Civil Aviation Minister Ram Mohan Naidu has announced that the government will promote large scale real estate development near new and upcoming airports to drive sectoral growth to 15 per cent in the near future.
The announcement was made on the second day of the 17th National Convention of the National Real Estate Development Council. According to an official statement, a study is underway to take development ideas from major global airports in New York, London and Hong Kong. The aim is to ensure that multiple large scale economic activities are created around airports in India, similar to these international hubs.
The Minister highlighted that airports in global cities operate at very high economies of scale, supported by real estate and other associated activities. “India would take a cue from these examples to develop similar utilities around new greenfield airports,” he said.
Airports are not only gateways for travel but also generate significant footfall for business, recreation and other economic opportunities. Naidu said the government intends to encourage the establishment of convention centres and hotels near airports to maximise economic benefits.
He further noted that 88 airports are already operational across the country, with many more projects in the pipeline.
In his address, Niranjan Hiranandani, Chairman of the National Real Estate Development Council, stressed that the growth of the real estate industry must align with the nation’s broader requirements, urging developers to rise to the occasion and deliver accordingly.
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