Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Mumbai, Apr 30 () The construction of the international airport at Navi Mumbai will be little delayed due to the situation arising out of the coronavirus pandemic, GVK Group Vice Chairman Sanjay Reddy said on Thursday. He is also the Managing Director of Navi Mumbai International Airport Ltd (NMIAL). The Rs 16,000-crore aerodrome is being built by a consortium led by GVK Power &amp; Infrastructure. A release issued by industry body CII quoted Reddy as saying that the construction and starting of Navi Mumbai airport, is expected to be a little delayed due to the current situation in the wake of the pandemic. The airport would be using the most advanced technologies and artificial intelligence, he said. Reddy was addressing a session on the future of travel amidst the COVID-19 situation, organised by the Young Indians (Yi) Mumbai Chapter of the CII, as per the release. Every single business and organisation is currently reinventing themselves. The pandemic would also foster the use of modern technology, which in turn would bring in more efficiency in the system, he said. "During the pre-vaccine period, airports are expected to adapt to various safety and hygiene practices. Also, it is expected that business travels will be reduced due to more utilisation of virtual platforms and travel cost cutting in various organisations," Reddy was quoted as saying in the release. The post-vaccine period is going to be totally different as people would be eager to travel, he added. The GVK group is already a majority stakeholder in the Mumbai International Airport Ltd (MIAL), which is running the Mumbai airport. The second airport in the Mumbai region was expected to be open in December 2019 and the deadline was pushed to 2021. The passenger terminal building is being developed to initially have a capacity to handle 10 MPA (Million Passengers per Annum) and would be enhanced to 20 MPA. The GVK group plans to spend Rs 8,500 crore in the first phase of the project. The Navi Mumbai airport project is a public-private partnership venture in which MIAL holds 74 per cent stake with Maharashtra's CIDCO. The concession agreement for the new airport was signed between the NMIAL and CIDCO in January 2018. IAS RAM

Navi Mumbai airport construction to be little delayed amid coronavirus pandemic

The developers' body Confederation of <keyword id="414924" type="ORGANIZATION" weightage="20" keywordseo="Real-Estate-Developers-Association-of-India">Real Estate Developers Association of India</keyword> (CREDAI) and JLL India have done a study in Mumbai, which tells that ready-to-move yet unsold flats in the region comprise of 3.5% of total unsold property. The total value of the unsold inventory is over Rs 2,430 crore, suggests an Economic Times report. 
 The report quotes <keyword id="57321" type="PERSON" weightage="20" keywordseo="Navi-Mumbai">Navi Mumbai</keyword> as the most adversely affected part of Mumbai metropolitan. 
 
On the one hand, where the property extend went beyond thirty months, the other side stresses on the fact that most of the parts are not yet ready to occupy. The report also suggested that even after providing various discounts and offers, the project could not fetch ample buyers. 
 Navi Mumbai, for instance, has to sell 8.13% <keyword id="1010899" type="UNKNOWN" weightage="20" keywordseo="ready-to-occupy-flats">ready-to-occupy flats</keyword> of total unsold inventory. Mumbai and <keyword id="37647" type="CITY" weightage="20" keywordseo="Thane">Thane</keyword> however are ready to offer possessions with 1.10% and 1.33% respectively of the total inventory. Only 2,600 of the total unsold inventory of 77,460 residential units have been completed in Mumbai as well as Thane and Navi Mumbai. 
 
Of the total unsold inventory, 5,311 units are priced above Rs 5 crore, nearly 17,000 are priced between Rs 2 and Rs 5 crore. Over 35,700 units are priced between Rs 65 lakh and Rs 2 crore, while 19,500 units are priced below Rs 65 lakh. 
 "There is slow absorption due to buyers holding on to their purchase decisions with the expectation of a price correction in this weak market. It also goes on to show how buyers prefer to buy into completed projects. Also, the market has become largely end-user driven and investors no longer park funds in residential <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword> as the high returns that it was once known for, have considerably diminished," told Ashutosh Limaye, national director, research, JLL India. 
 
