The Navi Mumbai International Airport has set off a rush for land and housing in adjoining areas, sending real estate prices sky-high well before the first commercial take-off. Prime Minister Narendra Modi inaugurated the first phase of the airport on Wednesday, and commercial operations are set to begin in December.

Current surge in property value

Land rates in Ulwe, Panvel, Taloja and Kharghar have shot up by 50-60% in the last three years, while residential prices have gone up by 20-40%, according to Anarock Research. Ulwe, where the airport is located, witnessed the highest increase of 40% in residential prices while Kharghar saw 20% growth during the period.

“There remains a scope for an additional 30-40% growth (in land prices) over the next two years,” said Anuj Puri, chair

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