MIAL inks pact with Oasis for airport land development

Mumbai International Airport (MIAL) awarded 1.16 million sq ft of land parcel at the airport for Rs 580 crore to Oasis Realty for commercial development. This transaction is part of the process of overall commercial development of 22 million sq ft of the airport in phases over a period of 10 years. This transaction has been finalised at the rate of approximately Rs 106 crore per acre which translates to total of Rs 580 crore for this parcel at approximately Rs 5,000 per sq ft of built-up area. GVK SkyCity, a master-planned, mixed use development with state-of-the-art planning and architecture, urban design and landscape is an ambitious project set to redefine the face of Mumbai. GVK SkyCity includes uses like luxury, first class, mid-market and budget hotels, serviced apartments, convention centre, entertainment centre, retail, office spaces, etc.