Navi Mumbai has emerged as a key growth hub, offering an attractive balance of affordability and luxury.
Bhavesh Shah
Joint Managing Director, Today Global Developers
How do you look at the current scenario of the real estate market in Mumbai and the MMR region?
The real estate market in Mumbai and the MMR region is undergoing a dynamic shift, shaped by a mix of resilient demand, infrastructural upgrades, and evolving buyer preferences. In Mumbai, despite the space constraints and soaring property prices, the demand for luxury housing remains strong. Buyers are increasingly seeking value beyond just location, with preferences leaning towards well-designed, tech-enabled homes that maximise available space. However, the rising property prices in the city are also pushing many to explore options outside the traditional city limits. Navi Mumbai, in particular, has emerged as a key growth hub, offering an attractive balance of affordability and luxury. The upcoming airport, expanding metro connectivity, and well-developed infrastructure are significant draws for both homebuyers and investors. Moreover, Navi Mumbai’s green spaces and the growing availability of tech-integrated homes further enhance its appeal, making it a preferred destination for those seeking a higher quality of life without the high cost of living in Mumbai. Across the wider MMR region, we are witnessing the rise of suburban developments, supported by continuous infrastructure upgrades. These factors are transforming the region into a hotspot for future growth, as buyers are now considering areas like Thane, Panvel, and Vasai-Virar, where they can find more affordable housing without compromising on connectivity or quality of life. Overall, the MMR region’s evolving real estate landscape presents a range of opportunities for both buyers and investors.
What is the demand trend in residential and commercial segments?
The demand in both the residential and commercial segments of the MMR region is reflecting a clear trend toward luxury and space. In the residential market, the luxury home segment continues to thrive, with areas like Mulund and Navi Mumbai exceeding expectations. Navi Mumbai, in particular, has emerged as a prime destination for luxury homebuyers. Panvel, for instance, offers spacious homes with unmatched connectivity, appealing to those seeking convenience without sacrificing space. Meanwhile, Upper Kharghar is attracting buyers with its serene landscapes and scenic views, making it a highly sought-after location for those prioritising a blend of natural beauty and urban living. In the commercial real estate sector, there is a promising trend of steady growth as businesses adapt to evolving market needs. The demand for modern, well-equipped office spaces is on the rise, driven by companies seeking flexible and innovative environments that promote collaboration and productivity. This shift is fueling the development of high-quality commercial properties across the region. As businesses continue to embrace new work models, the commercial market in MMR is poised for significant growth, signaling a bright future for investors in this sector.
How is the redevelopment market growing in Mumbai and MMR? Do you have a presence in the redevelopment market?
The redevelopment market in Mumbai and the MMR region is steadily gaining momentum, largely driven by the growing need to modernise aging infrastructure and improve living standards. As land scarcity continues to rise, redevelopment has emerged as a key strategy to unlock value and provide upgraded amenities that meet contemporary needs. However, while the market holds great potential, the redevelopment process is often complicated, heavily relying on navigating complex approval procedures and securing consensus from various stakeholders. These factors can significantly slow down project timelines and add to the challenges faced by developers. At Today Global Developers, we do not currently have a presence in the redevelopment market. The nature of redevelopment hinges on securing majority approvals from residents or societies, which is often a time-consuming and intricate task requiring the alignment of multiple parties. Instead, we have chosen to focus on new development projects where we can swiftly execute and deliver homes that cater to the evolving demands of the market, ensuring both quality and timeliness. Our goal remains to create value for homebuyers and investors by focusing on developments that allow us to maintain efficiency and meet market expectations.
Which are your latest and upcoming projects in Mumbai and MMR?
Our latest and upcoming projects in Mumbai and the MMR region reflect a bold step forward in shaping the future of commercial real estate, designed to meet the evolving needs of businesses. Our two upcoming projects will be located in one of Navi Mumbai's most promising locations i.e. Juinagar, comprising commercial, retail, and high-end residential properties. These projects will introduce cutting-edge commercial and office spaces, complete with modern infrastructure, excellent connectivity, and top-notch amenities. They are strategically positioned to cater to both emerging businesses and established corporations, establishing Juinagar as a thriving destination for commercial growth. In addition, we are also focusing on Wagle Estate in Thane, a fast-developing business hub with immense potential. Our upcoming projects in this area will offer premium office spaces that seamlessly blend innovation with functionality, making it an attractive option for companies seeking growth opportunities. With Wagle Estates’ strong connectivity and business-centric environment, these developments will contribute to Thane’s growing reputation as a commercial powerhouse. Through these strategic developments, we are committed to delivering spaces that not only address today’s business needs but also foster long-term growth and success in the MMR region.
How do you look at the overall market opportunities in the region? What could be the trends to look for in future?
The overall market opportunities in the Navi Mumbai region are poised for significant growth, largely driven by key infrastructure developments that are set to reshape the real estate landscape. The upcoming Navi Mumbai International Airport is one of the most significant catalysts, expected to fuel a boom in both residential and commercial properties in the surrounding areas. This development will lead to increased demand, rising property prices, and greater investor interest. Additionally, the ongoing metro rail projects, including the APMC to Kharghar corridor, will dramatically improve public transport, reducing travel times and enhancing accessibility across Navi Mumbai. These projects will make the region more attractive for homebuyers and businesses alike. Furthermore, major highways like the Mumbai-Pune Expressway and the Sion-Panvel Highway ensure seamless connectivity to Mumbai, Thane, and other key areas, facilitating easier commutes for residents and professionals. Navi Mumbai is also benefiting from Smart City initiatives that include investments in digital connectivity, energy-efficient systems, and forward-thinking urban planning. These initiatives are creating a sustainable and technologically advanced environment, making the region even more appealing. Alongside this, the presence of renowned educational institutions such as NMIMS and D Y Patil University strengthens Navi Mumbai’s appeal as a family-friendly destination, offering access to quality education and a well-rounded lifestyle. Our flagship project, Saubhagyam, is positioned to benefit from these transformations. With unparalleled access to the upcoming airport and the Mumbai-Pune Expressway, it offers prime connectivity and proximity to key developments, making it an attractive investment opportunity. Looking ahead, we anticipate a shift toward premium housing and commercial spaces in the region, alongside growing investment interest. As Navi Mumbai continues to emerge as a key driver in the MMR’s real estate market, we expect to see increasing demand for both residential and commercial developments, setting the stage for long-term growth and opportunity.
