K Raheja to Invest ₹2,000 Cr in Navi Mumbai
Navi Mumbai is the second most livable city in India after Pune, according to the Ease of Living Index report released by Union Housing and Urban Affairs Ministry. K Raheja to Invest ₹2,000 Cr in Navi Mumbai. K Raheja Corp, India’s second largest developer of commercial parks, is investing ₹2,000 crore to set up two IT parks of over 5 million sq ft in Navi Mumbai which is well connected to Mumbai and Pune.
K Raheja to Invest ₹2,000 Cr in Navi Mumbai. The business parks are coming up over 55 acres in Juinagar and 100 acres in Ghansoli. The company already has a 5 million sq ft park in Airoli, where 50,000 people are working. Another one million is under construction in a 7 million sq ft facility in Airoli West with 3.5 million sq ft occupied.
These business parks will also have residential and retail facilities besides office space. About 10,000 jobs will open at the Ghansoli campus, where the company will break ground in the next six months. The Juinagar facility will be fully ready in five years. About a million sq ft here will be occupied in a year from now.
K Raheja are seeing demand from technology companies, which are looking at Navi Mumbai as the next destination for expansion. They are also the final distributor of power in business parks, ensuring zero outage and leakage.
Vinod Rohira, Managing Director and CEO, Commercial Real Estate and REITs at K Raheja Corp, said that they are bullish on this micro market as it offers good rail and road transport besides having surplus power and water supply. Moreover, the upcoming new airport, Trans Harbour Link, and water transport make it an even more attractive destination for business parks. All want is needed is to fill it up with technology jobs.
With a per sq ft development cost of around ₹4,000, the company will need to pump in ₹2,000 crore to develop the upcoming 5 million sq ft. Read more