Navi Mumbai emerging as India’s newest office hub
Navi Mumbai is emerging as the most sought-after destination for corporates and developers to build office and industrial parks, after established commercial office markets such as Pune, Bengaluru and Gurugram.
Planned infrastructure, proximity to larger cities such as Mumbai and Pune, affordable rentals and availability of land and talent have prompted many companies to set up their back-end offices in the region.
According to data from property consultant JLL India, about 8 million sqft of office space across several IT and non-IT parks is poised to come up across Navi Mumbai’s 344 sq.km in the next five years.
The City and Industrial Development Corporation of Maharashtra Ltd (Cidco), the government body responsible for developing Navi Mumbai, also 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).
Not only Mumbai developers, but large Bengaluru and Pune-based firms like Embassy Group and Panchshil Realty have been scouting for space in Navi Mumbai to set up IT and industrial parks. At present, Navi Mumbai has around 18 million sq. ft of operational office space.