The Navi Mumbai Municipal Corporation (NMMC) is embarking on a new venture into the real estate sector, unveiling plans to appoint a real estate firm to market its commercial units within the upcoming multi-storied commercial complex at Vashi bus terminus. This strategic move aims to bolster the financial stability and long-term viability of its transport wing, the Navi Mumbai Municipal Transport (NMMT).
The civic body has initiated a tender process to select a real estate firm. The chosen firm will be tasked with establishing a brand for NMMC’s commercial units and recreational buildings, along with conducting comprehensive market surveys and research to analyze market trends, pricing models, operational methods, and accessibility for the commercial unit.
"The construction of the ambitious 21-story commercial complex project at Vashi bus terminus is in its final stage and is slated to be completed this year. Positioned at the prime location of Vashi node in Navi Mumbai, the commercial complex holds the promise of generating premium returns, thus contributing to the self-sustainability of NMMT. A senior civic official expressed, 'If this project proves successful, the civic body will consider replicating the model at other bus terminus.'"
After Vashi, the civic body will develop Belapur and Koparkhairane bus terminus. “There is a plan to make NMMT self sustainable by 2028 and it does not need further grants from NMMC,” said the official. At present, NMMC grants Rs 120 crores annually to run NMMT.
“The complex will generate a large amount of non-transportation revenue to the loss-making Navi Mumbai Municipal Transport (NMMT). The cost incurred on the construction of the building is expected to be recovered from the rent of the service facilities in the next 8 years,” said the official.
“The integrated Vashi bus terminus and commercial complex is expected to get ready by this year. Spread over 10,373 sqm, the 21-storey building will have 13 bus stops on ground floor with a four storey parking facilities. In addition, there will be separate control rooms for the NMMT, BEST and ST buses. Apart from this, there will be seven shops and public toilets on the ground floor. No private buses will be allowed to use the terminus. The parking facilities from the first to the fourth floor can accommodate a total of 420 four-wheeler and 43 two-wheeler parking facilities.
The fifth floor of the building has six restaurant facilities and a spacious lawn. A total of 65 offices have been provided on the sixth to 18th floors. The 19th floor has been specially made available for fire and security matters and the 20th and 21st floors will have five and 10 offices, respectively.