Commercial Hubs in Mumbai

Find out: Best commercial localities in Mumbai

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Find out: Best commercial localities in Mumbai
Despite the increasing prices commercial properties in Mumbai continue to remain in the upswing mode.
It is believed by the real estate companies and developers that over a period of time one can get returns as high as 15 to 20%, if invested in the commercial property in Mumbai.

Mumbai is known as the financial capital of India, and as the phrase suggests, it puts Mumbai at the forefront of the economic landscape in India as well as in Asia. Mumbai’s economic market is driven by companies from the financial services, banking, IT, ITES, Insurance and other service sectors. Over the past few years, the investors and corporate who are seriously looking at investing in India are zeroing on Mumbai as their investment hub as this city hold the India’s “numero uno” position and it has consistently proved to be stable during the moments of economic uncertainty. 

Despite the increasing prices commercial properties in Mumbai continue to remain in the upswing mode. It is believed by the real estate companies and developers that over a period of time one can get returns as high as 15 to 20%, if invested in the commercial property in Mumbai. The demand is not only for the commercial property for sale but also for the commercial office spaces for rental and leases, which is also witnessing a steep rise, and thus causing a hike of 25% in the commercial prices in the past few months. 

The commercial real estate sector is classified based on their unique characteristics:
               Classification                          Localities
Central Business District (CBD) Nariman Point, Cuffe Parade, Fort, Churchgate
Extended Central Business District Lower Parel, Mahalaxmi, Prabhadevi, Worli
Emerging Central Business District  Bandra Kurla Complex (BKC), Kalina
Secondary Business District (SBD) Andheri, Powai, Kurla, Malad, Borivali
Peripheral Business District (PBD) Airoli, Thane, Vashi

Nariman Point: Nariman Point is Mumbai's as well as country’s first planned central business district. The area is situated on land that is reclaimed from the sea. It is said that this place have the highest commercial rental space in the world. Places like Cuffe Parade and Churchgate are adjacent to this locality and thus are part of the CBD. Being in Central Business Unit, Nariman Point has the advantage of proximity to the Western Line, Central Line and the Harbour Line Terminus Stations.

It is largely considered as the 'Manhattan' of Mumbai and it boasts of an impressive skyline and high-priced residential condos. It is the main financial district of Mumbai and houses most of the financial services and brokerage companies—both Indian and international. Some of the companies located here are:
•    Accenture Management Consulting
•    The Royal Bank of Scotland 
•    Boston Consulting Group
•    State Bank of India
•    HSBC
•    Consulates of Oman
•    JP Morgan
•    Mckinsey and Company
•    India Bulls
•    Tata Consultancy Services

Worli: Once a traditional textile mill location is now one of the prime commercial real estate destinations in the country. The location has shown a great deal of flexibility, even when other micro markets in Mumbai were struggling under pressure.

This locality has not only managed to retain its premium position in the extended central business district but also has maintained steady price all these years. The uniqueness of Worli is its proximity to CBD (Nariman Point) on one side and Bandra-Kurla Complex (BKC) and the airport on the other end. The newly built sea link has further enhanced its creditability. Factors like grade a buildings, green buildings, ample car parking and modern technology being used for construction are contributing towards growth of Worli. Some of the offices located in Worli are:

•    GSK Pharma 
•    TATA 
•    Novartis 
•    HDFC Bank 
•    Yes Bank 
•    Siemens

Bandra-Kurla Complex: The Bandra Kurla Complex is a planned commercial complex and one of the most strategic commercial real estate in Mumbai. According to MMRDA, the complex is the first of a series of "growth centres" created to "arrest further concentration" of offices and commercial activities in South Mumbai. It is expected to decongest southern Mumbai and seed new areas of planned commercial real estate in the metropolitan region”.  Bandra-Kurla Complex houses number of commercial buildings that include: 

•    NABARD Head office 
•    Asian Heart Institute 
•    Dow Chemicals 
•    ICICI Bank 
•    Citibank 
•    Bharat Diamond Bourse 
•    Dhirubhai  Ambani International School 
•    American School of Bombay 
•    IDBI Bank 
•    SEBI

It also comprises of Mumbai Cricket Association's cricket ground and the United States Mumbai Consulate. There are approximately 4 lakhs people working in various offices in Bandra-Kurla Complex. Good facilities like abundant parking, wide roads, excellent power supply, etc been properly taken care of in this commercial hot-spot. The newly built Bandra-Worli Sea Link has reduced the traffic flow to a great extent from North to South Mumbai and reduced the travel time between Bandra and Worli.  Also, the 1.3 km long Bandra-Kurla skywalk has connected the suburban regions of Bandra and Kurla.

Andheri East: Andheri East has emerged as one of the popular commercial hub after the traditional commercial hubs like Bandra Kurla Complex (BKC) and Nariman Point. This locality is gaining popularity due to the good transport connectivity. The markets of Andheri East are benefitted by the Jogeshwari-Vikhroli Link Road (JVRL), Andheri Kurla Link Road, and the Versova-Andheri-Ghatkopar metro link. Also, being close to the Airport, this stretch has been a hub for manufacturing and professional services and logistics. The locality is a blend of industrial and commercial establishments ranging from IT and ITES, manufacturing, financial services, logistics, pharmacy, jewellery, retail etc. Some of the companies housed here are:

•    Patni Computers  
•    Syntel 
•    Mastek Limited 
•    Jet Airways India Limited 
•    Abbott Healthcare Private Limited

The metro rail project between Versova-Ghatkopar will further enhance connectivity between eastern and western suburb. The new commercial projects in Andheri East are taken care by Hiranandani, Kalpataru, Kohinoor, Rustamjee and Phoenix among others. This business hub is also sharing space with hospitality sector; some of the hotels in Andheri East are Hyatt, Sheraton and The Leela Palace.

Airoli: Airoli is the emerging as the new commercial space requirement in Mumbai. Away from the city traffic and surrounded by green region this area is a sought-out commercial destination among corporates. One can even find availability of land for new development at affordable prices. Airoli is rapidly growing as one of the busiest business district. Airoli commercial estate is consistently meeting the international standards, and is fully equipped with all the facilities and amenities. To add to it, it has excellent connectivity through Eastern Express Highway in the south and Thane-Belapur Road in the north linking Airoli to Mulund and rest of Mumbai that has invited lot of developers and corporates for commercial activities.

Some of the well known properties in Airoli are: 
•    Airoli Knowledge Park 
•    Patni Knowledge Park 
•    Mindspace Airoli

The commercial real estate scenario in Mumbai and its suburbs supports new buyers and investors. Over the next two years, the rentals and capital values in Mumbai’s CBD are likely to decrease and it may encourage investment from more buyer and tenant-oriented for the first time in decades. Lower Parel is witnessing noteworthy demand, given the fact that the rentals and capital values are less than half of those in the CBD and at Bandra Kurla Complex. It is mostly the corporates and business houses that seem to be taking maximum advantage from the current scenario in the commercial estate.

by Manika Krishnan, Sulekha Property
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