The City and Industrial Development Corporation of Maharashtra (CIDCO) has invited bids to develop the International Corporate Park in Navi Mumbai’s Kharghar, near Mumbai, spanning over 100 acres.
The CIDCO plans to develop a business hub on the lines of the Bandra Kurla Complex (BKC), India’s costliest commercial district in Mumbai, for which it has a 155-hectare land bank in the Kharghar area of Navi Mumbai.
The corporate part will be designed to attract large corporations, financial institutions, commercial establishments and mixed-use developments in Navi Mumbai, which was conceived as a satellite city of Mumbai in the 1970s.
What is the International Corporate Park plan of CIDCO?
The International Corporate Park (ICP) is located within the heart of the Kharghar node, just 14 kilometres from the newly opened Navi Mumbai International Airport (NMAI). In 2023, CIDCO floated a tender worth almost ₹11.3 crore to construct a compound wall across the entire area where the proposed corporate park is to come up.
According to CIDCO, the project will be developed in phases over the next 20 years, during which office spaces, commercial complexes, and supporting infrastructure will be constructed.
Navi Mumbai office rent market
According to a CRE Matrix report, Navi Mumbai‘s office market commands 21 per cent lower rents than the average rental rates in major cities, helping the region attract foreign companies to set up bases and establish global capability centres (GCCs).
The report noted that office rentals in Navi Mumbai are 21 per cent lower than the average rentals in Tier-1 cities, strengthening its competitiveness for MNCs (multi-national corporations) and GCCs.
The average rent in Navi Mumbai is around ₹70 per square foot per month, the report said. Navi Mumbai currently has 32.7 million square feet of prime office stock hosting 430 occupiers. Of this total stock, 72 per cent area is green-certified, the report stated.
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Additionally, an additional 23.5 million sq ft of office supply is expected by 2031, the report said.
