Healthy Transition Witnessed in Mumbai Commercial Property Markets
March 5th, 2008
After Bandra Kurla Complex ( BKC ) and Lower Parel, the focus of Mumbai commercial real estate markets is now shifting to suburbs like Parel and Thane.
According to property consultants, these areas in close proximity to residential hubs and there is quite an adequate availability of desired floor space at affordable prices.
Says Abhishek Lodha of Lodha Group, a Mumbai-based real estate developer, “BKC and Powai are enjoying impressive demand as the vacancy rates at Central Business District ( CBD ) of Nariman Point are equal to nil.
Today, hardly any company gets a 25,000-sq. ft of space to launch its operations from Nariman Point.
Therefore, most of the business conglomerates prefer a front office at the CBD and their back office operations centre at other emerging areas, and Navi Mumbai is one of them.
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 planned an investment of about Rs 2,000 crore for ithink projects, he informed."
Entry Filed under: FINWIRE®
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