New Delhi, March 9 The office market in Navi Mumbai commands 21 per cent lower rents than the average rents of major cities, which helps the region attract foreign companies to set up their base and also establish global capability centers (GCCs), according to CRE Matrix.
Real estate data analytics firm CRE Matrix has released a report, 'Navi Mumbai Rising: A Comprehensive Perspective on India's Next Commercial Real Estate Hub'.
The report noted that the 21 per cent lower office rentals in Navi Mumbai compared to the average rentals of Tier-1 cities has strengthened its competitiveness for multinational corporations (MNCs) and GCCs.
The average rent in Navi Mumbai is around ₹70 per square foot per month.
According to the data, Navi Mumbai currently has 32.7 million square feet of prime office space, housing 430 occupiers. Of this total space, 72 per cent is green-certified.
Another 23.5 million sq ft of office space is expected by 2031.
"Navi Mumbai has evolved from a planned counter-magnet to Mumbai into a structurally significant commercial real estate market within the Mumbai Metropolitan Region (MMR).
"The city's relevance today is driven by the convergence of infrastructure delivery, institutional-grade supply, occupier demand, and sustained cost competitiveness," CRE Matrix co-founder and CEO Abhishek Kiran Gupta said.
CRE Matrix pointed out that the average demand for office space in Navi Mumbai during the last two years has been around 3 million sq ft, far exceeding the new supply of 0.8 million square feet.
Prominent locations in Navi Mumbai North are Airoli, Ghansoli, Kopar Khairane, Mahape, and Rabale. In Navi Mumbai (South), Juinagar, Nerul, Seawoods, Vashi, Sanpada, Turbhe, CBD Belapur, Ulwe, Kharghar, and Panvel are major destinations.
Major developers present in Navi Mumbai are Tata Realty, Adani Realty, L&T Realty, K Raheja Corp, Mindspace Business Parks REIT, and Aurum Ventures, among others.
"Navi Mumbai's ascent is driven by numbers – a 21 per cent advantage in office rentals attracting GCCs, 23.5 million sq ft of green building development, 628 MW of live IT load across 7.5 million square feet of data centers, and a 3,400+ MW upcoming data center pipeline – marking its transition into a core commercial and digital infrastructure hub," Gupta said.
He added that the rental rates in Noida and Navi Mumbai would be similar. The office markets in Kolkata and Ahmedabad are cheaper than Navi Mumbai.