by Mr. Ramesh Nair, JLL India
Mumbai
city is a vastly spread city in which commuting distances dampen energy levels
& performance efficiency. It has been a constant effort of prominent
corporates to access a serene &
luxurious lifestyle without having to travel to the city’s fringes.
At
long last, South Asia’s leading financial hub – Bandra Kurla Complex (BKC) – is
witnessing the arrival of premier residential projects which provide the
required options.
Advantage
of a business area..!
For
CEOs & senior management personnel
of large banks, financial institutions &
corporates preferring to stay close to their work places. Bandra-Kurla
Complex brings the advantage of a business area located in the heart of the
Mumbai city. Demand for luxury houses there also comes from owners of diamond
businesses from the nearby Bharat Diamond Bourse.
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| Mr. Ramesh Nair |
Going
forward, it is expected that MMRDA (Mumbai Metropolitan Region
Development Authority ) will offer a number of residential plots of land
for its further evolution as Mumbai’s premier luxury houses nexus. The
residential property supply pipeline around BKC will also be augmented by land
coming from redevelopment in adjoining areas such as Bandra West, Bandra East,
Kalina, Kurla & Kalanagar. However,
given the land prices in Bandra Kurla Complex’s immediate neighbourhood only
super luxury flats are viable in this exclusive catchment.
Residential
property rates in Bandra Kurla Complex currently stand at Rs. 40,000 to 45,000
square feet. In the immediate neighbourhood of Bandra East, rates range from
Rs. 25,000 to 30,000 square feet.
Despite
the high price points, the demand for such residential properties in BKC has
seen a considerable increase over the last 3 to 4 years. The pressing need for
residential complexes in and around Mumbai’s commercial zones is axiomatic, but
Bandra Kurla Complex – due to its unique location and planned nature – offers
more than the usual benefits to residential property buyers and investors:
Year
on year appreciation..!
Given
the number of senior professionals & expatriates working in BKC, finding
tenants is not proving to be any kind of challenge for property investors
With
the current under construction supply being very limited, residential property values in BKC will
definitely continue to rise over the next
three years. Year on year appreciation of residential real estate
capital values in this area has been between 10 - 12% over the last couple of
years in spite of the overall sluggish residential market in Mumbai.
BKC
is home to some of Mumbai’s most prominent office complexes, which directly
drives white collar residential demand
The
presence of Dhirubhai Ambani
International School, The American School of Bombay, the MCA club and the
Trident and Sofitel Hotels
Access
to high quality medical facilities such as Asian Heart Institute & the
Lilavati Hospital
Proximity
to domestic and international airports, as well as the Western and Eastern
Highways
Excellent
infrastructure, regulated traffic, no-hawker zone
Hygienic
surroundings, ample green cover and open spaces
Mumbai’s
largest mall – Market City by Phoenix – is adjoining Kurla
Unlike
many old standalone residential projects in other high-end locations in Mumbai,
the newer projects in BKC offer modern amenities such as gyms & swimming pools.
Premium
lifestyle..!
Mega
luxury projects such as Signature Island by Piramal Sunteck Realty are among
the pioneering initiatives being taken by the developer community to cater to
the high demand for exclusive homes around Bandra Kurla Complex. These projects
have been specifically designed and executed with the city’s elite and their
requirement of peaceful living, a premium lifestyle and proximity to work in
mind.
Sunteck
is also developing Signia Isles and Signia Pearl in BKC. The booking for some
of these projects are only on an invitation basis. Another leading residential
project in BKC, currently under construction, is Naman Residency by the Shree
Naman Group. Developers such as Rustomjee have launched Oriana and Seasons,
Kalpataru has launched Sparkle and Hubtown has launched Sunstone in Bandra
East.
BKC’s
evolution as a luxury houses destination is going to have a ripple effect on
the F and B and entertainment retail sectors there, as well. There is no
denying that the area currently falls short of the requirement in this respect
Proposed
luxury hotels such as The Bellagio and MGM Grand, the luxury shopping mall
being developed by the Maker Group will further embellish BKC’s status as
Mumbai’s pre-eminent real estate destination
The
creation of an additional office supply of 25 lakh square feet in 2012 will
raise the number of professionals working in BKC by another 20,000 which would
in turn fuel residential demand.
About
the author..!
Mr.
Ramesh Nair is Managing Director (West) at Jones Lang LaSalle India.
| Ramesh Nair |
| Managing Director - West India |
| +91 22 2482 8400 |
| ramesh.nair@ap.jll.com |
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