Navi Mumbai, which was planned to help Mumbai tackle it’s growing corporate congestion has some practical benefits for commercial real estate seekers. We are talking about the Office spaces available in Navi Mumbai. There are a number of reasons why setting up an office or simply renting one can be a whole lot easier and cost effective in Navi Mumbai. For now, the growth pattern of this ambitious project suggests some good news for commercial properties.
It might come as a surprise but office accommodation rates in Navi Mumbai are lower than most other corporate hotspots in the city such as Thane and BKC that stand at 94 and 211 INR per sq feet respectively for monthly rent. Here in Navi Mumbai, the monthly average is around 59 INR, which is way less than its suburban counterparts.
Navi Mumbai has offered city’s overcrowded commutation routes with a breath of fresh air. Traversing time to places such as Kharghar have significantly decreased, which is the outcome of Sion-Panvel Expressway. As Navi Mumbai receives more of such redevelopments, owning an office in this part of the city will provide you with additional benefits. Saving on traversing time is one of them.
Just recently, IDFC bank leased a staggering 1.8 lakh sq feet of office space in Juinagar area, which was attributed to the regions easy accessibility and cost benefits. Similarly, several other factors such as a quick access to Mumbai City and Pune make Navi Mumbai a great option to consider for office purposes.
If you see your office space in the light of property investment scenario, there is a lot that you can capitalize on. The upcoming trans-harbor link will render Navi Mumbai with a whole new real estate value, making it stand out as a selling prospect alongside business operation benefits. MD at Cushman and Wakefield quotes “Navi Mumbai has been seeing steady activity in the commercial office space, with the Information Technology and Business Process Management sectors driving that growth story. Tax incentives have attracted investments from developers too, further driving interest from MNCs and domestic occupiers.”
Hence, Navi Mumbai can offer you a great office space at cheaper prices with a promise of future benefits. It already has better connectivity and quicker access to other parts of the city, offering a much-wanted relief from traffic congestion. The best time to move things around is now, as the progress is taking speed. There is a fair chance of price hikes as more and more office space is acquired in Navi Mumbai.
Think that Navi Mumbai is your next destination? Let Spacio help you find the right spot, while you are busy making other arrangements. Contact us now for effortless property hunt!