Mumbai Commercial Property Markets Improving

By: George Gonigal

After Bandra Kurla Complex (BKC) and Lower Parel, the focus of Mumbai commercial real estate markets is now shifting to suburbs like Parel and Thane. According to property consultants, these areas in close proximity to residential hubs and there is quite an adequate availability of desired floor space at affordable prices.

Says Abhishek Lodha of Lodha Group, a Mumbai-based real estate developer, 'BKC and Powai are enjoying impressive demand as the vacancy rates at Central Business District (CBD) of Nariman Point are equal to nil. Today, hardly any company gets a 25,000-sq. ft of space to launch its operations from Nariman Point. Therefore, most of the business conglomerates prefer a front office at the CBD and their back office operations centre at other emerging areas, and Navi Mumbai is one of them.'

Being the financial capital of the country, there is a rising demand for commercial real estate in Mumbai. We have already commenced construction at Kanjurmarg and are in advanced stages of planning on five more projects. We will dedicate over 25 per cent of our current land bank to commercial projects and have currently planned an investment of about Rs 2,000 crore for ithink projects, he informed.

Navi Mumbai properties

Navi is enjoying bullish attitude of real estate developers and business houses. The Reliance Group has already announced to construct a huge 4,000 hectare Special Economic Zone (SEZ) in the region and about 7-lakh square feet of commercial space will be added to Navi Mumbai properties by the end of 2007.

'The kind and size of infrastructure projects that are under development in Navi Mumbai have potential to generate massive demand for commercial real estate in Navi Mumbai, let's see what happens in future,' says a property agent dealing in Navi Mumbai properties.

As per magicbricks.com studies, the office space rentals in Navi Mumbai are in the range of Rs 40-75 per square foot, at present.

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