Panaji, Nov 8 (IANS): Goa's new Greenfield airport in Mopa will be operational by 2019-20, Chief Minister Laxmikant Parsekar announced on Tuesday.

"We expect that the actual work would start by the beginning of 2017 and the first flight after completion of first phase will take off in 2019-20. Thereafter, in the first phase its capacity is 4.5 million passengers and at the end of fourth phase its capacity is 13 million," Parsekar said after signing a concession agreement with GMR Airports Ltd, which is developing the Rs. 4,500 crore project spread over 2,000 acres.

The development of the airport, on a public private partnership basis,would boost the coastal state's economy, tourist inflow, employment, etc., Parsekar said.

"The Prime Minister was personally monitoring some projects in the country and I am proud to mention that the airport at Mopa was one of the flagship projects," Parsekar said.

The concession period for the Greenfield project is 40 years, with a possible extension of another 20 years through a bid process. 

The airport will be built under the build-operate-transfer model. GMR had won the project through a closely contested competitive bid process with the Airports Authority of India emerging as the second highest bidder followed by the consortium of Essel Infra-Incheon in the third spot.

The concession also offers 232 acres of land for commercial city side development for a period of 60 years.

The GMR Group also operates Delhi's Indira Gandhi International Airport which is presently ranked as world's top airport in its passenger category, as well as Hyderabad's Rajiv Gandhi International Airport, which has been consistently ranked among the world's top three airports in its category over the last seven years.

GMR Infrastructure in partnership with Megawide Construction Corporation is also developing Mactan Cebu International Airport (MCIA) in the Philippines.