MIAL leases out land for commercial development near airport

MIAL has planned a range of hotels on the land next to the Chhatrapati Shivaji International Airport (CSIA).

To develop a state-of-the art commercial zone dubbed ‘GVK skycity’ near the international airport in Sahar, GVK-led consortium Mumbai International Airport Limited (MIAL) leased its first parcel of land for commercial development to Oasis Realty Pvt. Ltd.

Of the total 22-million sq ft plot that is planned to be developed at the sky city in 10 years, the MIAL has awarded a parcel of 1.166-million sq ft valued at Rs 580 crore. The skycity is planned to become a global destination for hospitality, commerce and leisure in the city,” said a MIAL spokesperson.

As a part of the skycity, MIAL has planned a range of hotels on the land next to the Chhatrapati Shivaji International Airport (CSIA), ranging from luxury to first class, middle class and budget hotels.

A convention centre, entertainment zone, retail and office spaces, as well as service apartments, are also planned as part of the commercial development of land near the airport by MIAL, frequented by businessmen and tourists.

The GVK-led consortium took over the CSIA on May 3, 2006, under the Operation, Management and Development Agreement executed between MIAL and the Airports Authority of India where operation, development, management, designing, construction, upgradation, modernisation and financing of airport is undertaken by GVK under a right of 30+30 years.

mumbai.newsline@expressindia.com

First uploaded on: 28-08-2014 at 00:45 IST

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