How Navi Mumbai is taking stage as a promising destination for commercial real estate investments By Mr. Bhavesh Shah, Joint Managing Director – Today Group

Navi Mumbai has steadily managed to draw business and investment with its strategic location advantage and robust infrastructure. On the road to becoming a thriving commercial real estate hub, the planned city has effectively capitalised on various emerging economic opportunities. Planned development, complemented by major infrastructure projects, has significantly contributed to enhancing Navi Mumbai’s appeal as a preferred choice for companies looking to establish or expand operations.

The growth of Navi Mumbai’s excellent connectivity is among the strongest factors propelling it as a promising destination. With seamless access to Mumbai and Pune via the Mumbai-Pune Expressway, it enjoys the distinction of being strategically located. The city is also begin seeing benefits from transformative infrastructure projects like the Navi Mumbai International Airport – whose phase I is nearing completion and the already operational Mumbai Trans Harbour Link (MTHL). Other ongoing and upcoming infrastructure works, such as the Turbhe-Kharghar tunnel and the expansion of the Vashi bridge, are adding to the city’s overall investment appeal.

As they drastically cut travel time to key business districts, these infrastructure developments will go a long way in strengthening Navi Mumbai’s attractiveness as a commercial investment destination. The expansion of metro rail lines within Navi Mumbai, airport connectivity metro line and crucial improvements to the road networks will be a crucial contributor to businesses seeking operational efficiency.

Affordability is another pull for commercial investments in Navi Mumbai. Unlike the skyrocketing real estate prices in Mumbai’s traditional business hubs, Navi Mumbai offers cost-effective office spaces, with robust quality and infrastructure. This affordability factor, coupled with higher returns on investment, makes it a lucrative area for businesses ranging from multinational corporations to startups, to family-owned business spaces. Areas like CBD Belapur, Vashi, Airoli, and Kharghar are looked at as prime commercial destinations, offering modern office spaces at decent rates.

Navi Mumbai also has a bustling eco-system, spread over hectares of land. From IT, finance, logistics, manufacturing, and services, the suburb’s economic base is getting more robust each day. Not only this, the presence of established IT parks and upcoming commercial districts has led leading IT companies to set up their back-end operations here, resulting in lower operational costs and availability of skilled workforce. The rise of Global Capability Centres (GCCs) within the Navi Mumbai Airport Influence Area will further increase demand for office spaces, convention centres and hospitality infrastructure, thus establishing the city’s reputation as a prime commercial hub.

A key factor behind Navi Mumbai’s commercial rise is the infrastructure boom. Business districts like Airoli, Vashi, and CBD Belapur are witnessing a massive surge in commercial developments, that are backed by significant government and private sector investments. The proposed International Corporate Park in Kharghar, spanning 375 acres, is touted to be a massive game-changer, that will offer world-class corporate spaces, technology hubs, convention centres, and premium business facilities. This project is touted to further attract national, and international firms, thus further corroborating Navi Mumbai’s commercial development.

For working professionals, Navi Mumbai is seen as a desirable place to be in as it offers a balanced mix of residential and commercial spaces. The city’s embracing sustainable development, ample green spaces, and modern civic infrastructure has contributed to a high quality of life, further driving demand for commercial real estate. To round up, as commercial real estate in Navi Mumbai grows at an annual rate of 13% over the next five years, the city makes for a compelling case as far as long-term investments go. The availability of land at competitive prices compared to other metro cities solidifies Navi Mumbai’s position as a lucrative investment destination. As businesses continue to look out for well-connected locations that are yet cost-effective, Navi Mumbai is only set to contribute to India’s business needs as a promising commercial nerve centre, offering unparalleled growth potential and investment opportunities.