Revamp Plan for Mumbai Infrastructure

By: George Gonigal

Great news for Mumbai property markets. The Mumbai Metropolitian Region Development Authority (MMRDA) has announced an ambitious revamp plan of Rs 2,07,956 crores till 2031, which would bring about a transformation to the infrastructure of the entire Mumbai metropolitian region. Properties in Virar will be most benefited as more than 60 per cent of the amount is to be used in areas like Virar and Badlapur.

'The state ministry of urban development has approved Rs 2,07,956 crores of capital for various projects related to transport, to be utilised by 2031,' said Mr Ratnakar Gaikwad, metropolitian commissioner of the MMRDA while speaking to the media persons. At present, the transport-related projects comprise the suburban railway, metro rail, highways, water transport, bus network, etc.

Major commercial property deals in Mumbai

The impact of the new project is visible on the financial capital of India-Mumbai. In the past 6-months most of the major commercial property deals in Mumbai are undertaken by the aforesaid industries, and the size and nature of deals is just amazing.

Finance major ABN Amro renewed the lease for its 12,000 sq. ft office space at Sakhar Bhawan located at the Central Business district of Mumbai Nariman Point, at a staggering rental rate of Rs 500 per sq. ft. The company was paying Rs 180 per sq ft for the last 3-years, for the same office space! A hike by more than 150 per cent in such a short span.

Furthermore, Fidelity Investments also leased 1,850 sq. ft of space at Nariman Point's Maker Chambers, at Rs 450 per sq. ft. Definitely, these rental values are one of the highest in the world, and as per the recent research reports way ahead of Manhattan where maximum lease value were recorded at Rs 390 per sq. ft.

The rates however are comparatively low at Lower Parel, and KPMG was intelligent enough to corner 30,000 sq. ft of office space at the rate of Rs 275 psft, sources informed.

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