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CRE Matrix said office rentals in Navi Mumbai are about 21% lower than the average rentals in major Tier-1 cities, making the market increasingly attractive for multinational companies and global capability centres (GCCs). According to the firm's report, Navi Mumbai Rising: A Comprehensive Perspective on India's Next Commercial Real Estate Hub, average office rents in the city are around INR 70 per sq ft per month. The report highlights strong growth in the region's commercial real estate sector, supported by infrastructure development, competitive costs and rising occupier demand. Navi Mumbai currently has around 32.7 million sq ft of prime office stock with over 430 occupiers, while an additional 23.5 million sq ft of office space is expected to be developed by 2031.
CRE Matrix has said that office rentals in Navi Mumbai are about 21% lower than the average rentals in major Tier-1 cities, helping the market attract multinational companies and global capability centres. Advertisement
According to the firm's report titled Navi Mumbai Rising: A Comprehensive Perspective on India's Next Commercial Real Estate Hub, the average office rental in the city is around INR 70 per sq ft per month.
The report said Navi Mumbai currently has about 32.7 million sq ft of prime office stock housing around 430 occupiers. Nearly 72% of this stock is green-certified, reflecting a strong focus on sustainable commercial development.
Another 23.5 million sq ft of office supply is expected to be added by 2031 as the region continues to evolve into a major commercial hub within the Mumbai Metropolitan Region.
Abhishek Kiran Gupta, co-founder and CEO of CRE Matrix, said Navi Mumbai has transformed from a planned counter-magnet to Mumbai into a structurally significant commercial real estate market, driven by infrastructure development, institutional-grade supply and sustained cost competitiveness.
The firm also noted that average annual demand for office space in Navi Mumbai over the past two years has been about 3 million sq ft, significantly higher than the new supply of around 0.8 million sq ft.
Key commercial clusters in the northern part of the city include Airoli, Ghansoli, Kopar Khairane, Mahape and Rabale, while major office destinations in southern Navi Mumbai include Juinagar, Nerul, Seawoods, Vashi, Sanpada, Turbhe, CBD Belapur, Ulwe, Kharghar and Panvel.
Major developers active in the market include Tata Realty, Adani Realty, L&T Realty, K Raheja Corp, Mindspace Business Parks REIT and Aurum Ventures.
The report also highlighted the city's growing digital infrastructure, noting 628 MW of live IT load across 7.5 million sq ft of data centres and an upcoming pipeline of more than 3,400 MW, positioning Navi Mumbai as a significant commercial and data infrastructure hub.
Source - PTI
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