How has the slowdown affected the modernisation of the Delhi and Mumbai airports?
For Mumbai and Delhi airport modernisation, 10 per cent and 25 per cent of land development respectively was allowed to meet capex requirements. It was to be treated as capital receipt and was to be utilised for capital expenditure. At that time, the real estate sector was booming and bids totalling to Rs 2,750 crore were received. However, the proposal faced resistance and was shot down. Ultimately a development fee had to be levied to fund capital expenditure. So, earlier, instead of realty players paying for the development, now passengers are being asked to pay.
