Good infrastructure and close proximity to office spaces has led to an increase in the demand for housing in Bandra-Kurla

A VALUE PROPOSITION

After Nariman Point and Fort, Bandra-Kurla Complex (BKC) has emerged as the biggest commercial hub in the last few years. As locations turn into large office destinations, residential property also evolves rapidly in the vicinity. This is also the main reason why people want to stay in BKC; due to the closeness of both commercial as well as residential spaces. 

    Diipesh Bhagtani, Executive Director, Jaycee Homes Limited, says, "The area has come up very well. Moreover, the rise in commercial centres and spaces at BKC has led to an increase in residential as well. For BKC, a master plan has been created that consists of more commercial development than residential. Several schools, commercial complexes and hotels are expected to come up here in the near future. The rates for the residential areas start from Rs 15000 to nearly 35,000 just on the carpet area." 
    In terms of connectivity, BKC is very strategically located; proximity to retail outlets in Bandra West and LBS Marg and existence of good schools and hospitals has also benefited the area. Andheri and Goregaon in the west and Kurla and Ghatkopar in the central suburbs can be reached within a half-hour drive. The upcoming or completed residential projects are all targeted at the premium range of buyers. 
    Dr. Samantak Das, National Head, Research & Advisory Services, Knight Frank (India) Pvt. Ltd , says, "BKC and off-BKC locations have the most obvious requisite of an ideal place to reside i.e. being very close to the workplace yet away from the peak time hustle as in the case of other commercial locations of Mumbai. Moreover, the region, though being a commercial hub, still has ample green cover, which also attracts residential owners." 
    He adds, "Upcoming projects at BKC offer many facilities like swimming pools, health clubs, club houses and ample parking space. However, most of the buildings in Bandra West are standalone with few amenities including parking space. These days, buyers are looking for these facilities. As a result, I do see a lot of demand for residential properties in BKC. Residential projects in and around BKC are priced in the range of Rs. 17,000-27,000 per sq.ft. It is observed that the majority of property owners in this location are end users. The future of the residential market in BKC is quite bright." 
    Similarly, a spokesperson on behalf of Sunteck Realty Limited, says, "There is a huge interest for residential spaces at BKC. Today, everyone wants a pie of BKC because it offers a number of benefits. A large number of organisations have established themselves here, so offices are now just a short walk away instead of a two to three hour long drive. There are world-class schools and shopping complexes coming up. Residents have all their requirements and needs right next to them. When compared to residences at South Mumbai, the ones at BKC are much more preferred because of the proximity. The residential rates are more than Rs 40,000 per sq. ft. at BKC." 
    Signature Island is a project at BKC. This project offers high-end luxurious apartments to its residents of 7000 and 11000 sq ft. It also consists of modern amenities and facilities like gymnasium, swimming pool, health care centre, among many other things. 
    International schools like the Dhirubhai Ambani International School and the American School and specialised hospitals like the Asian Heart Institute have changed the face of the area. 
    Bharat Dhuppar, CMO, Omkar Realtors and Developers, says, "There has been a demand for residential projects in BKC as it is centrally located. The infrastructure is good. Moreover, the area is emerging as a financial hub and has several leading banks, NSE and leading luxury hotels that have established themselves here. 
    "There will be more development in the area, in terms of infrastructure and other amenities as regions like Kurla and Kalina that are surrounding BKC are also witnessing growth. Phoenix Mall is one such example. Adding to this is the prospects of development in Dharavi." 
    Although the area is developing quite rapidly, there are still a few infrastructure projects that could take the area to a different level altogether. Says Ramesh Nair, Managing Director- West, Jones Lang LaSalle India, "The Metro project announced in 2008 would be a game changer; however, this project has been drastically delayed. The monorail project, now scrapped, could have been a significant infrastructure boost for Bandra Kurla-Complex." 
    He adds, "Various infrastructure initiatives like Santacruz-Chembur Link Road will help adjacent areas around BKC such as LBS Road, Sion, Kurla, Kalina and Mahim to develop, posing competition for BKC. Many senior executives who work in BKC are expected to shift their residence to Bandra, driving up residential prices in Bandra. With the Diamond Bourse soon to be operational in two million square feet of the premises, the number of people at BKC will increase dramatically." 
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