Commercial property investments are highly rewarding due to their high rental yields and capital appreciation. We all know that Mumbai is a popular destination for commercial properties. It’s especially famous due to its status as India's financial capital, offering abundant business opportunities across diverse industries. With a well-developed infrastructure, excellent connectivity, and a large consumer base, Mumbai presents a conducive environment for flourishing businesses.
Searching for commercial property in Mumbai and the rental rate might look like a task that takes up all of your time. That’s why we have given you the top 5 locations that you can choose when on the lookout for commercial property for rent in Mumbai.
Why Is Mumbai A Popular Destination For Commercial Properties?
Mumbai is home to a myriad of commercial projects like skyscrapers, hotels, shopping malls, and commercial buildings. The city is home to various economic projects, ranging from old structures to new architectural marvels. With the construction of multiple new commercial buildings, particularly in the city's central and western areas, the city has undergone tremendous growth in the past few years.
The government has invested in significant infrastructure development on projects such as metro lines, highways, and bridges to enhance accessibility and facilitate the smooth functioning of commercial activities making Mumbai the best and most popular destination for commercial activities.
If you are looking to earn using pre-leased commercial properties, read this: How to get better rental yield in Mumbai?
Top Locations for Commercial Property Rent in Mumbai
Mumbai has several top locations for commercial property rent that cater to various business needs. These locations offer prime business environments, excellent connectivity, and a range of amenities. Here are some essential details about the top locations for commercial property rent in Mumbai:
1. Andheri
Andheri is a top location for commercial property rent in Mumbai. It offers excellent connectivity with the presence of both domestic and international airports, making it convenient for businesses with frequent travel requirements. Many buildings feature modern amenities such as high-speed internet connectivity, power backup, elevators, security systems, and spacious common areas. Andheri offers ample scope for businesses to expand their operations. With available land and flexible zoning regulations, companies can easily scale up their facilities to accommodate future growth. Some of the best areas in Andheri are:
- MIDC
- Chakala
- Chandivali
- Saki Naka
Being a bustling area, the commercial property rental rate is pretty high at Andheri with the average rental rate being around Rs. 1.4 lakhs for 1,000 sq. feet.
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2. BKC
BKC enjoys excellent connectivity, both within Mumbai and to other parts of the city. It is well-connected to major roadways, such as the Western Express Highway and the Eastern Express Highway. BKC is a highly sought-after commercial location, attracting a wide range of businesses, including multinational corporations, financial institutions, and luxury brands.
BKC offers a mix of old and new buildings. While some structures have been in existence for several years, others are modern and equipped with state-of-the-art facilities. Many commercial properties in the area provide dedicated parking spaces for occupants and visitors. Additionally, there are multi-level parking lots and underground parking facilities available to accommodate the high number of vehicles in the vicinity.
Rent for Commercial properties of 1000 sq. ft at BKC can range anywhere between Rs. 1.4 lakhs to Rs. 3 lakhs.
3. Lower Parel
Lower Parel has emerged as a top location for commercial property rent in Mumbai due to its transformation into a vibrant business district. It offers modern office spaces, commercial complexes, and an array of amenities. The area has witnessed significant commercial development and is particularly attractive to media companies, startups, and corporate offices. Lower Parel's strategic location, excellent connectivity, and proximity to residential areas make it a preferred choice for businesses. The presence of renowned shopping malls, restaurants, and entertainment options adds to its appeal, creating a conducive environment for work-life balance.
For a commercial property of 822 sq. ft, the rental average is Rs.3.45 lakhs.
4. Navi Mumbai
Navi Mumbai presents a favorable environment for buying commercial property. Navi Mumbai is well-connected to various parts of Mumbai and beyond. It has a robust transportation network, including local trains, buses, and auto-rickshaws. Navi Mumbai has experienced significant growth in recent years, leading to a rise in demand for commercial properties. With planned infrastructure and development projects, the region offers ample scope for appreciation. Navi Mumbai offers a mix of old and new buildings for commercial purposes. While some properties might be relatively older, the city's rapid development has led to the construction of modern commercial complexes and office spaces with contemporary designs and amenities. Commercial properties in Navi Mumbai have dedicated parking facilities for occupants and visitors. Additionally, the city's urban planning includes provisions for ample parking spaces in commercial areas, reducing parking-related issues. The best places to buy commercial property in Navi Mumbai are Belapur, Sea Wood, Vashi, and Khargar.
At Navi Mumbai, a commercial property has a rent of Rs. 1.35 lakhs to Rs. 2 lakhs.
5. Thane
own railway station, which is a major junction on the Central Railway line. The Thane Metro project further enhances connectivity within the city. Additionally, Thane is located close to the proposed Navi Mumbai International Airport, adding to its connectivity advantages. The city's infrastructure development, improved connectivity, and expanding commercial activities contribute to the positive outlook for property appreciation in Thane.
Some areas in Thane, such as the Ghodbunder Road corridor, have witnessed the development of modern commercial complexes with state-of-the-art infrastructure and amenities. The quality of furniture in commercial properties can vary, depending on individual spaces and their owners. Thane generally provides parking facilities for commercial properties, although availability may vary depending on the specific location and property. Thane's urban planning takes parking requirements into consideration, resulting in the provision of adequate parking spaces in commercial areas.
The best properties in Thane includes Waghle Estate, Gorbander with the rental average for a commercial property of around 1000 sq. ft is Rs. 90,000.
Wrapping Up
If you're on the lookout for prime commercial properties for rent in Mumbai, you're in for a long search. The city's bustling economy, vibrant business culture, and limited land availability create a perfect storm of demand and opportunity. From the iconic Nariman Point to the thriving Andheri, Mumbai's top five locations offer a gateway to success and prosperity. Mumbai awaits, ready to embrace your vision and pave the way for your success!
We hope you found this article valuable, and now you know the top locations for commercial property rent in Mumbai while also learning the factors that make these areas popular.
If you want to invest in commercial property that gives you assured rent, you can check out our offerings in India here.
