Navi Mumbai, often referred to as New Mumbai, has become a magnet for businesses, hosting an impressive count of 538 corporate offices. This satellite city on the western coast of Maharashtra has exceeded expectations, making its mark as a thriving corporate hub within the Mumbai Metropolitan Region (MMR). In this blog post, we will explore Navi Mumbai's corporate landscape, including the factors that make this city a prime destination for businesses, the benefits it offers, recent developments, and much more.
Navi Mumbai a thriving location for businesses
Navi Mumbai is a great location for commercial leasing for a number of reasons, including:
Infrastructure: Navi Mumbai has excellent infrastructure, including well-maintained roads, bridges, and public transportation systems. It is also home to the Navi Mumbai International Airport, which is expected to be operational by 2024.
Connectivity: Navi Mumbai is well-connected to Mumbai and other major cities in the region by road, rail, and air. It is also home to several major ports, which make it an ideal location for businesses that need to import or export goods.
Business-friendly environment: Navi Mumbai has a business-friendly environment, with several government initiatives in place to attract and support businesses. The city also has a large pool of skilled and educated workers.
Affordability: Commercial property rates in Navi Mumbai are generally lower than in Mumbai, making it a more affordable option for businesses.
Latest news and infrastructural developments
In July 2023, the Navi Mumbai Municipal Corporation (NMMC) announced plans to invest Rs. 10,000 crore in developing infrastructure in the city over the next five years. This investment is expected to further boost the city's attractiveness as a commercial destination.
In August 2023, the Maharashtra government announced plans to develop a new commercial hub in Navi Mumbai's Kharghar node. The hub is expected to attract investments of over Rs. 50,000 crore and create jobs for over 1 million people.
In September 2023, the NMMC announced plans to develop a new airport city in Navi Mumbai. The city is expected to be home to a variety of businesses, including hotels, offices, and convention centres.
In addition to the above developments, Navi Mumbai is also home to a number of major commercial projects.
Major Commercial Projects in Navi Mumbai
1. Navi Mumbai International Airport
The Navi Mumbai International Airport (NMIA) is a new airport under construction in Navi Mumbai, India. The airport is expected to be operational by 2024 and will be the second international airport in the Mumbai metropolitan region.
The NMIA is being developed by the City and Industrial Development Corporation (CIDCO) and is expected to have a capacity of 60 million passengers per annum. The airport will have two runways, each 3.7 kilometres long, and a terminal building that will be 1.2 kilometres long.
It is expected to play a major role in the development of Navi Mumbai and the surrounding region. The airport will provide a much-needed boost to the region's economy and create thousands of new jobs.
2. Navi Mumbai SEZ
The Navi Mumbai Special Economic Zone (SEZ) is a 1,000-hectare SEZ located in Navi Mumbai, India. The SEZ was established in 2007 and is home to a variety of businesses, including IT, manufacturing, and logistics companies.
The Navi Mumbai SEZ offers a number of benefits to businesses, including:
100% exemption on customs duty on import of capital goods and raw materials
100% exemption on income tax on export profits for the first 5 years and 50% exemption for the next 5 years
Liberalised labour laws
Single window clearance for all approvals
The Navi Mumbai SEZ is expected to play a major role in the economic development of Navi Mumbai and the surrounding region. The SEZ is expected to attract significant investments and create thousands of new jobs.
3. Dhirubhai Ambani Knowledge City
The Dhirubhai Ambani Knowledge City (DAKC) is a 200-hectare educational and research hub located in Navi Mumbai, India. The DAKC was established in 2004 and is home to a number of educational institutions, including the Indian Institute of Technology Bombay, the University of Mumbai, and the Indian Institute of Management Ahmedabad.
The DAKC also has a number of research centers, including the Reliance Innovation Lab and the Centre for Development of Advanced Computing.
The DAKC is expected to play a major role in the development of Navi Mumbai as a knowledge hub. The DAKC is expected to attract top talent from around the world and contribute to the development of new technologies and innovations.
