Navi Mumbai- A planned city off the west coast of Maharashtra is emerging as a major commercial hotspot in recent times due to its well-developed infrastructure and superb connectivity. Navi Mumbai is situated across two districts namely Thane and Raigad and has been ranked 12th among 73 cities surveyed for cleanliness and hygiene by the Union Ministry of Urban Development (MoUD) and Quality Council of India (QCI).
As there is ample availability of land, rentals for offices are relatively affordable here. Because of this many newly incorporated companies & startups loves to establish their base in Mumbai. According to a recent data, around 500 new startups companies were registered here till date and the number is increasing every month.
So let’s understand the key prospects which are making Navi Mumbai, a key commercial hub:
Navi Mumbai has a good public transportation system which connects this planned city to other parts of the Mumbai and Pune. Major railway junctions of Navi Mumbai are Vashi, Nerul, Belapur, and Panvel. BEST and Navi Mumbai Municipal Transport (NMMT) buses are also operational in the region. Talking about road connectivity, the Mumbai-Pune Expressway starts at Kalamboli in Navi Mumbai.
Apart from this, proposed transportation systems like Navi Mumbai International Airport and Navi Mumbai Metro will also boost the connectivity of the area in near future.
Navi Mumbai boasts a reliable supply of electricity from various sources, and excellent motoring conditions, with numerous flyovers, broad roads, and parking lots. There are adequate utility services, banks, restaurants, malls, multiplexes, schools, hospitals and other shops located in Navi Mumbai. Areas like Vashi host several shopping malls such as Center One, Palm Beach Galleria, Citi Center, Raghuleela Mall and Inorbit Mall along with Seawoods Grand Central Mall in Seawoods and Little World Mall and Glomax in Kharghar. DMart has launched five hyper malls in Navi Mumbai.
The Navi Mumbai SEZ located in the nodes of Dronagiri and Kalamboli are planned to provide commercial growth and employment to the city up to a major extent. Positioned en route the proposed Navi Mumbai Airport, this megaproject has attracted investments of close to 40,000 crores.
CIDCO is already running two fully occupied IT parks at Belapur and Vashi which cumulatively offer 1.6 million sq. ft. in office space.
Apart from this, as per a recent report, approximately 8 million sq. ft. of office space is expected to be developed in Navi Mumbai in the coming 4-5 years which includes several non-IT and IT parks. Kharghar Business Park, a major project of CIDCO is also in the final stages of its designing and planning.
Experts say that due to the upcoming Navi Mumbai International Airport and improvements in road and railway connectivity, the increase in demand for office space in this area has increased up to a large extent. Hence, Navi Mumbai is emerging as one of the most coveted destinations for real estate developers and corporate companies after Gurgaon, Pune, and Bangalore.
Rates and trends
At present, there are 70 reputed IT and financial companies functioning in three major IT parks developed by K Raheja Corp under Gigaplex and Mindspace brands. However, in the last 2-3 years, rental prices have already shot up to Rs. 50-52 per sq. ft. from Rs. 27-28 per sq. ft. around 6-7 years earlier.
Other major developers like Panchshil Realty from Pune and Embassy Group from Bangalore are already eyeing for commercial space in the region. IKEA and Foxconn, among other global biggies, are also coming to the region in the near future with high investments.
As per the experts, land prices in Navi Mumbai are still on the reasonable side as compared to other major IT corridors in India. This makes it a highly attractive market for large corporates.