On September 12, Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis inaugurated the link between the coastal road’s bow-string arch bridge and the cable-stayed sea link. Urban planners and real estate experts believe the new development will accelerate Nariman Point’s rebirth into a luxury housing, entertainment, and hospitality hotspot.
According to the newest research from property consultancy Knight Frank, ‘South Mumbai – A Renaissance,’ office rentals will increase in addition to this. The present price of ₹569 per sq ft is expected to increase to ₹1,091 per sq ft by 2030 due to the high demand for quality office space in the neighbourhood. Coincidentally, Knight Frank has been awarded the mandate to help the Mumbai Metro Rail Corporation in leasing a 4.2-acre land in Nariman Point; the bid was announced last week.
Office structures in some of south Mumbai’s oldest neighbourhoods need a comprehensive refurbishment. Consider Express Towers, which is being renovated by Bengaluru-based Embassy Office Parks. Colliers India reports that the average monthly rental rate in Nariman Point is ₹200-250 per square foot, compared to ₹150-600 in BKC and Kalina. This is because Nariman Point’s office infrastructure falls short of that of BKC.
Geographic constraints have forced “development” north throughout time, resulting in the construction of Navi Mumbai. Looking ahead, the government intends to develop a third Mumbai — NAINA — as well as expand into the Dahanu-Palghar region.
Given this environment, Niranjan Hiranandani, chairman of the National Real Estate Development Council and founder-chairman of the Hiranandani Group, asked, “Why look at the south Mumbai market in isolation? The entire MMR is experiencing upheaval and holds enormous promise. There is a surge of growth all across, even on the opposite side of Atal Setu. The land area in the north of Mumbai is much larger than in the south. South Mumbai has only 5% of the MMR’s building potential. Infrastructure upgrades throughout MMR will further generate demand for areas beyond south Mumbai.”
Source: Hindustan Times
