Prime Minister Narendra Modi on Wednesday inaugurated the much-awaited Navi Mumbai International Airport (NMIA), marking a defining milestone in India’s aviation and infrastructure landscape.

Developed under the Public–Private Partnership (PPP) model by the Adani Group, the ₹19,650-crore greenfield project is poised to significantly decongest Mumbai’s existing air traffic and position the Mumbai Metropolitan Region among the world’s leading multi-airport systems.

Spread across 1,160 hectares, the airport’s first phase will be opened to commercial operations—both domestic and international—by December 2025. Envisioned as one of the most efficient and sustainable airports globally, NMIA is designed to handle up to 90 million passengers annually and 3.25 million metric tonnes of cargo upon full completion.

Commenting on the inauguration of the airport, Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE, said, “Navi Mumbai International Airport is expected to have a transformative impact on the city’s real estate, especially in the sourrounding areas like Ulwe, Panvel, Kharghar, Taloja, and Airoli. While the needs of airport personnel, working professionals and aviation staff are likely to drive the residential demand around the airport, commercial demand is likely to be fuelled by development of logistics parks, offices and hotels. The NMIA is also expected to catalyse transit-oriented development, further amplified by its synergy with other mega-projects like Mumbai Trans Harbour Link (MTHL), and Navi Mumbai Metro Line 1.”

Vimal Nadar, National Director & Head of Research, Colliers India, said the opening of the Navi Mumbai International Airport signifies more than just a milestone in air travel. It marks a pivotal transformation in the region’s real estate landscape, particularly within the residential and commercial sectors. The announcement of this upcoming airport had already triggered a substantial rise in property values across key areas in the vicinity including Uran-Ulwe, Kharghar, Dronagiri, Taloja, and Panvel. This greenfield airport will further accelerate the growth, driving sustained demand and significant price appreciation, presenting lucrative long-term investment opportunities.

“Further, Navi Mumbai’s strategic positioning as a sub-dollar office market, coupled with enhanced connectivity and global access offered by the airport, are expected to drive heightened office leasing activity in the area over the next few years. The proposed Aerocity in the vicinity, designed to seamlessly integrate top-notch commercial, residential, and recreational spaces, will foster a new urban ecosystem that blends work and lifestyle. Additionally, with the Atal Setu enhancing connectivity and reducing travel times to Mumbai, this region will remain high on the radar for homebuyers, developers, and investors alike,” Nadar added.

Deepak Khandelwal, Principal Partner & Chief Sales Officer, Square Yards, said the Navi Mumbai International Airport stands as a cornerstone of the region’s broader infrastructure push, supported by major upgrades in road, rail, metro, and waterway connectivity. Its imminent operationalisation has already begun to reshape the real estate landscape, particularly across the Panvel region.

“Localities such as New Panvel, Old Panvel, Kharghar, Ulwe, and Taloja are witnessing a surge in development, with a growing supply of premium residential projects, gated communities, and large integrated townships. The market response has been strong, with apartment prices in the Panvel region rising by nearly 74% between FY 2021 and FY 2025, compared to 45% growth across the rest of Navi Mumbai. With the first phase to be inaugurated today and full-scale operations expected soon, the airport is set to drive the next wave of value creation, reinforcing Panvel’s position as one of the most promising growth hubs not only within the Mumbai Metropolitan Region and beyond,” he added.