Dinesh Kamath's news item 'Investors are worst affected owing to delay in airport project' that was published in Newsband

Investors are worst affected owing to delay in airport project

By Dinesh Kamath

NAVI MUMBAI: Investors are the most affected due to delay in the proposed international airport at Navi Mumbai. When the airport project was first announced, many investors had become enthusiastic and adventurous and had invested heavily on the lands surrounding the site of the new airport. There was also a terrific rise in land prices since the investors were absolutely sure that the airport would come up soon and they would make fantastic profit.

But just recently, chief minister Prithviraj Chavan’s admission that the government could not give a fixed date for starting the airport construction work depressed the investors. City and Industrial Development Corporation (CIDCO) which is the nodal agency for the project has not yet acquired the land required for the airport. The CM has expressed the inability of the government to start the work on the airport without completion of land acquisition. His announcement was a huge setback for the investors and it also affected to a great extent the property market of Navi Mumbai. 

Many politicians and builders had purchased lands in Navi Mumbai since they were sure that the airport would come up soon and they would earn an astronomical sum. Thus their gamble failed to pay off this time.