After Commercial Feat, Bandra Kurla Complex Eyes Residential Segment
The Bandra Kurla Complex (BKC), Mumbai's rising business district, is on the edge of winning the battle to become the most-popular commercial destination of Mumbai, leaving Lower Parel and south Mumbai far behind.
The BKC has many advantages over Lower Parel such as planned roads, good infrastructure, ample availability of space and lack of traffic. These factors are pushing to make Mumbai's costliest office space area become a residential hub as well.
Recently, the Maharashtra government notified the conversion of 18,000 square feet of land in the BKC into a residential plot. A swamp, which did not allow residential development in spite of its prime location, it was earlier reserved for commercial developments. This new residential zone, which is expected to house high-end homes, will be located in Bharat Nagar, which currently houses slums and transit camps.
Last year, too, the state government in yet another move spurred the demand for luxury homes in BKC. The urban development department had increased thee Floor Space Index (FSI) of a new block of land at BKC to 4 from 3. That would mean more high-rises could come up in the area, which is a prime requirement for the construction of luxury condominiums at BKC.
Why high-end homes at BKC?
The BKC houses international schools like the Dhirubhai Ambani International School, corporate headquarters of banks, including the Bank of Baroda, ICICI and top government organisations like Nabard and Reserve Bank of India, among others. Since the office space in these areas is very expensive, it has also become home to many private equity firms and investment banks.
The BKC differentiates itself from south Mumbai and Lower Parel as it houses only the premium commercial real estate set-ups. High concentration of moneyed folks attracts elite clientele for luxury homes.
Home is where business is
The other such premium area that tried to mix residential and commercial interests was Powai. However, the area is yet to pick up in commercial realty as much, as it is accessible only by road, a big handicap for Mumbai workforce which prefers suburban railway. However, Powai has emerged as a premium residential area due to its proximity to Andheri SEZ and Bandra (as well as BKC), thus, cutting down the commuting time for residents. Powai's 3BHK homes with luxurious amenities are also attracting the city's most-affluent to the area. Areas close by Powai like Vikhroli and Bhandup too have inched up on high-end homes to cater to this growing demand, albeit at a lower price than in the areas.
Many builders, including Lodha and Trump Towers, have been building uber- luxury homes in Worli and Lower Parel areas to cater to the demand for top businessmen who reside there. The BKC might join the footsteps of these areas and rise into a residential zone.
The BKC already has a large number of high-end restaurants and hangout zones to cater to the working populace. If it turns into a residential area, these zones will soon be buzzing with activity after office hours, too.