Image: indiatimes

Delayed by 30 months and not ready yet! This is the status quo of ready-to-move residential units in Mumbai.

If things work as planned, <keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword> will have at least two operational metro lines in 2020 connecting the western suburbs of the city. The two corridors, Metro Line-2A (Dahisar-DN Nagar) and Metro Line-7 (Dahisar East-Andheri East), are proposed to be commissioned simultaneously in 2020, the <keyword id="64095" type="COMPANY" weightage="20" keywordseo="Mumbai-Metropolitan-Region-Development-Authority">Mumbai Metropolitan Region Development Authority</keyword> (MMRDA) said in a statement. MMRDA has not yet received possession of land for a car depot for Metro Line-7 as the land parcel is currently with the Airports Authority of India (AAI).
 MMRDA had proposed to give AAI another land in Gorai in lieu of their land. However, currently, this land has got a stay by the Bombay High Court as it had been earmarked for a law university.
 Meanwhile, MMRDA has also claimed that corridors, Line-2B (DN Nagar-Mandale), Line-4 (Wadala-Kasarvadavali) and Line-6 (Swami Samarth Nagar-Vikhroli), will be operational by 2021.
 The Supreme Court has restrained MMRDA from chopping trees for construction of the Metro Line-4 and asked to maintain status quo on felling of trees for the project. It had also sought replies from the MMRDA and the state.
 The ambitious Colaba-Bandra-Seepz Metro-3 corridor, being implemented by the <keyword id="117023" type="LOCATION" weightage="20" keywordseo="Mumbai-metro">Mumbai Metro</keyword> Rail Corporation (MMRC), has been facing several roadblocks and also missed its deadlines, which is now expected to be commissioned in 2021. After the change of dispensation in Maharashtra, Chief Minister Uddhav Thackeray ordered a stay on the construction of a metro car-shed for Metro Line-3 in <keyword id="6370614" type="DOMAIN" weightage="20" keywordseo="aarey">Aarey</keyword> colony, touted as the city's green lungs. Protests by locals, NGOs and the chief minister's son who is now a Cabinet minister, Aditya Thackeray, led to Uddhav Thackeray making this announcement soon after taking charge.
 "Once completed, these five lines -- 2A, 7, 2B, 4 and 6 -- with an aggregate worth of Rs 44,869 crore are expected to serve more than 50 lakh commuters at around 98 stations across the city," the MMRDA said.
 These lines are expected to make a considerable commuter shift by 35 per cent, thus easing the gruelling grind that the suburban rail network is, it said.
 "We are overcoming the biggest challenge one might face, which was to do these development projects without having to completely stop the vehicular traffic even for 10 minutes. It will be an accomplishment to showcase to the entire world. Mumbaikars have shown great patience. Now, it is time to reap rewards," MMRDA Commissioner R A Rajeev said.
 Apart from these, Mumbai will also witness works on projects like Mumbai Trans-Harbour Link (MTHL) and the Virar-Alibaug Multi-Modal Corridor having an aggregate cost of Rs 31,430 crore. 
 The ambitious Rs 17,843-crore MTHL project will be connecting Sewri with Nhava Sheva and help solve the traffic congestion in the island city by improving connectivity between Mumbai and <keyword id="57321" type="LOCATION" weightage="20" keywordseo="Navi-Mumbai">Navi Mumbai</keyword>. "Besides these, there are several other bridges and connectors which will be beneficial to Mumbaikars. There are two flyovers, with an estimated cost of around Rs 163 crore and a road coming up to clear the BKC junction, among others proposed," MMRDA said. PSK HRS

You Searched For "Navi Mumbai" and got 3 results

Navi Mumbai airport construction to be little delayed amid coronavirus pandemic

PTI

Delayed by 30 months and not ready yet! This is the status quo of ready-to-move residential units in Mumbai.

BI India Bureau

In 2020, Mumbai's Western suburbs could have two operational metro lines

PTI

Popular Keywords

Buying Guides