The City and Industrial Development Corporation of Maharashtra (CIDCO) has initiated plans to develop a large International Corporate Park in Navi Mumbai’s Kharghar, inviting bids from private developers for the project’s long-term development and management. The initiative is aimed at creating a new business district in the satellite city, comparable to Mumbai’s premier commercial hub, Bandra Kurla Complex.
Spread across nearly 120 acres, the proposed development will be designed as a modern commercial ecosystem capable of attracting multinational corporations, financial institutions, and large-scale business establishments, along with mixed-use developments. The project will be undertaken under the Maharashtra government’s Theme-Based and Iconic City Development policy.
CIDCO plans to appoint a private developer through a competitive bidding process. The winning bidder will be selected based on the highest gross revenue share offered to the authority in present value terms, following the H1 evaluation method.
“CIDCO is taking a significant step towards strengthening Navi Mumbai’s position as a global business destination through the development of this corporate park in Kharghar…Through a transparent bidding process based on the highest gross revenue share, we aim to partner with a capable developer to create a world-class corporate ecosystem, attracting investments, generating employment, and further boosting Navi Mumbai’s economic growth,” said Vijay Singhal.
The project is expected to be implemented over a 20-year construction and development timeline, allowing phased creation of office towers, commercial complexes and supporting urban infrastructure.
The initiative also aligns with the Maharashtra government’s broader strategy to decentralise business activity away from traditional commercial districts in Mumbai and create new economic centres across the Mumbai Metropolitan Region.
Urban planners and real estate experts believe the project could help position Navi Mumbai as a major destination for corporate headquarters and financial services. The development will follow a Construction and Development Operator (CDO) model, enabling integrated planning and infrastructure creation within the project area.
Industry experts also note that the timing coincides with rapid infrastructure upgrades in the region, including highways, rail connectivity and the upcoming Navi Mumbai International Airport. The airport is expected to act as a key catalyst for commercial growth in emerging nodes such as Kharghar, Ulwe and Panvel.
If implemented successfully, the corporate park could significantly expand the region’s office supply, attract institutional investment, and accelerate Navi Mumbai’s rise as an alternative business hub to Mumbai.
Source: The Economic Times
