Corporate Interest Sets Mumbai Suburb Properties on Fire

By: George Gonigal

The need for commercial properties has pushed demand in Mumbai from South Mumbai gradually to North Mumbai. After Lower Parel and Bandra Kurla Complex, the focus is now shifting to the suburbs like Parel and Thane. Other reasons that support this transition are closer proximity to residential hubs of manpower and availability of desired floor space at affordable prices.

In view of the rising demand for hi-end commercial and office space, leading Mumbai based premium real estate Development company, Lodha Group announced plans to invest Rs. 2,000 crore in exclusive commercial real estate projects in Mumbai. In a first of its kind initiative in this sector, the Group will develop all of its commercial real estate under the iTHINK brand name.

Through brand iTHINK, Lodha Group will develop state-of-the-art techno campuses and corporate campuses across the country. As part of the Group's immediate plans, over 46 lakh sq. ft of land has been earmarked for six iTHINK projects in Mumbai. Construction work has already commenced on the first IT park and techno campus at Kanjurmarg and corporate campus at Mahalaxmi. Other locations that the Group will commence construction on commercial projects shortly are Parel and Thane.

Announcing their commercial property project plans, Mr. Abhisheck Lodha, Director - Lodha Group said, 'Corporates today are looking for commercial properties with lifestyle amenities. The need for this mix is felt as the best talent today wants to work in world class office environment. All our projects bear a strong resemblance of luxury and lifestyle and we intend taking this to all our commercial real estate offerings as well.'

'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 earmarked an investment of Rs 2,000 crore for iTHINK projects.' added Mr. Abhisheck Lodha.

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