http://www.financialexpress.com/fe_full_story.php?content_id=168014
Aerotropolis: a city by itself
Nearly 250 acres around the Delhi airport might see high-density commercial development by 2010
ATREYEE DEV ROY
Posted online: Sunday, June 24, 2007 at 0000 hours IST
The first phase of the modernisation of Delhi International Airport by the GMR-led consortium, which will be completed by 2010 will see an investment of $1.5 billion in commercial real estate development transforming Delhi airport into an airport city—an aerotropolis.
According to the land concession agreement for the Delhi airport, of the 5,000-acres of land belonging to the airport only 5%, or 250 acres can be used for commercial purposes. This will see high-density development of hotels, business centers, retail spaces, convention and exhibition centres, golf courses and entertainment centres. Says Mridul Upreti, Head, Capital Markets, Jones Lang LaSalle Meghraj, “An aerotropolis, because of its high density and high quality development, strategic location and good connectivity would soon outdo even Connaught Place in economic activity and commercial rentals.”
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However, DTZ director Vivek Dahiya feels that as the cantonment area on three sides and Palam Village on the fourth surround Delhi airport, no major development can take place outside the airport area. “Moreover, the DDA master plan does not allow for commercial centres like hotels to come up near the airport. Only if DDA revisits the policy and allow commercial development can the real estate prices around the airport also go up.”
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Aerotropolis: a city by itself
Nearly 250 acres around the Delhi airport might see high-density commercial development by 2010
ATREYEE DEV ROY
Posted online: Sunday, June 24, 2007 at 0000 hours IST
The first phase of the modernisation of Delhi International Airport by the GMR-led consortium, which will be completed by 2010 will see an investment of $1.5 billion in commercial real estate development transforming Delhi airport into an airport city—an aerotropolis.
According to the land concession agreement for the Delhi airport, of the 5,000-acres of land belonging to the airport only 5%, or 250 acres can be used for commercial purposes. This will see high-density development of hotels, business centers, retail spaces, convention and exhibition centres, golf courses and entertainment centres. Says Mridul Upreti, Head, Capital Markets, Jones Lang LaSalle Meghraj, “An aerotropolis, because of its high density and high quality development, strategic location and good connectivity would soon outdo even Connaught Place in economic activity and commercial rentals.”
...............
However, DTZ director Vivek Dahiya feels that as the cantonment area on three sides and Palam Village on the fourth surround Delhi airport, no major development can take place outside the airport area. “Moreover, the DDA master plan does not allow for commercial centres like hotels to come up near the airport. Only if DDA revisits the policy and allow commercial development can the real estate prices around the airport also go up.”
....................
___________________________________________________________
Yahoo! Mail is the world's favourite email. Don't settle for less, sign up for
your free account today http://uk.rd.yahoo.com/evt=44106/*http://uk.docs.yahoo.com/mail/winter07.html