Sindhu Jha
MUMBAI: Bandra Kurla Complex (BKC) has emerged as one of the hottest residential and commercial destinations of Mumbai for luxury properties. Being developed by the Mumbai Metropolitan Region Development Authority (MMRDA), the region has been mushrooming with several luxury residential projects in recent times.
BKC has emerged as the biggest commercial hub since the 1990s and is finally outshining south Mumbai’s Nariman Point and the more recentlydeveloped Lower Parel. The rise in commercial spaces has led to an increase in demand for residential properties. Within few years, this place has become the key destination of Bandra and is also in the process of replacing many posh areas of South and Central Mumbai.
People associated with real estate are of the view that luxury housing in Mumbai has altered significantly over the previous decade. Building residential and commercial projects in BKC has become a dream for every realtor now. BKC has a whole lot going for itself as a self-sustained destination in the middle of the city. Bandra has all along been the hotspot for the niche class in the city.
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Bandra West, especially, has evolved as a choice of the affluent due to the high standard of lifestyle it brings with it. Due to the proximity to high-end educational institutes, hospitals, shopping malls and open spaces, Bandra has always attracted NRIs, foreign nationals and celebrities to invest in the area. All this, in turn, has also benefitted BKC.
Also, the infrastructure flexibility is an add-on factor for the emergence of BKC as a realty hub. This includes the development of the Worli-Bandra Sea Link. The Santa Cruz-Chembur Link Road (SVLR) has also improved Bandra’s connectivity with South and West Mumbai. The area is considered a highend luxury market where price is not a constraint for homebuyers. People are also ready to pay high rentals to enjoy proximity to high-end restaurants, malls, public places and celebrity homes.
This year, the commercial hub of BKC witnessed some top-dollar deals such as Blackstone Group LP’s purchase of the One BKC office building for Rs 2,500 crore. Also, Blackstonebacked K Raheja Corp. is set to buy Citibank India’s former headquarters for Rs 395 crore. Raheja pipped South Korea’s Mirae Asset Global Investment for the 130,000 sq. ft asset. In 2018, Canada’s Brookfield Asset Management bought the 1.25 million sq. ft Equinox Business Park at BKC from Essar Group for Rs 2,400 crore.
Three years back, Tokyo-based Sumitomo Corp. offered Rs 2,238 crore for a three-acre plot in BKC. Only a few days back, Ignatius Nevil Noronha, CEO of supermarket chain DMart, paid Rs 66 crore for purchasing two luxurious flats in the area.
BKC is a destination which the Government has been promoting as finance centre for a long time. Today, it has established itself as top realty destination with modern office buildings and luxury housing projects. Proximity to the airport and seamless connectivity to the rest of the city make good commercial sense for BKC