4. Trans Thane Creek Tunnel
The Trans Thane Creek Tunnel (TTCT) is a 6.5-kilometer underwater tunnel that connects the Mumbai mainland to Navi Mumbai. The TTCT was opened to traffic in 2018 and has significantly reduced travel time between Mumbai and Navi Mumbai.
It is a major engineering feat and is the first underwater tunnel in India. The tunnel has four lanes and can carry up to 50,000 vehicles per day.
The TTCT has played a major role in the integration of Mumbai and Navi Mumbai. The tunnel has made it easier for people to travel between the two cities and has boosted economic activity in both regions.
5. Navi Mumbai Metro
The Navi Mumbai Metro (NMM) is a rapid transit system under construction in Navi Mumbai, India. The NMM is expected to be operational in 2024 and will consist of three lines with a total length of 111 kilometres.
The NMM is expected to play a major role in the development of Navi Mumbai as a sustainable and livable city. The metro will provide a convenient and affordable way for people to travel around the city and will help to reduce traffic congestion.
The project is also expected to boost economic activity in Navi Mumbai by making it easier for businesses to operate and for people to access jobs and services.
The recent leasing trends in Navi Mumbai
The recent leasing trends in Navi Mumbai in 2023 are as follows:
Increased demand for commercial leasing: There has been a significant increase in demand for commercial leasing in Navi Mumbai in recent years. This is due to a number of factors, including the city's growing economy, excellent infrastructure, and connectivity.
Rising rental rates: As a result of the increased demand, rental rates for commercial properties in Navi Mumbai have been rising. However, rental rates in Navi Mumbai are still generally lower than in Mumbai, making it a more affordable option for businesses.
Shift towards flexible leasing options: There has been a shift towards flexible leasing options in Navi Mumbai, such as co-working spaces and serviced offices. This is due to the growing popularity of remote work and the need for businesses to be more agile.
Increased demand for office space in proximity to transit: There has been an increase in demand for office space in proximity to transit hubs, such as the Navi Mumbai Metro and the Trans Thane Creek Tunnel. This is due to the convenience of these locations and the need for businesses to be accessible to their employees and customers.
Here are some specific examples of recent leasing trends in Navi Mumbai:
In July 2023, the e-commerce company Amazon leased 1 million square feet of office space in Navi Mumbai's Kharghar node.
In August 2023, the IT company Infosys leased 500,000 square feet of office space in Navi Mumbai's Vashi node.
In September 2023, the co-working space provider WeWork leased 200,000 square feet of office space in Navi Mumbai's Seawoods node.
These are just a few examples of the many recent leasing deals that have taken place in Navi Mumbai. These deals highlight the strong demand for commercial leasing in the city and the confidence that businesses have in the city's future growth.
Overall, the leasing market in Navi Mumbai is very healthy, with strong demand from businesses across a range of sectors. Rental rates are rising, but they are still generally lower than in Mumbai. There is also a shift towards flexible leasing options and demand for office space in proximity to transit hubs.
Corporate offices in Navi Mumbai for leasing
If you are looking for an office space on rent in Navi Mumbai, here is a list for you:
CBD Belapur
This prime office space is thoughtfully equipped with modern amenities, designed to give your business a distinct edge in the competitive market. From state-of-the-art technology infrastructure to comfortable and contemporary furnishings, every detail has been carefully considered to provide you with the ideal environment for productivity and success. It offers a generous rentable area of 2,490 sq. ft. at a monthly rental rate of just ₹224,100.
Nestled in the heart of CBD Belapur, Navi Mumbai, this office space provides an excellent working environment. Offering a total carpet area of 1,209.0 sq. ft. and an affordable monthly rent of ₹157,170, it's a cost-effective solution for businesses of all sizes. This office's strategic location ensures easy accessibility via local public transport links, making it a convenient choice for both your team and clients.
At the epicentre of CBD Belapur, Navi Mumbai, this office space offers unparalleled convenience and accessibility. Boasting a generous carpet area of 1,195.0 sq. ft. It is now available for rent at an attractive rate of ₹155,350 per month. Situated in a prime locality, this office enjoys the strategic advantage of being in a bustling commercial hub. It offers easy access to a myriad of essential amenities, making it the perfect choice for businesses seeking a well-connected and thriving work environment.
