The Navi Mumbai Municipal Transport (NMMT), an undertaking of the Navi Mumbai Municipal Corporation (NMMC), has ventured into the real estate sector by floating a tender to appoint a contractor to manage its newly developed commercial complex at the Vashi depot. As part of this initiative, the transport wing has issued a request for proposal (RFP).
This move aims to enhance financial stability and ensure the long-term sustainability of NMMT. The appointed firm will be responsible for creating a brand identity for NMMT’s commercial unit, which includes developing, managing, operating, maintaining, promoting, sub-licensing, and vacating the premises at its own risk and cost, as per the terms outlined in the License Agreement.
The scope of work also involves conducting macro and micro market research to analyze market trends, pricing models, operational methods, and accessibility, among other factors, for the commercial unit.
The construction of the commercial complex at Plot No. 3, Sector-9A, Vashi Bus Depot, has been completed. The 21-story building offers a total leasable area of 178,378.53 sq. ft., comprising 75 offices, six restaurants, seven shops, and four small shops located at the rear side of the ground floor.
“With major upcoming projects in Navi Mumbai, including the international airport, multinational companies, and Aerocity, this complex is poised to become a prime commercial hub and a key growth center,” said an NMMT official. He further stated that the complex will generate non-transportation revenue for the loss-making NMMT. The cost of constructing the building is expected to be recovered through rental income from service facilities within the next eight years.
However, in an earlier attempt, NMMT struggled to attract bidders. Speaking to the media after his budget speech, Municipal Commissioner Dr. Kailash Shinde explained that high valuation deterred potential bidders. To address this, NMMT will reassess the valuation with the help of Knight Frank, a global real estate consultancy, before inviting fresh bids.