The Navi Mumbai Jewellery Park at Mahape is expected to become operational by the end of 2028, with an estimated investment potential of Rs 50,000 crore and the creation of one lakh direct and indirect jobs, Maharashtra chief minister Devendra Fadnavis said at the project commencement ceremony.
The park is being developed by the Gem and Jewellery Export Promotion Council (GJEPC) on 21.3 acres in the Navi Mumbai Maharashtra Industrial Development Corporation (MIDC) area. Fadnavis said the project would strengthen manufacturing, attract investment and contribute to Maharashtra’s economic growth.
The Maharashtra Industrial Development Corporation is involved in the project from land allotment and statutory permissions to the provision of subsidies, according to the chief minister. The development is planned as a phased project, with the pilot project expected to be operational by the end of 2028.
The proposed park will have a total construction area of about 65.61 lakh sq ft and a carpet area of 34.35 lakh sq ft. It will comprise 10 blocks: eight for large and medium manufacturing units, one for small units and one for commercial offices. Manufacturing units will have floor plates ranging from 1,000 sq ft to 25,000 sq ft.
GJEPC said all statutory approvals and bank financing for the project had been secured. More than 70 companies have expressed interest in investing in the park, GJEPC chairman Kirit Bhansali said. The council said the development would support micro, small and medium enterprises, expand manufacturing capacity, promote Indian jewellery brands and improve competitiveness in global markets.
Deputy chief minister Eknath Shinde said the government would promote the park with an eventual target of five lakh jobs and Rs 1 lakh crore in investment after completion of all three phases. The figures are higher than the first-phase projections cited by Fadnavis and GJEPC.
Prices for space in the project start at Rs 10,400 per sq ft. Eligible units will receive incentives including exemptions from stamp duty, MIDC transfer fees and electricity duty. The package also includes a 50% SGST waiver for the specified eligibility period and interest subsidies on term loans for eligible MSMEs. Eligible lab-grown diamond units may receive electricity tariff support, subject to applicable conditions.
Fadnavis said the gems and jewellery sector contributes 7% of India’s GDP and that the park would help Maharashtra retain its 50% share of the country’s jewellery exports. He also said Maharashtra Police was capable of ensuring the safety and security required by the industry.
The next milestones are the phased construction and commissioning of the park, with the first operational facilities targeted for the end of 2028. The project’s eventual employment and investment outcomes will depend on the participation of the companies that have expressed interest and the completion of all three phases.
