New Delhi: Finance minister Arun Jaitley has cleared a key land reform that will open up portions of 50,000 acres of urban airport land for building multiplexes, shopping centres and convention centres. In essence, the Airports Authority of India (AAI), which owns most of the country’s 125 airports and holds 50,000 acres of urban airport land, will now be able to change the land usage policy. ALSO READ: Union Budget 2017 in two minutes“We will now be moving to change statutory provisions which are there for sale of land. Agrawal estimates only 3-5% of the land may be available for building multiplexes as there are aeronautical needs and some airport land is also encroached. “Shopping complexes will work very well at major airports but not in smaller airports,” he said.

Source: Mint February 01, 2017 08:37 UTC