Commercial Properties in BKC – The Best Option to Decongest Mumbai

A novel idea to change the cityscape
Mumbai has remained the financial capital of India and is known for its industries and financial institutions. There have been a setback to the textile industry due to trade unions, which existed a decade ago, but then the life in Mumbai has moved on and many of these textile premises have now become residential and commercial complexes bringing a change to the cityscape of Mumbai. In spite of all these developments the burgeoning population of Mumbai and the rapid industrialization needs a lot more attention. The core city has been suffering from influx of people coming for jobs from neighboring states and the infrastructure, which was then created, is becoming problematic and not sufficient.

The idea of creating a new business complex in Mumbai was to ease the congestion and the expansion of South Mumbai where a spurt in establishment of commercial activities and business were witnessed. Thus, the MMRDA gave shape to a distinct micro market. The Bandra Kurla complex with the expectation to ensure that further development of business will take place in this segment. Though the economy world over has not been that encouraging this year affecting the real estate sector, the commercial properties in BKC has been showing positive results. Many organizations from the financial sector including the main offices of commercial and nationalized banks to the national stock exchange have made it their hub.
Property demand in BKC
There is an increase in the demand for space in this complex which was seen in the last two quarters compared to the previous year. However, it has been observed that the demand is more for large commercial spaces than for the smaller ones. Though some of the properties in this complex are owned by corporate which have made substantial profits out of their operations, many are leased by corporate which have begun to realize that this is going to be the most preferred destination for commercial activities in Mumbai in the near future. Work is in progress in some of the upcoming projects in BKC which only substantiate that the commercial properties in BKC hold a lot of promises for the future.
Positives in BKC
It is believed that there is a consolidation going to happen wherein with value options becoming harder, lesser priced choices in the nearby vicinity may be the option for some tenants. If there are any forward movements in the economy, then the hesitantly waiting small tenants may move to the commercial properties in BKC, which is to be seen. As such, the rentals in these complexes have begun to stabilize and it is likely that the recent decisions in parliament on the implementation of FDI in retail and proposals for FDI in real estate, the policy of which is still to be seen may infuse more funds to the market triggering an increase in commercial activity.
Future progress
Many commercial properties in BKC are in the progressive stage like the headquarters of some of the corporate houses, luxury hotels, malls and many more which are likely to be completed in 2013 and 2014. This will add to the prominence of BKC leading to further growth. The MMRDA has planned solutions to some major issues like how to tackle the increased traffic and public. The complex which already has a large constructed office space area and additional square feet to be completed in the first quarter 2013, may show more promise in accommodating the additional space.
Multinational companies, banks and large corporate houses have already set up their offices in BKC. Besides the new Foreign Direct Investment (FDI) and large homegrown conglomerates of India, which have come up in the la decade, even most of the older big businesses are shifting their attention from South Mumbai to BKC. With the coming up of diamond traders into the scene at BKC, its fate has been sealed and it is set to become one of the biggest commercial districts in the Asia Pacific region.
Authors Note:
Bill is involved in selling and leasing commercial properties in BKC. He often suggests most of his clients about renting or purchasing commercial properties in BKC. The geographical location of the complex and the facilities provided attracted most of his clients to this complex.
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