Public–Private Partnership (PPP) models are widely used in India for airport infrastructure development, offering improved efficiency and private-sector innovation. However, significant risks arise during the planning phase, which can affect project feasibility. This study identifies and analyses major planning-stage risks in airport PPP projects, with reference to the Cochin International Airport model, and suggests suitable mitigation strategies. A review of global and national PPP literature, along with expert interviews and questionnaire surveys, helped identify ten key risks: financial availability, regulatory and tax changes, approval delays, economic fluctuation in tamilons, import duties, land acquisition issues, public protests, topographic and environmental constraints, design changes, and coordination challenges. Survey data were analysed using SPSS through descriptive statistics and repeated-measures ANOVA to assess the effectiveness of mitigation measures. Key strategies include early regulatory engagement, robust financial modelling, stakeholder communication, environmental and social assessments, structured coordination systems, and proactive contract management. This study presents a practical framework for reducing planning-phase risks in airport PPP projects, supporting better project planning and increasing private-sector confidence.