Reclaimed from marshland and reserved for planned commercial development, Bandra Kurla Complex (BKC) was initially created by Mumbai Metropolitan Region Development Authority (MMRDA) as an alternate CBD to Mumbai. Its express purpose was to halt the further growth of offices and commercial activities in South Mumbai.
Commercial rentals at BKC are now the highest in the city; companies that want larger spaces are turning to BKC. Of late, this micro-location has also been attracting the highest grade of residential property developments, and current under-construction supply is very limited.
Residential values in BKC range between Rs 40,000-55,000/sq ft and in the immediate neighbourhood of Bandra East, they range from Rs 25,000-35,000/sq ft. Some of the projects that have been garnering interest from homebuyers include Kanakia Paris, Serendipity, Sunteck Signature Island, Sunteck Signia Isles and Shree Naman Residences. Developers in this region are now focusing more on providing affordable luxury to make sure that their offerings meet the actual demand. Despite the high price points, the demand for such residential properties in BKC has seen a considerable increase over the last three to four years. Year-on-year appreciation of residential capital values in this area has been between 10 to 12 per cent over the last couple of years in spite of the overall sluggish residential market in Mumbai.
Bandra has certainly emerged as the new hotspot for the city's niche. Proximity to high-end educational institutions, hospitals, shopping malls and plenty of open spaces in the micro-location has worked well in driving demand for homes in and around Bandra. Moreover, the seamless connectivity that this location offers is yet another reason for the increased demand for homes in this location.
The infrastructure flexibility is an added advantage for the emergence of this location as the next big hotspot. Infrastructural developments such as Bandra-Worli Sea Link have improved the connectivity with South Mumbai significantly. Also, Santa Cruz-Chembur Link Road has enhanced the South-West connectivity and reduced the commute time considerably. The presence of well-established social infrastructure with numerous avenues for entertainment makes this area content in every aspect.
The fact that the Maharashtra state government is looking at making BKC the first smart city by putting in place the ecosystem required for an international finance centre on the lines of Singapore or London is welcome news for those looking to invest in this area. MMRDA, the governing body for BKC has already sent out a proposal to smart technology manufacturers for suggestions and quotations to make BKC the country's first smart city. MMRDA is attempting on bringing the entire 160 hectares of BKC under Wi-Fi and CCTV surveillance. Also, a smart parking concept will be implemented across all the 3,000 parking slots in BKC. The smart city customer app will allow the denizens to access online all the amenities and infrastructure within the smart city, for instance booking restaurants, to finding hospitals and even locating parking.
The writer is COO - Business & International Director, JLL India
