The CAG report, tabled in the Maharashtra legislature today, said that decisions were being taken on ad-hoc basis without any firm development model and long-term plan.
There were avoidable delays in acquiring the land, while in some cases excess land was acquired which lay unused, it noted.
MADC was set up in August 2002 to plan, construct, operate and maintain airports. The government entrusted the company the task of developing three 'greenfield' and six 'brownfield' airports, and a heliport at Gadchiroli.
However, CAG pointed out, development of airports was hit by hurdles.
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The site for airport at Pune has not been finalised due to restrictions imposed by the Indian Air Force (which has an air base there), natural obstructions and opposition from land owners.
The pre-feasibility study expressed concerns regarding commercial viability of Karad airport in western Maharashtra, as the location is close (70 km) to the existing airport at Kolhapur.
Dhule airport was also found to be not viable, while feasibility study of Chandrapur airport in Vidarbha indicated that the extension of runway of the existing airport was not possible.
As to the airport at Phaltan, MADC had not made any plans yet, the CAG said.
Grants given by the state government for development of airports were lying unused, thus "blocking up" the public money, it said.
MADC should evolve a long-term plan for timely development and expansion of these projects and assess land requirement in advance so as to avoid delays and "idling" of funds, the CAG said.