BKC is emerging as the Commercial Hub of Mumbai. What Next?

MUMBAI, India - July 6, 2016 - PRLog -- Growth of Bandra Kurla Complex also known as BKC is not incidental. Mumbai Metropolitan Region Development Authority (MMRDA) created it for having an alternate business centre in the city  to the Central Business District of South Mumbai. As of today, banks, MNCs, big corporats are all vying to occupy office space of BKC and this area already hosts major institutions like IDBI, ILFS, ICICI, NABARD, NSE, etc.

"Yes, Bandra - Kurla Complex's commercial landscape is planned. But what is really pushing the ranking of this place in commercial real estate is the fact that BKC is centrally located and is well connected to the rest of the city. That's why we are seeing increased leasing activity for front offices by big corporates", says Mr. Sunil Chopra- Director and Founder of Spacio Realtors LLP. He further adds " Think about it. For executives working in BKC, domestic airport is 10-15 minutes away, international airport 15-20 minutes. Andheri and Goregaon in the west and Kurla and Ghatkopar in the central suburbs can be reached within 30 minutes drive".

So what is the impact of this commercial growth in Bandra- Kurla Complex?

Firstly, considering the current and future growth of BKC, property developers are building ultra-premium and luxury residential buildings in BKC. One such new project is Kanakia Paris, which is a high-end residential theme based project with European architecture and designed interiors.(http://www.spaciorealtors.com/properties/kanakia-parisbkc...)

Secondly, residential places around BKC have started seeing increased activities. Areas like Kalanagar and Kalina which are within 10 minutes drive form BKC are some of the closest mid segment residential areas. Areas like BKC Annexe have come up in Bandra East with new residential projects like that of Rustomjee Seasons with 3 BHK to 4 BHK Suite apartments.

Both the above developments are because of the proximity to work. Now MMRDA is focussing on bringing in more competition and to have more focus on design, art and branding in BKC to compete with the inviting architecture of South Mumbai, hence their ambitious IFSC project- International Financial Services Centre at BKC. MMRDA is also selling another Rs1500 Cr. plot in BKC inviting bids from financial and non financial companies including leading Indian companies with minimum net worth of Rs 500 Cr. and a minimum annual turnover of Rs. 250 Cr.

Recent reports pegged BKC as the 18^th most expensive office enclave in the world. Whether BKC will be able to sustain this growth or not and how the global ranking shifts would largely depend on the development of the supporting infrastructural network growth and of course demand and supply factor which anyway is driving the growth of this business district even now.

Conclusion

Value of commercial property is increasing fast. Residential areas in and near BKC are also seeing growth because of work proximity to this emerging business centre. MMRDA is now releasing more land in BKC for further commercialization and is talking about giving it a facelift too. Way to go for BKC to overtake the unaffordable commercial spaces of South Mumbai and become the Central Business District of Mumbai.

Spacio Realtors is an ISO 9001 certified real estate investment advisory firm based in Mumbai, India and deals in residential and commercial properties to buy-sell-lease. The firm is authorized channel partners with reputed builders in and around Mumbai.

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