Shivani Gala
The Economic Times (Mumbai edition)


With numerous IT Parks, the Thane-Belapur Industries belt, a new airport and residential infrastructure, everybody is anticipating that Navi Mumbai will soon complement Mumbai even more

Navi Mumbai was projected to absorb the future growth in population, business and commercial activity of Mumbai. Navi Mumbai, today's satellite city, has a burgeoning future in commercial aspects. With numerous malls building up, IT Parks, the Thane-Belapur Industries belt, easy connectivity between Thane and Vashi, everybody is anticipating that Navi Mumbai will soon complement the financial capital of India, Mumbai, in all walks. For a city, which is only 34 years old, such progress is evidence that it will be profitable to invest here.

Navi Mumbai is a planned city, thus circumventing the usual urban problems of clogged traffic and pollution. An international airport on the anvil, two SEZ projects, proximity of APMC - the largest wholesale market for fruits, vegetables and grains in Asia, planned infrastructure, are the incentives, which have raised the rates of Navi Mumbai, making it commercially viable.

"The prevailing rentals for corporate offices in Navi Mumbai range from Rs. 50 to 80 per sq. ft. per month, but in Vashi which is the pre-eminent node, they start from Rs. 60 per sq. ft per month. However, the CBD Belapur area is quoted in a price range of Rs. 50 to Rs. 80 per sq. ft. per month.

The ongoing rentals for IT space (back-office) in Navi Mumbai are in the range of Rs. 55 to 80 per sq. ft. per month," says Manohar Shroff, trustee of Navi Mumbai Chamber of Housing and property consultant.

The leading builders in Navi Mumbai are Progressive Group, Haware Builders, Shah Group, Goodwill Developers, Armstrong Group and Bhumiraj. Raju Kanchwala, ED Armstrong Group, says, "Navi Mumbai has great potential and with the upcoming SEZs, airport and IT industry booming, it becomes a good area to invest in. The port shift from Mumbai to Uran and JNPT has helped the export trade flourish. We have planned a residential project in Kharghar, Hexblox, keeping in mind the positive future of Navi Mumbai." Hexblox is a six towers' project, each of 17 storeys along with all the luxurious amenities like gymnasium, swimming pool, etc.

Infrastructure

A Special Economic Zone (SEZ) is a special duty-free enclave designed to promote foreign investments in a comprehensive range of economic activities from manufacturing at one end to trading and financial services on the other all operating in an unrestrained business environment. NMSEZ (Navi Mumbai Special Economic Zone) is located in the heart of Navi Mumbai and comprises four zones, namely Dronagiri, Kalamboli, Ulwe and JNPT area. The clubbing of NMSEZ and MMSEZ (Maha Mumbai Special Economic zone) is aimed at integration of development of the two SEZs to provide for world-class infrastructure, utilities, services for business, living, learning, recreation and healthcare. The clubbing will facilitate substantial savings in costs of infrastructure, utilities and services, administrative and overheads expenses.

IT Parks

Millenium Business Park:

Situated at Mahape, near Kopar Khairane, it is the largest modern state-of-theart Software Park of India. Spread over 20 lakh square ft, it houses hardware IT companies and blue chip software companies like Mastek, Datamatics, the Bombay Stock Exchange, the Herdillia group, Rolta India Aptech, CMS Computers and CMC.

International Infotech Park:

International Infotech Park at Vashi and International Technology Centre, CBD Belapur are situated in the respective railway stations, saving space and allowing for easy reach for everyone because of the proximity to stations. Companies like VSNL, Ispath, STPI, National Stock Exchange, Inter-connect etc. have already started functioning. The IIP is a joint venture between the Department of Electronics (India) and CIDCO.

Airoli Knowledge Park:

Airoli Knowledge Park is also known as Patni Knowledge Park as Patni Computers are their biggest clients. It is an ideal location for IT and BPO companies who wish to be located close to Mumbai, yet away from the hustle and bustle of the big city.

Industrial

An industrial area over 2,562 hectares of land located on the frontage of Navi Mumbai is known as Trans Thane Creek (T.T.C.) Industrial Area. Industrialists in the area are currently facing problems of power cuts and bad roads, but private players like Reliance have offered to supply electricity to compensate the shortfall by MSEB.

Taloja Industries

The Taloja Industrial Area consists of 277 Industrial Units all large, medium and small. All types of process industries including chemical, **************, paper, plastic etc. are located here. Some of the well known industries in this area are the Balmer Lawrie & Co. Ltd., Reliance Paper Products, E Merck (I) Ltd., Hindustan Lever Ltd. and Pidilite Industries Ltd.

Thane-Belapur Industries

Around 391 industries are located in the Thane Belapur Industrial Belt of Navi Mumbai. Industries here have formed an association called the Thane-Belapur Industrial Association to look after their interests. Pfizer, Lubrizol India Ltd., Polyolefins Industries Ltd., NOCIL, Herdillia Chemicals Ltd., BASF (India) Ltd., Star Chemicals, Indofil Chemicals Ltd., and Phoenix Chemical Works are a few companies under TBIA.
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  • Nice info

    Thanks for sharing the information.

    It definitely sums up the real estate scenario in Navi Mumbai. Moreover, visionary companies like Reliance have also rightly accredited the promising opportunities in the area with the Dhirubhai Ambani knowledge city, even before adjoining areas like Koperkhairne developed as of today.

    A few years back, streets in areas like CBD Belapur with high rise buildings wore a deserted look with people having invested in apartments, but yet not chosen to shift bases there. But things must have definitely changed now......

    :)
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  • Navi Mumbai..

    Many companies are today shifting office base to navi mumbai due to the easy availabilty of residential options for their employees. Cheap rent and outright rates compared to mumbai, makes it much more lucrative for these companies to shift lock stock barrel to navi mumbai n just have a representative presence in Mumbai.

    In Vashi, Sanpada, CBD Belapur, plenty of offices are available in the range of Rs. 45 - 70 per sq.ft/month budgets. Compare that with Rs. 100-150 per sq.ft/month in andheri area, and the enormous cost benefit is visible.

    In fact developers there are now making commercial bldgs with 18 - 25 storeys, and average floor plates range between 5,000 - 25,000 sq.ft
    Add to this is the top line amenities and you have a win wind situation for the corporates as well as the developers.

    Any inputs from fellow members ? and any questions... i would be more than glad to reply them
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  • Pinnacle - do you think Navi mumbai will replace the island city as the place for corporates?
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  • Mumbai to Navi Mumbai is not that easy..

    Originally Posted by mumbaishah
    Pinnacle - do you think Navi mumbai will replace the island city as the place for corporates?


    For all the merits that Navi Mumbai may have over Mumbai, it surely cannot even contemplate replacing Mumbai as far as corporates go. COst is not the only driving factors for corporates to relocate their businesses. Mumbai offers lots of core competencies to these businesses, which can never be duplicated by Navi Mumbai

    Navi Mumbai was meant to be a twin city to accomodate the spill over of the Mumbai after effects and serve as a proper satellite city. But even after so many years of formation, it has not managed to fulfill its objectives. We still have a long way to go
    CommentQuote