AAI to monetise five percent of its land for airport development

Airports Authority of India (AAI) currently has a land bank of 1.36 lakh acre. The Government of India is keen to monetise around 7,000 acre of land owned by AAI and use it for building shopping centres, commercial offices and conference centres, among others.  Some of the land will be used for cargo purposes as well.  Inter-ministerial consultations are on to amend the Airports Authority of India Act, 1994, paving way to expand the scope of usage for land owned by the Authority. 

The government has already announced plans for developing and modernising 50 existing AAI airports at an indicative cost of Rs 50-100 crore each. While the Centre will provide budgetary support for airport development, AAI can use funds from land monetisation for airport development.