A number of national and global corporates are considering Navi Mumbai as the most viable option for setting up their offices, making the location a promising location for a future corporate hub.

Navi Mumbai has several advantages like, planned infrastructure, proximity to larger cities such as Mumbai and Pune, affordable rentals and availability of land. Real estate consultants estimate that demand for office space would jump further because of the upcoming Navi Mumbai International airport.

The City and Industrial Development Corporation of Maharashtra Ltd (Cidco) plans to develop a corporate park over 120 hectares at Kharghar, which will be twice the size of Bandra Kurla Complex (BKC), Mumbai's premium central business district (CBD).

Our Take

Mumbai's traditional business districts of Nariman Point, Lower Parel and Worli have reached their saturation point in terms of capacity and infrastructure, with barely any scope for redevelopment. In addition, most of Mumbai's traditional commercial centres are in southern areas, where a far smaller share of the blue-collar population resides, due to effluent realty prices.

Hence, corporates are eyeing areas like Navi Mumbai, which have a host of benefits like more land availability, green spaces, great connectivity, planned infrastructure at affordable prices. This will also give an overall boost to the residential property market in this area.

Source