AAI's decision will affect projects from Juhu airport to Western Exp Highway in Vile Parle (E) and many others.

The firm aims to raise Rs 450-500 cr by selling stakes in projects to halve debt-equity ratio to 0.4 times by end of this financial year.

Mumbai-based Narang Developers is believed to have struck a deal with Bombay Taximen Colony for around Rs 1,100 crore.