CIDCO finalizes design of Navi Mumbai Corporate Park

cidco-finalizes-design-of-navi-mumbai-corporate-park.png

CIDCO has shortlisted 7 signature architects amongst the 27 bidding for the design of the Navi Mumbai Corporate Park at Kharghar which will be the largest commercial real estate project conceived and implemented by any government agency in Maharashtra. Going by the design that is chosen, CIDCO will be selling plots with specific urban design guidelines and will implement project infrastructure. The planning department has stated that one design from the seven will finally be selected after a tough contest.

The design will be inspired by several reputed global business parks like Jurong in Singapore, Canary Wharf at London and so on. The corporate park will be vastly different from the Bandra-Kurla Complex (BKC) according to CIDCO and will have more features along with offering a more people-friendly ambience. The revenues would depend largely on the land rates at which plots are sold and the FSI. Estimated earnings are roughly pegged between Rs.20-40,000 crore and the project will be constructed in several phases. According to CIDCO, the FSI will be earmarked later on.

Sources state that the FSI will not exceed the present 1.5 FSI for commercial operations. The state government offered 2.5 FSI for the Bandra-Kurla Complex (BKC) according to sources and the proposal from CIDCO will be finalized sometime later. The Board of Directors will take the final call on FSI and forward the same to the state government for obtaining its approval. The global bid for architect selection witnessed steep competition with 14 international and 13 domestic bidders.

The development of the corporate park comes after the confirmation of the Navi Mumbai International Airport (NMIA) which is estimated to cost around Rs.16,000 crore. This is also a big land deal for CIDCO where plots will be sold to big corporate houses and also for residential purposes in what will essentially be a mixed use project with differential FSI across 120 hectares of land.