Real Estate Consultant Cushman & Wakefield (C&W) issued a report on Thursday, ‘Navi Mumbai – The Next Growth Corridor’, in which it is emphasized that the occupancy level is also high at 87 percent.
The consultant noted that Navi Mumbai appears as an important office destination in the MMR on the back of infrastructure development, cost benefits and access to talent.
Gautam Saraf, executive director – Mumbai and New Business at C&W, said: “With the infrastructure of Mumbai unlocked new corridors, the integrated and scalable urban framework of Navi Mumbai is perfectly positioned to absorb the next wave of real estate growth.”
According to the report, Navi Mumbai currently offers 23.8 million square feet to office A shares of class A, which represents around 20 percent of the total range of 120 million m² from MMR.
The consultant expected 4 million square feet to be expected new office stock by 2027-28 in Navi Mumbai. The report contained findings from a study of more than 30 worldwide capacity centers (GCCs), which suggested that talent availability, cost-effective class A space and infrastructure are three important factors to choose each location for setting up GCCs. The consultant noted that Navi Mumbai corresponds to these priorities. GCCs are an important motivation of office space -demand in seven large cities in India.
The average cited rental properties in Navi Mumbai are RS 70 per square foot per month – about 57 percent lower than Prime MMR submarkets.
The Navi Mumbai International Airport is expected to be operational on the front of the infrastructure. Other projects, such as the Airoli Kata Naka Road, Kharghar Turbhe Tunnel Link Road and Palm Beach Road Extension, it is expected that accessibility within Navi Mumbai will also improve in the coming years.
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