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GMR Group, which manages airports in Delhi, Hyderabad, and Goa, has unveiled plans for a major real estate development encompassing nearly 1,500 acres around these airports. This ambitious project aims to transform these areas into vibrant commercial and residential hubs.
The development will feature diverse projects tailored to each locations unique needs. In Goa, GMR plans to create a resort-centric area, including a retail district, hotels, a golf course, and villas. Hyderabad will see a focus on industrial development, along with the introduction of office spaces, senior living, and co-living facilities. Delhi will benefit from new hotels, hospitals, and office spaces.
“Aerocity” is the brand under which these developments will be executed, and it has become synonymous with integrated commercial developments around airports. Delhi’s Aerocity, the flagship project, is set to become a global business hub with its well-curated public spaces, pedestrian-friendly environments, and public art installations. The ongoing Aerocity One commercial development is a testament to this vision, according to Aman Kapoor, CEO of GMR Aerocity.
In Hyderabad, the first phase of the Aerocity project has already made significant strides, including the creation of an aviation and industrial SEZ, which has generated over 50,000 jobs and bolstered the local economy. GMR’s focus on enhancing social infrastructure includes the development of schools, private university campuses, and hotels.
Other developers like Bharti Realty and Prestige Group are also contributing to the Aerocity vision, with Bharti Realty advancing the second phase of Delhi Aerocity, which has a development potential of 17 million square feet.
According to data from 360 Realtors, India currently has nine Aerocity projects spanning 14,000 acres, with cities like Ayodhya and Noida also planning developments around their airports. Of these projects, 22% are operational, 18% are under development, and 60% are announced. |
