Mumbai Peripheries to Command Real Estate Growth

By: George Gonigal

War-scale developments on the front of infrastructure have put the real estate markets of Mumbai peripheral locations on fire. Navi Mumbai and Thane are the one getting maximum mileage out of the emerging picture. Meanwhile, provision of international airport at Navi Mumbai, Transharbour link between Sewri-Nhava and Colaba-Uran, and Road Bridge from Mulund to Airoli are said to be the engines of growth.

Today, business houses are making beeline to set up their offices in Navi Mumbai. And of course, they have reason to do so. Average office rentals in Navi Mumbai are in the range of Rs 60-80 per sq. ft. per month, which is significantly low in comparison to the likes of Rs 350-Rs 500 per sq. ft a month at prime commercial locations like Worli, Bandra Kurla and Central Business District of Nariman Point.

Here is the list of recent deals that would give you a fair idea of office rental scenario at the aforesaid locations:

. Avendus Advisors leased out 12,000 sq ft in IL&FS Centre at Bandra-Kurla Complex at around Rs 300 per sq ft.

. Morgan Stanley leases out 12,500 sq ft of space in Peninsula Corporate Park at Parel at Rs 400 per sq ft.

. Fidelity Investments leases out 1,850 sq ft in Maker Chambers VI, Nariman Point, at Rs 450 per sq ft.

. KPMG leases out 30,000 sq ft in Kamala Mills compound in Lower Parel at Rs 275 per sq ft.

. ABN Amro renews lease at Rs 500 per sq ft (from 180 per sq ft signed three years back) for 3,100 sq ft at Sakhar Bhavan in Nariman Point.

. Three leases renewed at Dalamal House, Nariman Point, with sea-view, at Rs 430 per sq ft (up from Rs 130 per sq ft 3 years back). Such exorbitant rentals in prime commercial locations of Mumbai have paved way for peripheral and suburban real estate markets, property brokers in Mumbai say.

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