Mumbai International Airport Pvt Ltd (MIAL), a GVK-Led Consortium, today awarded 1.16 million square feet of land parcel at the airport for Rs 580 crore to Oasis Realty Pvt Ltd for commercial development.

This transaction is part of the process of overall commercial development of 22 million square feet of the airport in phases over a period of ten years, GVK said in a press release here.

Aerial view of Mumbai International Airport. Pic: Suresh KK

This transaction has been finalised at the rate of approximately Rs 106 crore per acre which translates to total of Rs 580 crore for this parcel at approximately Rs 5,000 per square foot of built-up area, it said.