Close to its Navi Mumbai airport, Adani is building a jumbo township

Adani entered the real estate sector in 2010 with the 600-acre Shantigram in Ahmedabad, which became the city’s biggest real estate development with an estimated ₹5,000 crore invested. The Navi Mumbai township in Panvel, which will come up across 1,000-1,100 acres, is envisioned as a bigger version of Shantigram, signalling Adani’s grand plans for the Mumbai Metropolitan Region (MMR).

“Given the size and scale of the Navi Mumbai township, the estimated investment will be double that of Shantigram, at over ₹10,000 crore. Right now, the project is referred to as Adani Panvel, but the name and format are inspired by Shantigram,” one of the two people cited above said on the condition of anonymity.

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“The sales office is ready. The company is keen to create a buzz at the start and is deliberating on what kinds of products, apartments or plots, should be first launched. The project launch will happen only after the airport inauguration,” said the second person.

Apart from the mandatory clearances before launching the project, some infrastructure work around the project site will also need to be completed. For instance, a connecting road is being built, which will give the project an additional exit route from the expressway.

Adani Group’s realty play is about 15 years old. Until 2013, the real estate business was part of Adani Enterprises Ltd, Adani Group’s flagship company. Then it came to be housed under Adani Properties, which is held by the promoters and operates under the brand name Adani Realty.

An Adani Realty spokesperson didn’t respond to Mint‘s queries.

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A year ago, Adani launched 9 PBR, a premium residential project along Palm Beach Road in Navi Mumbai’s Nerul, with nine high-rise towers. In the last five years, the brand has sped up acquisitions and launches, coinciding with the housing boom and consolidation in the market. Apart from MMR, it now has real estate projects in Pune, Ahmedabad and Delhi-National Capital Region (NCR).  Its project portfolio totals over 200 million sq. ft, Mint had reported in April 2024, with 130 million sq. ft earmarked for potential future development. Since then, the company’s portfolio has expanded further. 

In March, Adani Properties emerged as the highest bidder to redevelop Motilal Nagar in suburban Mumbai’s Goregaon along with the Maharashtra Housing and Area Development Authority (MHADA), at an estimated cost of ₹36,000 crore. In April, an Adani Group subsidiary acquired a 1.1 acre plot in south Mumbai’s prime Carmichael Road for over ₹170 crore. 

While the company plans to do a mix of housing, office and retail projects, it specializes in large-format, often complex, residential-led developments. 

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“The Navi Mumbai township project will be a larger and an upgraded version of Adani’s Shantigram. Having established itself as a real estate brand, it can command a pricing premium over other projects,” the first person said.

Builders make a beeline

The upcoming international airport, along with infrastructure projects such as the Mumbai Trans Harbor Link, a 22 km expressway connecting Navi Mumbai and Mumbai, could give the satellite city a much-needed boost. The airport is bring developed by Navi Mumbai International Airport Ltd, a joint venture between Adani Airport Holdings Ltd and Cidco, where Adani holds 74% stake.

Ankit Talreja, city lead, Navi Mumbai at property advisory Anarock Group said there is growing demand for premium housing in the area. 

“The demand is largely from residents of Navi Mumbai who want to upgrade to better homes, and projects by branded developers,” Talreja said. 

Niranjan Hiranandani, chairman, Hiranandani Group, told Mint in a recent interview that the centre of gravity will shift there with the new airport and a slew of new projects being planned. 

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“The Noida airport may have a slower impact, but the Navi Mumbai airport will be impactful the day it starts,” said Hiranandani, who is developing a 500-acre township in Panvel.

A-list developers from Mumbai have been buying up Navi Mumbai land in recent years, and have launches planned in the coming months. These include K Raheja Corp Homes which is planning to launch a residential project with five towers in Juinagar, close to its Mindspace Business Park, and Godrej Properties Ltd, which recently acquired three contiguous land parcels across 6.5 acres in Kharghar on a 60-year-lease for ₹717 crore. The developer plans to build premium housing there.

As per property advisory JLL India estimates, 24 land transactions, across 368 acres, happened in Navi Mumbai between January 2023 and March 2025, where real estate developers acquired land from third-party sellers. 

“Given the kind of infrastructure development in the area, we expect huge demand for residential projects. Despite the demand for land, prices continue to be more reasonable compared to MMR. The government is also positioning Navi Mumbai as the ‘Third Mumbai’, so there is a lot of momentum right now,” said Shankar Arumugham, head of government advisory and solutions, India, JLL, a property advisory.

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