Vashi
Lease this stunning office space nestled in the heart of Vashi, Navi Mumbai. Spanning a generous carpet area of 950 sq ft, this workspace can be yours for a monthly rental value of ₹89,300. This office space provides the ideal setting for any business, regardless of its size or nature. It offers a convenient location in Vashi, coupled with modern facilities designed to enhance your business operations and employee experience.
This office space presents a compelling opportunity for businesses. Offering a spacious 920 square feet of carpet area, it comes at an affordable monthly rent of ₹124,200. With its competitive pricing and high-quality features, this office is the perfect choice for businesses seeking exceptional value. It provides the ideal balance between quality and affordability in one of Navi Mumbai's prime locations.
Located in the vibrant district of Vashi, Navi Mumbai, this modern office is the epitome of convenience and functionality. Offering a generous 1,250 square feet of carpet area, it's now available for rent at an attractive monthly rate of ₹95,000.
Koparkhairane
This perfect workspace in the prestigious business district of Koparkhairane, Navi Mumbai offers a total carpet area of 719 sq. ft. at an affordable monthly rent of ₹46,735, this well-equipped office is an excellent choice for your business needs.
This office space is located in the heart of Koparkhairane, Navi Mumbai and offers a carpet area of 706.0 Sqft. It is easily accessible and has an unbeatable rental price of ₹45,890 per month. It is an ideal space for any small business or professional looking to grow in the hustle and bustle of Navi Mumbai.
If you're seeking an expansive office space, look no further. This generously sized office, located in Koparkhairane, Navi Mumbai, offers a carpet area of 813 sq feet. It comes fully furnished with essential amenities and infrastructure, ready to support your business operations. The monthly rent for this property is a competitive ₹52,845, making it an ideal location for any business.
Turbhe
This 700 sq.ft. property, nestled in the vibrant area of Turbhe, Navi Mumbai, offers both style and functionality. With a generous carpet area of 700 sq.ftThis property is available for rent at an affordable ₹70,000 per month and is fully furnished.
Nerul
Experience the pinnacle of luxury with this stunning and spacious office, available for rent in the coveted area of Nerul, Navi Mumbai. Boasting a generous carpet area of 650 sq. ft., this property is designed to cater to all your lifestyle needs and offers a taste of opulence. The monthly rent for this exquisite property is ₹53,950.
Discover the perfect blend of comfort and affordability with this 650 sqft property, nestled in the sought-after area of Nerul, Navi Mumbai. With a spacious carpet area of 650 sqft and a budget-friendly monthly rent of ₹35,100, it's the ideal choice for those seeking a comfortable place to work in a prime locality.
In addition to the above, there are many other corporate offices in Navi Mumbai that are ready to be leased. You can find a list of these offices on our website.
How to choose the right corporate office for your business
When choosing a corporate office for your business, there are a few factors you should consider, such as:
Location: Choose an office that is located in a convenient location for your employees and customers.
Size: Choose an office that is the right size for your business. You don't want to choose an office that is too big or too small.
Amenities: Consider the amenities that are important to your business. Some businesses may need a conference room, while others may need a gym or a library.
Price: Choose an office that is affordable for your business.
Once you have considered these factors, you can start to narrow down your choices and choose the right corporate office for your business.
If you are looking for a great place to lease corporate office space, Navi Mumbai is a great option to consider. The city has a lot to offer businesses, including excellent infrastructure, connectivity, a business-friendly environment, and affordable commercial property rates.
Key Takeaways
Navi Mumbai has excellent infrastructure, including well-maintained roads, bridges, and public transportation systems. It is also home to the Navi Mumbai International Airport, which is expected to be operational by 2024.
Navi Mumbai is well-connected to Mumbai and other major cities in the region by road, rail, and air. It is also home to several major ports, which make it an ideal location for businesses that need to import or export goods.
It has a business-friendly environment, with several government initiatives in place to attract and support businesses. The city also has a large pool of skilled and educated workers.
Commercial property rates in Navi Mumbai are generally lower than in Mumbai, making it a more affordable option for businesses.
