2024 Fall Issue of Urban Land - 68

down . . . from the orientation garden, into
the check-in [area], " Haines says. " But smell is
equally important . . . . You've got this heady
mix, as you arrive, of night-scented plants, as
well as daytime-scented plants. "
The Maharaja Bir
Bikram Airport in
Agartala, located in
northeastern India
(2022) and designed
by Creative Group,
includes bamboo
architecture, tribal
stone sculptures, and
local handicrafts.
Public/private partnerships
Public/private partnerships (PPPs) have served
as an important catalyst in the growth of
airports in India. Instead of having to wait
for federal, state, or municipal financing, airport
developers have been able to access
private capital via a PPP, a proposition that
has attracted some of the country's largest
industrial conglomerates, including the Adani
Group, one of India's largest businesses that
has been involved in major infrastructure projects-ports,
airports, and renewable energy.
Such partnerships have combined private
capital and private-sector managerial efficiencies
with governmental shepherding of regulatory
approvals and coordination of other
transportation infrastructure, such as metro rail
extensions.
Typically, the initial land transaction is longterm
leaseholds rather than a sale. The operator's
concession rights are typically for 30
years, with a provision to extend the deal for
another 30 years, according to experts at JLL,
the global real estate consultancy. In most of
these contracts, the state government retains
a 13 percent share of a project and the central
government likewise retains a 13 percent
share. Government agencies generally contribute
the land and expedite approvals, reducing
uncertainty for the operating investor.
Overall, PPP financing seems to have
worked well. " The regulatory regime has been
so successful and the traffic has grown so well
that I don't think anybody has any hesitation
in India about financing airport infrastructure
development, " says Satyaki Raghunath, chief
operating officer of Kempegowda International
Airport. " I think every bank will line up to
finance you at this point. "
68
URBAN LAND FALL 202 4
CREA TIVE GROUP

2024 Fall Issue of Urban Land

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