The private sector will hold 74 per cent equity in the proposed project and the Maharashtra government and Airports Authority of India are expected to pick up a 13 per cent stake each in the project.

The state government is likely to incur Rs.12-13 crore towards detailed reports that will be undertaken before the project takes off apart from contributing land for the airport. The proposed airport to be spread over1,610 ha of land of which 470 hectares have been earmarked for city side development. Almost 74 per cent of the land required for the airport has been identified and acquired. The airport will also have a terminal area of 2.5 lakh sq.mt and a cargo area of 1lakh sq.mt. The new airport will be able to handle 50-55 million passengers annually.

In keeping with international standards, the airport, which is 35 km from the existing one, will have two parallel runways. Initially the project will be given to the successful bidder for a period of 30 years that could be extended by another 30 years. Phase I of the airport is expected to be ready by 2012.

Also See:

ICAO approves second airport at Mumbai (20-Aug-06)

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