1. Commercial Properties in Mumbai
Intro: Navi Mumbai is becoming a favored location for establishing commercial
properties in Mumbai as it offers a price advantage among many others.
Mumbai, the financial nerve centre of India attracts many IT tycoons to set up their base
in this city that never sleeps. Setting up commercial properties in Mumbai is a dream
come true for business-oriented people. It is primarily the IT, finance, banking and
investment sector that drives the sales of commercial properties in Mumbai. It is
estimated that IT occupies around more than 80 percent of the commercial space in India.
However, finance, investment and banking sectors are also gaining a grip all over India.
One needs to shell out huge sums for purchasing or renting commercial properties in
Mumbai. The rental values of commercial properties in Mumbai are considered to be
exorbitantly high. An office space at Nariman Point is reportedly said to be having one of
the highest rentals all over the world. Prabha Devi and Churchgate also have high capital
values. Central Business District (CBD) dishes out commercial properties in Mumbai like
hot cakes. Hot because they are located in a hot and happening location and also because
they are priced hot! The commercial properties in Mumbai located at Bandra Kurla
Complex, Parel and Lower Parel are also witnessing a steep price rise.
The real estate market already facing the crunch for residential space is facing a crisis and
battling hard to tackle the high demand for commercial space. The geographical
dimensions of Mumbai being linear and tapering do not leave much scope for the city’s
expansion. Mumbai can thus only think of expanding its borders towards North Mumbai
and North-West Mumbai. The catch here is that in these areas, suburbs like Navi Mumbai
have already been developed. Expansion is thus limited in Mumbai owing to the absence
of a radial boundary. Being the financial nerve centre of the nation, it goes without saying
that the leading revenue churners need to be based in Mumbai.
Navi Mumbai is becoming a favored location for establishing commercial properties in
Mumbai. The growing infrastructure, proposed international airport, a transharbor link,
two proposed railway links, a proposed hovercraft (connecting Navi Mumbai and South
Mumbai) make Navi Mumbai a strong contender for housing commercial properties.
Realizing the commercial potential of Navi Mumbai, the leading MNCs and business
firms have already pre-booked their commercial spaces in this part of Mumbai. Navi
Mumbai also offers the price advantage when compared to the main city. Amid the
shocking price tags of commercial properties in Mumbai, Navi Mumbai comes as a whiff
of fresh air.
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