The Maharashtra Cabinet Infrastructure Committee has approved a 35-km Metro project linking Mumbai’s Chhatrapati Shivaji Maharaj International Airport (CSMIA) with the Navi Mumbai International Airport (NMIA) at an estimated cost of over ₹22,000 crore.
Real estate experts say that the seamless airport-to-airport connectivity will significantly cut travel time, boosting demand for residential and commercial projects near stations, especially in Navi Mumbai nodes such as Ulwe, Panvel, Kharghar and Taloja. Affordable and mid-income housing markets along the route could see stronger end-user demand, while investors may position early for future gains. Enhanced access to two international airports strengthens Navi Mumbai’s appeal as a business destination.
This could accelerate office leasing, logistics parks, and data centre activity, especially near NMIA, they said.
Experts also said that Metro stations often become hubs for retail and mixed-use projects. Developers may increasingly plan transit-oriented developments (TODs) around stations.
“The upcoming metro connectivity between Mumbai International Airport and Navi Mumbai International Airport (NMIA) is poised to deliver a step‑change in regional mobility, with estimated travel time reductions of up to 50–60%, materially improving commuting while strengthening economic integration across the Mumbai Metropolitan Region. By establishing a direct, high‑capacity transit link between major economic nodes including Bandra‑Kurla Complex (BKC), Andheri East, Kurla, Vikhroli, and Navi Mumbai’s industrial and business hubs, the corridor will significantly enhance the viability of transit‑oriented development,” said, Vimal Nadar, National Director and Head, Research at Colliers India.
“The improved connectivity would increase demand and drive capital value appreciation along the metro corridor. Over the medium to long term, the metro corridor is expected to catalyse commercial office growth, residential, industrial and hospitality investments, leading to improved rental yields, while structurally repositioning Navi Mumbai as an extended economic and residential hub to Mumbai rather than a peripheral suburb,” Nadar said.
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About the proposed airport metro connector
The proposed corridor will include 20 stations, six underground and 14 elevated. Land acquisition for the project, spanning 30.7 hectares, is expected to cost ₹388 crore, according to a release from the Chief Minister’s Office.
The Maharashtra Cabinet Infrastructure Committee has given the green signal to a Metro line connecting Chhatrapati Shivaji Maharaj International Airport (CSMIA) in Mumbai with the Navi Mumbai International Airport (NMIA). The 35-kilometre corridor, widely known as Metro Line 8 or the ‘Gold Line’, is expected to reduce travel time between the two airports to about 30 minutes.
The estimated cost of the project, comprising 20 stations and intersections on three other metro routes, is around ₹22,862 crore, according to a release issued by the Maharashtra CMO.
The state government has given its nod to build the metro under a Public-Private Partnership (PPP) model, with the state and the centre each contributing 20 per cent of the viability gap funding. The remaining 60 per cent is expected to be brought in by the private party building the metro
The 20 stations planned along the Metro Line Eight corridor are Chhatrapati Shivaji Maharaj International Airport Terminal 2, Phoenix Mall, SG Barve Marg, Kurla, Lokmanya Tilak Terminus LTT, Garodia Nagar, Baiganwadi, Mankhurd, Vashi, Sanpada, Juinagar, LP Junction LP, Nerul 1, Nerul 2, Seawoods, Apollo Hospital, Sagar Sangam, Targhar, Navi Mumbai International Airport West and Navi Mumbai International Airport Terminal 2.
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Will the proposed Metro link affect real estate markets?
Real estate stakeholders see the metro’s approval as having a more indirect than a direct impact on the real estate of Mumbai and Navi Mumbai.
“Just as the airport itself created a wave of optimism among property developers, pushing up land values and strengthening demand in areas like Panvel, Ulwe, Kharghar and Belapur, the metro link is expected to give boost to the employment hubs, business districts and residential hubs across Mumbai and Navi Mumbai,” Dinesh Satam, a real estate consultancy from Navi Mumbai, near Mumbai.
“In Mumbai, real estate experts believe areas such as Santacruz, Bandra, BKC, Ghatkopar, and Mankhurd will be affected by the proposed Metro line. Further, in Navi Mumbai, Vashi, Sanpada, Juinagar, Nerul, Seawoods, Belapur, Kharghar, and Panvel will also be impacted,” Satam said.
“Over time, demand is expected to redistribute toward well-connected suburban and Navi Mumbai locations, with transit-oriented pockets clearly outperforming broader markets,” said, Vivek Rathi, National Director- Research, Knight Frank India.
According to local brokers, the per sq ft price of apartments located along the Metro line in both Mumbai and Navi Mumbai ranges from ₹40,000 to ₹80,000.
Also Read: Navi Mumbai International Airport begins operations: How does it impact the real estate market around it?
All about Navi Mumbai International Airport
Flight operations at Navi Mumbai International Airport began on December 25. Domestic flights by IndiGo, Akasa Air, Air India Express, and Star Air began operating to multiple Indian cities from the new airport from day one.
According to SquareYards, the impact of the Navi Mumbai Airport on real estate was such that apartment prices in the Panvel region stood at Rs. 10,000–12,000 per sq.ft, growing by 74% from FY21 to FY25. Compared with the rest of Navi Mumbai, the area commanded higher prices of Rs. 19,000–21,000 per sq ft but saw only 45% growth.
Furthermore, for residential plots, Panvel’s plotted land rates averaged Rs. 80,000 to Rs. 85,000 per sq. yd., reflecting a solid 93% increase. In other parts of the city, plot prices were higher at Rs. 1,10,000–1,30,000 per sq. yd., but with a relatively slower growth rate of 58% over the same period, according to SquareYards data.