Navi Mumbai: A 21-story commercial complex at Vashi Bus Depot is ready, marking a major step towards financial self-sustainability for the Navi Mumbai Municipal Transport (NMMT). The state-of-the-art facility includes office spaces, restaurants, shops, and a fully integrated bus terminus.
Situated in a prime location in Vashi, the commercial complex will be leased out by NMMT, an undertaking of the Navi Mumbai Municipal Corporation (NMMC). In line with this initiative, the transport body has issued a request for proposal (RFP) to attract potential lessees and investors.
“With major infrastructure projects like the Navi Mumbai International Airport, multinational companies, and the upcoming Aerocity, this commercial complex is set to become a key business hub,” an NMMT official stated. The official further emphasized that the project would help generate much-needed non-transportation revenue for the financially struggling NMMT. The construction costs will be recovered through rental income within the next eight years.
Under the terms of the RFP, the selected firm will be responsible for branding, managing, operating, maintaining, promoting, sub-licensing, and vacating the leased premises at its own risk and cost. The firm will also conduct market research to assess trends, pricing models, operational strategies, and accessibility factors to optimize the commercial unit’s success.
Located at Plot No. 3, Sector-9A, the complex features a total leasable area of 178,378.53 sq. ft., comprising 75 offices, six restaurants, seven shops, and four additional smaller retail spaces.
However, previous attempts to lease the property faced challenges due to high valuation, deterring potential bidders. Addressing the issue in his budget speech, Municipal Commissioner Dr. Kailash Shinde stated that NMMT would reassess the valuation with the help of global real estate consultancy Knight Frank before issuing fresh bids.
This initiative is part of NMMC’s broader strategy to enhance the financial viability of NMMT while transforming the Vashi Bus Depot into a thriving commercial and transit hub.
