Navi Mumbai to Add 4 Million Sq Ft of Prime Office Space by FY28

Navi Mumbai has nearly 24 million square feet of prime office spaces, accounting for 20 per cent of the total supply in the Mumbai Metropolitan Region (MMR), according to Cushman & Wakefield.

Real estate consultant Cushman & Wakefield (C&W) on Thursday released a report, 'Navi Mumbai - The Next Growth Corridor', highlighting that the occupancy level is also high at 87 per cent. The consultant noted that Navi Mumbai is emerging as an important office destination in the MMR on the back of infrastructure development, cost advantages, and access to talent.

Gautam Saraf, Executive Managing Director - Mumbai and New Business at C&W, said, 'With Mumbai's infrastructure push unlocking new corridors, Navi Mumbai's integrated and scalable urban framework is perfectly positioned to absorb the next wave of real estate growth.'

As per the report, Navi Mumbai currently offers 23.8 million square feet of Grade A office stock, representing about 20 per cent of MMR's total 120 million sq ft supply. The consultant projected that 4 million square feet of new office supply is expected by 2027-28 in Navi Mumbai.

The report included findings from a survey of over 30 Global Capability Centers (GCCs), which suggested that talent availability, cost-effective Grade A space, and infrastructure are three important factors to choose any location for establishing GCCs. The consultant noted that Navi Mumbai aligns with these priorities. GCCs are a major driver of office space demand across seven major cities in India.

The average quoted rentals in Navi Mumbai are Rs 70 per square feet per month - about 57 per cent lower than prime MMR sub-markets. On the infrastructure front, the Navi Mumbai International Airport is expected to become operational by the end of this year. Other projects, such as the Airoli Katai Naka Road, Kharghar Turbhe Tunnel Link Road, and Palm Beach Road extension, are also expected to enhance accessibility within Navi Mumbai in the coming years.