While congestion and high real estate prices might be pushing more and more people from Mumbai and elsewhere to Navi Mumbai, there is another factor in play: the accelerated growth of commercial real estate properties in Navi Mumbai.
The satellite city is a part of the government’s mission to transform the Mumbai Metropolitan Region (MMR) into a $250 billion economy in the next five years. That means that the growth trajectory of its commercial real estate development remains on par with booming residential real estate development, transforming Navi Mumbai into a lucrative market for business ventures, start-ups, industrial parks, SEZs, and more.
If you are someone looking for office space, retail space, industrial space, or hospitality space, Navi Mumbai has something to suit your needs and budget. So, what opportunities should you look to explore? In this blog, we will provide you with reasons as to why you should consider investing in commercial real estate in Navi Mumbai and what are some of the most sought-after commercial properties to invest in in the city.
Navi Mumbai has a high demand for commercial space, driven by the growth of various sectors such as IT, ITES, BFSI, pharma, logistics and e-commerce. However, the supply of commercial space is limited, as most of the land is owned by the government or the City and Industrial Development Corporation (CIDCO). This creates a gap between demand and supply, which leads to high rental yields and capital appreciation for commercial properties.
Compared to Mumbai, Navi Mumbai offers more affordable prices for commercial space, ranging from Rs. 10,000 to Rs. 40,000 per sq. ft. Premium commercial spaces can also go up to Rs. 1 lakh per sq. ft. Moreover, Navi Mumbai offers flexible options for commercial space, such as built-to-suit, lease-to-own, co-working, and plug-and-play facilities.
Navi Mumbai is strategically located between Mumbai and Pune, two of the major economic hubs of India. It also enjoys excellent connectivity to other parts of the country and the world, through the Mumbai-Pune Expressway, the Trans-Harbour Link, the Navi Mumbai International Airport (under construction) and the Jawaharlal Nehru Port Trust (JNPT). These factors make Navi Mumbai an ideal destination for businesses that want to tap into the large and diverse markets of India and beyond.
Navi Mumbai has a bright future ahead, as it is poised to become a smart city with world-class infrastructure and amenities. Some of the upcoming projects that will boost the commercial real estate market in Navi Mumbai are Navi Mumbai International Airport (NMIA), which will be the second international airport in the Mumbai Metropolitan Region (MMR), with a capacity to handle 60 million passengers per year, and the Navi Mumbai Metro, which will be a rapid transit system connecting various nodes of Navi Mumbai, such as Belapur, Kharghar, Taloja, Khandeshwar and Panvel.
The 140-hectare Central Business District corporate park in Kharghar, Navi Mumbai, will become a thriving hub of business, economy, and culture in the city. It is reportedly going to be split into 6 different zones and will help push the agenda on enhanced job creation and commercial and retail development in the city.
Planned as an integrated business ecosystem, WTC Navi Mumbai is poised to have many world class opportunities for purchasing commercial properties in Navi Mumbai across its array of offerings, such as: WTC towers, Town Plaza, and other commercial, business, and retail zones.
Spread across 5,350 acres, NMIIT – which was earlier known as Navi Mumbai Special Economic Zone – is jointly promoted by CIDCO and Reliance Group. It will be a key economic district in the city, hosting everything from IT hubs to educational and medical institutions.
Navi Mumbai offers a perfect blend of affordability, quality, connectivity and growth potential for business ventures. Moreover, the commercial real estate boom in the city will not only enhance the liveability and attractiveness of Navi Mumbai, but also create more employment opportunities and further demand for commercial space. All in all, if you are looking for a profitable investment opportunity in commercial real estate, you should not miss out on Navi Mumbai.
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