Even as Lower Parel and Bandra-Kurla Complex (BKC) for pre-eminence as Mumbai's commercial real estate hotspots, Dadar - one of the city's oldest and most established locations - stands in a class uniquely its own, by virtue of its extremely favourable geographical placement and connectivity. For this reason, and for all practical purposes, Dadar is the heart of Mumbai.
Dadar has historically proven so popular that the market itself is near saturation point in terms of residential property. There are very few new projects scheduled. There is next to no scope for further housing residential developments, owing to a lack of plots, so there is a significant level of redevelopment within Dadar and surrounding areas.
What drives Dadar real estate? Workplace location is the most important factor for Mumbai's professionals. By that account, Dadar scores a perfect 10 in terms of its legendary accessibility. Dadar station has the exceptional distinction of being the only one in the city that is common to both the Central and Western railway lines, with neighbouring Wadala as a convenient access point from the Harbour line.
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A primary public transport hub, Dadar is also easily accessible by road. In practical terms, this means professionals living almost anywhere in Mumbai (in fact, even Pune) and working in Dadar reach their workplaces with a single journey and commute back with equal ease. The problem of changing buses and trains - the bane of most Mumbai's working professionals - is effectively eliminated.
Lower Parel has now firmly established itself as a business district, with a distinct multinational presence. However, with its rapid development as a corporate office hub, every available plot in Lower Parel suitable for office space development along the strategic Tulsi Pipe Road is now spoken for.
BKC continues to hold considerable tactical value for corporate office space occupiers. However, Lower Parel has set an astounding pace in Grade-A office space development, and the forward momentum set by some recent key projects has now found a natural growth extension in Dadar. With completion of a couple of new landmark Grade-A office projects, Dadar has joined the fray for such business spaces in Mumbai.
With these developments raising the commercial space equation in Mumbai's most advantageously connected location, it can be anticipated that redevelopment of many of the existing buildings in and around will follow. The up-tick in commercial real estate activity in Dadar will also lead to increased demand for residential properties there as well as the surrounding areas.
The writer is COO, business, & international director, JLL India
