Navi mumbai municipal corporation English news | Navi mumbai municipal corporation, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

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.

Navi Mumbai Municipal CorporationFOLLOW

Navi mumbai municipal corporation, Latest News

Navi Mumbai Municipal Corporation (NMMC) has announced a recruitment drive for young job seekers, offering a chance to secure ... ...

The Navi Mumbai Municipal Corporation (NMMC) issued new guidelines for citizens to follow this summer season, as the temperature ... ...

Navi Mumbai: With temperatures rising steadily across the state, the Navi Mumbai Municipal Corporation (NMMC) has issued an advisory ... ...

Navi Mumbai: The Navi Mumbai Municipal Corporation (NMMC) launched various awareness initiatives on World Tuberculosis (TB) Day to educate the ... ...

Navi Mumbai: The Navi Mumbai Municipal Corporation (NMMC) has warned of auctioning seized properties of tax defaulters starting April ... ...

Mumbai: Navi Mumbai Municipal Corporation (NMMC) hospitals may soon have a dedicated hormonal study and IVF-based healthcare facility. Municipal Commissioner ... ...

Navi Mumbai: Forty students—20 boys and 20 girls—from Navi Mumbai Municipal Corporation (NMMC) schools have been selected to train under ... ...

The Navi Mumbai Municipal Transport (NMMT), an undertaking of the Navi Mumbai Municipal Corporation (NMMC), has ventured into the ... ...