Commercial hub BKC emerging as a residential sector
Bandra Kurla Complex in Mumbai was initially developed as a business district by Mumbai Metropolitan Region Development Authority is not witnessing several housing developments. It was developed as an alternative central business district to decongest South Mumbai. Over the past decade, the area has tremendously grown as a premium financial, commercial and residential hub. BKC now homes numerous national as well as international corporates, retail outlets and consulates offices like the British High Commission, US Consulate and the consulates of New Zealand and Australia.
Connectivity and location, aid the growth of BKC
BKC is located centrally on the northern side of Mahim Creek. It is bound by Kurla in the east, Santacruz to the north and Bandra to the west. Kurla and Bandra are prime railway stations on Western whereas Central lines and Harbor of Mumbai suburban railway. Also, BKC is connected well to the Eastern Express Highway and Western Express Highway and close to both the international and domestic airports.
In the previous decade, commercial office stock has grown over 300% in BKC. Its vicinity to the airports and greater connectivity to eastern and western corridors have made it the destination for world-class businesses. BKC has properly planned roads, numerous renowned schools, hospitals, a diamond bourse, luxury hotels, recreation facilities, and numerous restaurants. The property rates in BKC range around 40,000-50,000 per square feet especially when it comes to renowned developers.
Property rates and preferred configurations in BKC
In spite of the higher rentals, in range of Rs 225 to Rs 320 per square feet, most of the corporates prefer BKC owing to advantageous locations, availability of Grade A stock and connectivity. The co-working players are bullish on BKC due to higher demand for the office spaces.
The residential developments have followed the commercial development and numerous prime residential complexes have come up in the area. Furthermore, the presence of the social infrastructure and the amenities have helped in maintaining great work and life balance for inhabitants in the area, which is the luxury in Mumbai. The demand for the rental properties in high, majorly in one to three- BHK segment. With BKC poised to become next CBD of the dream city, Mumbai, expected the housing sector to grow furthermore in and around the area.
Infrastructure development in BKC
Bandra Kurla Complex boasts great infrastructural facilities, excellent connectivity, civic amenities and meticulously planned roads. The Santacruz-Chembur Link Road has made commuting to central suburbs such as Thane, Kurla, Chembur convenient and Ghatkopar. According to the survey of the market, there is demand for premium one and 2 BHK homes wherein the preferences are much more towards appealingly rates 1 BHK apartments, ranging between Rs 1.10 Cr to Rs 2 Cr.
Also, BKC stood at 15th position in top 50 rankings for the global prime office spaces in the world. BKC is not emerging as a prime business district in India but also as the distinguished housing space.
Major infrastructure projects around BKC
• BKC has numerous resto-bars and fine dining options. For shopping, Linking Road is close and thus is Phoenix Market City Mall in Kurla. A huge mall is being set up in the BKC.
• BKC has open spaces and ample greenery including Reliance Jio garden, MCHI ground and MMRDA grounds where international music concerts, festivals, events, and exhibitions are held
• Two elevated roads are planned to reduce the traffic on the SCLR. One will be from MTNL junction in BKC and will end close to the LBS Marg Flyover at Kurla and the other will be fro, Vakola Flyover close to the Western Express Highway passing through Kalina University junction to flyover on the SCLR. The four-lane road from BKC to Chunabhatti is being built as well.
• BKC has wider pavements as well as clutter-free roads, with easy access to parts of Mumbai through Bandra-Worli Sea Link, Western Express highway, and Eastern Express Highway
• Proposed bullet train will connect to Virar, Thane, and Ahmedabad within 3 hours will have a station at BKC.
• The proposed metro line from Colaba to SEEPZ will have a station at BKC.