Developed in 1972, Navi Mumbai is one of the finest and largest well planned townships of the world. This city displays a conventional instance of the method of urbanization in India and it has developed tremendously in the last five years.
Commercial Development in Navi Mumbai has been especially impressive. The growing interest and presence of technology companies is performing as a catalyst for the area’s improvement. The IT and associated offerings area are pushing the Navi Mumbai real estate market at an accelerated pace, and that's a clear indicator of the capability that the location has in evaluation to Bangalore and Hyderabad.
The City and Industrial Development Corporation of Maharashtra Ltd (CIDCO), additionally plans to expand a company park over one hundred twenty hectares at Kharghar, with a view to be two times the dimensions of Bandra Kurla Complex (BKC), Mumbai’s top class crucial Commercial Enterprise District (CBD). More than 70 huge IT and economic corporations, along with Accenture, L&T Infotech, Capgemini, UBS and Axis Bank, function out of those parks.
At present, Navi Mumbai has around 18 million sq. ft of operational Business Space. It was predicted that the new airport and the proposed project (NAINA-Navi Mumbai Airport Influence Area) close to the airport are possibly to seriously raise its fame to a distinguished business destination.
Factors that make Navi Mumbai an Excellent Preference for Commercial Development
Navi Mumbai is now turning into a thriving Commercial and Industrial hub because of numerous elements. These elements includes:
Planned Infrastructure: Navi Mumbai is a planned satellite city of Mumbai. The City and Industrial Planning Corporation of Maharashtra (CIDCO) is liable for each of its planning and implementation. The improvement plan of Navi Mumbai presents an included transportation system including roads, railways, metro rail, water delivery and an airport to be completely included with the general delivery system of Mumbai Metropolitan Region.
Proximity to Large Cities: Situated at a distance of 127 kms from Pune alongside Mumbai, Navi Mumbai is proving to be an appealing boom vicinity for commercial enterprise as well as housing. The metropolis enjoys easy connectivity through the routes of rail and avenue at numerous locations like Panvel, Kalamboli, Kharghar and Nerul with the Navi Mumbai International Airport at Ulwe, close to Panvel,expected to be functional by 2024-25.
Affordable Rentals: Navi Mumbai is the low cost opportunity for purchasing or renting a property/commercial spaces. Navi Mumbai has unfolded as a strategic funding hotspot and is taken into consideration by both traders and end-users, from throughout Maharashtra.
Availability of Land: The key highlights of Navi Mumbai is its plots. Away from the hustle and bustle, those plots make certain top-notch surroundings at low cost prices. These plots may be an incredible actual property improvement.
Key Projects that reinforces the call for Commercial Real Estate marketplace in Navi Mumbai
Navi Mumbai was termed as the second one maximum habitable metropolis in India as per the “East of Living Index” by the Union Housing and Urban Affairs Ministry. To similarly decorate the liveability quotient of the micro-marketplace, numerous infrastructure initiatives were introduced by the state government. These include:
Metro Line (Phase I and II) between Belapur to Khandeshwar.
Planned Hyperloop connecting Mumbai-Navi Mumbai-Pune Suburban rail organising inter nodal transits among Nerul with Uran.
Coastal road planned among JNPT (Belpada) and Panvel creek at Amra Marg.
Navi Mumbai International Airport planned to be absolutely purposeful by 2024-25.
Mumbai Trans Harbour Link (MHTL) connecting Sewri to Nhava Sheva to enhance connectivity among South Mumbai and Navi Mumbai.