The project affected persons (PAPs) of the Navi Mumbai airport on November 11 have accepted the the Maharashtra government offered compensation for the loss of their land. The clearance for the proposed Navi Mumbai airport will also bring land worth over Rs 10,000 crore into the real-estate market for development.
Land was acquired for the airport, but 671 hectares more was required for the airport project, whcih is owned by the PAPs. Now cleared deal for PAPs is described as the best deal in the country. The land is mainly coastal land used for agricultural purposes, which till recently was valued at Rs 200 per sq m.
As per the deal, the land the PAPs will now get as compensation along the Mumbai-Pune bypass near Panvel and its rate will be on an average to fetch Rs 1 lakh per sq m. It will form a new urban hub of Navi Mumbai named Pushpak Nagar.
Sources in the City & Industrial Development Corporation (Cidco), the airport building State agency, said the moment compensatory land distribution is started in Pushpak Township in the next couple of months, the land will start gaining value since it will then officially be an urban node of Navi Mumbai.
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