Navi Mumbai the future and permanent commercial hub of India - Bhupendra Shah

Bhumiraj Group CMD lists quality infrastructure, connectivity and talent pool as driving force, Navi Mumbai that has become the number one choice of residence in the country, is fast growing into the top permanent commercial hub of the country declares Bhupendra Shah, the chairman and managing director of Bhumiraj Group. He lists quality infrastructure, connectivity and the talent pool that the city offers, as the driving force for the unprecedented interest of the corporate world that is fast moving to the city.

Navi Mumbai is already witnessing a boom with the arrival of top names in areas that were earlier industrial zone but now prime IT parks and also areas that offer exclusivity and amenities. It is the most coveted destination in the country say experts who see sky as the limit.

Speaking on the developments so far, Shah, who is also Chairman Trustee Board of Builders Association of Navi Mumbai (BANM) said, “The 15 km long Thane Belapur industrial belt that had chemical units is being taken over by the IT sector. While Reliance started it all, there are over 100 big names like Accenture, UBS, Jacobs Engineering, L&T Infotech, Capgemini and top banks apart from IKEA. Now there is also the hospitality industry making its presence felt with big and small hotels coming up here.”

Bhupendra Shah added, “Palm Beach road with its commercial buildings is now catching up fast as it gives you the feeling of being in Nariman Point. While it is very well connected with five railway stations including Vashi, Jui Nagar, Sanpada, Nerul and Seawoods, it has the advantage of 11 km of sea-facing view for the offices which even Nariman Point doesn’t offer barring for a few buildings.”

Stated Shah, “There is also the 120 hectare Corporate Park being developed by CIDCO in Kharghar that gives the BKC feeling but is double its size. The shipping and related companies are already in CBD Belapur area.”

According to Shah, “The airport project will bring with it further demand for commercial space. There are also the SEZs in the region that are coming up. The MTHL will add to the world class infrastructure advantage the city has.”

Explained Shah, “With the air, road, rail and water connectivity ensuring easily accessible private and public transport facilities, the business houses have a choice of transport for both top management and also the employees that depend on public transport. The fact that Navi Mumbai is well connected to both Mumbai and Pune makes it even more lucrative.”

Stating that the process has already begun, Shah informed, “According to various studies in the recent past Navi Mumbai has recorded the highest rise in lease rentals across key cities at over 9%. Despite highest increase it has the most affordable average rent among all micro markets. The housing sector is peaking in the city due to its strong infrastructure fundamentals. This is ensuring that a rich talent pool is already present here. There is also enough availability of land.”

On the source of the demand, he said, “These factors are ensuring that not just IT and IT enable services companies but also Banking, Financial Services, and Insurance sector are eyeing Navi Mumbai as their backend corridor.”

Speaking on the demand and supply angle, Shah said, “Navi Mumbai already has 18 million sqft of commercial space and office space of around 8 million sqft is being developed in the city. The demand has been rising steadily for the space with around 1.5 million sqft being the current demand. Not just Indian companies like the Raheja group which already has a major presence through 3 IT parks, but also those from abroad have been purchasing commercial property here. “

On the path ahead, Shah said, “High end commercial projects have become important after the Covid pandemic as companies want their employees to feel safe. While Navi Mumbai is the cleanest city in the country as per its population category, the commercial projects coming up offer a host of amenities and safety that the MNCs are looking for.”

Said a confident Shah, “While Nariman Point started off with offices available for Rs 300 per sqft and going upto Rs 90,000 per sqft and BKC outshining Lower Parel area, Navi Mumbai which has abundance of space unlike its neighboring cities, is set to gallop up to unprecedented heights in the very near future and it will stay there permanently.”

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