CIDCO Launches 120-Acre Corporate Park Project in Navi Mumbai’s Kharghar
The City and Industrial Development Corporation of Maharashtra (CIDCO) has announced a significant move to bolster Navi Mumbai’s commercial landscape by inviting bids for the development of a large-scale International Corporate Park in Kharghar. This project is a major push to create a new business district in Navi Mumbai, drawing parallels with the country’s premier commercial hub, the Bandra Kurla Complex (BKC).
The proposed corporate park will span nearly 120 acres of land and is envisioned as a modern commercial district designed to attract large corporations, financial institutions, commercial establishments, and mixed-use developments. The project will be implemented under the state government’s Theme-Based and Iconic City Development policy.
CIDCO plans to appoint a private developer through a competitive bidding process to undertake the construction and development of the project. The selected bidder will be chosen based on the highest gross revenue share percentage offered to CIDCO in present value terms, under the H1 selection method. Vijay Singhal, VC & MD of CIDCO, stated, “CIDCO is taking a significant step towards strengthening Navi Mumbai’s position as a global business destination through the development of this corporate park in Kharghar. Through a transparent bidding process based on the highest gross revenue share, we aim to partner with a capable developer to create a world-class corporate ecosystem, attracting investments, generating employment, and further boosting Navi Mumbai’s economic growth.”
The project will have a construction and development period of 20 years, allowing for phased creation of office spaces, commercial complexes, and supporting infrastructure. CIDCO’s move comes amid growing efforts by the Maharashtra government to decentralize commercial activity from Mumbai’s traditional business districts and create new economic centers across the Mumbai Metropolitan Region (MMR).
By developing a dedicated corporate park in Navi Mumbai, planners aim to position the satellite city as a major destination for business, finance, and corporate headquarters. Industry experts believe that a planned corporate hub in Kharghar could significantly expand the region’s commercial real estate inventory and attract institutional investment. The proposed development is expected to replicate the integrated planning model seen in BKC, which has emerged as one of India’s most prominent financial and commercial districts.
The development will be carried out through a Construction and Development Operator (CDO) agreement, enabling large developers to undertake holistic planning and infrastructure creation within the site. According to real estate experts, the timing of the project aligns with the rapid infrastructure transformation underway in Navi Mumbai. Improved connectivity through highways, suburban rail networks, and the upcoming Navi Mumbai International Airport is expected to enhance the region’s attractiveness for corporate occupiers.
The new airport is expected to act as a key catalyst for commercial growth across Navi Mumbai, particularly in emerging nodes such as Kharghar, Ulwe, and Panvel. If successfully executed, this corporate park could become a major business and financial center in Navi Mumbai, supporting job creation, attracting multinational companies, and strengthening the region’s commercial ecosystem.
The project is also expected to spur demand for office space, hospitality assets, and residential developments in surrounding areas, further accelerating Navi Mumbai’s emergence as an alternative business hub to Mumbai.
