Real estate development at Mumbai airport takes off with Rs. 580-cr deal.

Real estate development at the airport has taken off, with Mumbai International Airport Ltd. (MIAL) leasing a 5.5-acre plot near the international terminal at Sahar to Oasis Realty for Rs. 580 crore. A hotel and office complex will be developed at the plot.

Last year, MIAL had sought bids for land parcels of 10 acres each. Overall, MIAL will lease 200 acres for hotels, offices and convention centres, under the SkyCity project. 'We had called for bids for four plots. The bids for two plots have been finalised; we will conclude the deals for the other two by the year-end. We are in discussions with developers and there is a lot of interest,' said Sanjay Reddy, vice-chairman of the GVK group, which is developing the airport.

So far, MIAL's commercial development was stuck due to delays in securing clearances and shifting utilities. Also, the land was being used for airport works.

BS