JNPA SEZ Plots Command Double the Reserve Price - A Major Boost to Mumbai Economy

In a significant development for Mumbai’s trade and business sector, the Jawaharlal Nehru Port Authority (JNPA) awarded industrial plots in its Special Economic Zone (SEZ) in Navi Mumbai to nine successful bidders at nearly double the reserve price. This unprecedented demand for land reflects the robust economic potential of the region.

Soaring Land Prices: A Positive Economic Indicator

The Union Minister for Shipping and Ports announced that the industrial plots at JNPA SEZ fetched a remarkable Rs 8 crore to Rs 8.5 crore per acre, significantly higher than the reserve price of Rs 3 crore to Rs 3.5 crore per acre. This surge in land value is attributed to the SEZ’s state-of-the-art infrastructure and ready clearances, making it an attractive investment for businesses.

Global Interest in India’s First Greenfield Port

Eight major players, including international giants such as Maersk, One Shipping Line, Abu Dhabi Port, and Port of Singapore Authority, have expressed interest in developing India’s first greenfield port at Vadhwan, near Mumbai. This ambitious project, estimated at a cost of Rs 77,000 crore, is expected to be the country’s largest port, further solidifying India’s position in global trade.

Strategic Location and Future Prospects

The JNPA SEZ, strategically located near the upcoming Navi Mumbai airport, spans 277.38 hectares (685 acres), with approximately 163 hectares (403 acres) of leasable land. Since its operational launch on June 24, 2020, the SEZ has issued Letters of Intent (LOIs) for the allotment of 45 plots, covering 250 acres. Currently, nine units and one Free Trade Warehousing Zone (FTWZ) are operational within the SEZ, underscoring its role as a key driver of economic growth.

Phased Development and Rising Land Values

The SEZ has been developed in seven phases, with land prices steadily increasing from Rs 4,800 per sqm in Phase I to Rs 9,200 per sqm in Phase VII. This trend highlights the growing demand for industrial land in the region, driven by its strategic location and world-class infrastructure.