It Parks of Mumbai

By: George Gonigal

Efficient and low-cost telecommunication infrastructure and ample skilled manpower are the key positives for Mumbai to be an ideal IT destination of India. Setting up of new IT/ITES Parks further boosts the property values in Mumbai.

When it comes to property trends in India, Mumbai leads from the front. The real estate values in Mumbai also influence investments in the commercial sector, particularly IT/ITES.

Nevertheless, the residential real estate too has derived benefit from the growth of IT industry in Mumbai. Many big real estate developers are coming up with townships to cater to the soaring demand driven by the IT professionals serving in the city.

Office space scenario

Hiranandani Constructions have built huge commercial properties that allow companies to rent out office space anything from 2,500 to 6.25 lakh sq. ft. The Hiranandani locale at Powai has been a big hit with a multitude of IT companies including Wipro Spectramind and Mentorix, e-learning outfit, flocking the locale.

Furthermore, the pet project of K Raheja Corporation, 'Mindspace', has put two ordinary city suburbs, Goregaon and Malad on the IT map. Constructed with an investment of Rs 300 crore, Mindspace is rapidly becoming one of the leading commercial hubs in the city. Thirty percent of the project is reserved for residential flats. There are shopping malls within the campus that serve the residents of Mindspace and those in surrounding areas.

Mindspace along with the Andheri-Kurla belt and Hiranandani-Powai apparently accounts for more than 70 percent of the commercial property requirement IT and ITeS demand in the region.

The new IT/ITES Park at 30 lakh sq ft due to come up in Chembur is anticipated as being the Mumbai's biggest IT and IT-enabled services (ITES) centric Special Economic Zone (SEZ). It is expected to further heighten the property values of commercial real estate in Mumbai, which is already experiencing an unprecedented demand.

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