Bandra-Kurla Complex, Lower Parel and Navi Mumbai are emerging as lucrative realty hotspots for corporates looking to move out of cramped offices in South Mumbai, as these offer ample space and better infrastructure.
"Corporates are shifting from South Mumbai to areas like BKC, Lower Parel and Malad-Goregaon, which has become a BPO hub. The reason being that the quality of space desired is not easily available in South Mumbai," consulting firm, Jones Lang LaSalle Meghraj, Chairman and Country Head, Anuj Puri told PTI.
"BKC and Lower Parel are more lucrative for their newer buildings, ample car parking space, good infrastructure for wiring, better safety norms and more importantly availability of larger spaces, which South Mumbai does not offer," he said.
Confirming the trend, Sunil Mantri, founder Chairman of Sunil Mantri Realty said the ratio of office-to-residential space in South Mumbai at present is 50-50, which used to be 95:5 in the early 80s.
"Andheri and Jogeshwari in the northern part of the city, and Navi Mumbai are coming up in a good way. Once the saltpans near Chembur and Thane are developed, they will make for good attraction to buyers," Mantri said.
Industry estimates say that rates have sunk by 15-30 per cent in the past six months due to the global economic turmoil.
"As compared with 2007, activity (in realty) continues, but it has slowed down this year. But people have a wider choice...There is competition," Anshuman Magazine, Managing Director of real estate consultant CB Richard Ellis said.