[ecis2016.org] While the Bandra Kurla Complex was initially intended to serve as an alternate business district to south Mumbai, it is also now emerging as a residential hotspot. We examine the reasons for this transformation
Bandra Kurla Complex (BKC) in Mumbai, which was initially developed as a business district by the Mumbai Metropolitan Region Development Authority (MMRDA), is now witnessing numerous residential developments. It was built as an alternative central business district (CBD), to decongest south Mumbai. Over the last decade, this region has grown tremendously, as a premium commercial, financial and residential hub. BKC now houses many national and international corporates, as well as retail outlets and various consulates offices such as the US Consulate, the British High Commission and the consulates of Australia and New Zealand.
You are reading: BKC: A commercial hub that is emerging as a residential area
Location and connectivity, aid the growth of BKC
Bandra Kurla Complx (BKC) is centrally located, on the northern side of Mahim Creek. It is bound by Kurla in the east, Bandra in the west and Santacruz to its north. Bandra and Kurla are major railway stations on the Western, Harbour and Central lines of the Mumbai suburban railway. BKC is also well-connected to the Western Express Highway, the Eastern Express Highway and is close to both, the domestic and international airports.
In the last decade, commercial office stock has grown by more than 300 per cent in BKC, says Amit Wadhwani, director of Sai Estate Consultants. “Its proximity to the airports and good connectivity to the western and eastern corridors, have made it a destination for world-class businesses. BKC has well-planned roads, a diamond bourse, various schools such as Dhirubhai Ambani International School, the American School of Bombay and Mount Litera, hospitals such as the Asian Heart Hospital, recreation facilities, luxury hotels (such as Sofitel, Taj, Trident, Hyatt), as well as many restaurants like Yauatcha, China 1, Hemant Oberoi, Boteco and True Tramm Trunk. Prices in BKC are in the range of Rs 40,000-50,000 per sq ft, when it comes to reputed developers,” adds Wadhwani.
[ecis2016.org] BKC set to become a luxury residential address
Property prices and preferred configurations in BKC
In spite of high rentals, in the range of Rs 225 to 320 per sq ft, most of the corporates prefer BKC, owing to its advantageous location, connectivity and availability of Grade A stock, points out Surabhi Arora, senior associate director – research, Colliers International India. Even co-working players are very bullish on BKC, due to the high demand for office spaces, she adds.
“Residential developments have followed the commercial development and many prime residential complexes have come up around this area. Moreover, the presence of social infrastructure and amenities, have helped in maintaining a good work-life balance for residents in the area, which is a luxury in Mumbai. The demand for rental properties is also high, primarily in the one to three-BHK segment. With BKC poised to become the next CBD of Mumbai, we expect the residential sector to grow further in and around this area,” adds Arora.
Read also : ECR property market: An overview
Check out properties for sale in Bandra Kurla Complex
Infrastructure development in BKC
Bandra Kurla Complex boasts of good infrastructure facilities, civic amenities, excellent connectivity and meticulously planned roads. The SCLR (Santacruz-Chembur Link Road) has made commuting to the central suburbs like Kurla, Thane, Ghatkopar and Chembur convenient. “As per market surveys, there is demand for premium one and 2-BHKs residences, wherein, the preference is more towards appealingly priced one-BHK apartments, ranging between Rs 1.10 crores to Rs two crores.
“BKC also stood 15th in the ‘top 50 rankings for global prime office properties’ in the world. BKC is not just emerging as a major business district in the country but also as a distinguished residential space,” concludes Wadhwani.
Major infrastructure projects around BKC
- BKC has ample greenery and open spaces, including the Reliance Jio garden, MMRDA grounds and MCHI ground, where international music concerts, events, festivals and exhibitions are held.
- BKC has many resto bars and fine dining options. For shopping, Linking Road is close by and so is Phoenix Market City Mall in Kurla. A huge mall is also being set up in BKC.
- BKC has wide pavements and clutter-free roads, with easy access to all parts of Mumbai via the Bandra-Worli Sea Link, the Eastern Express Highway and Western Express Highway.
- Two elevated roads are being planned, to reduce traffic on the SCLR. One will be from Vakola Flyover near the Western Express Highway and passing through Kalina University junction, to the flyover on the SCLR. The other one will be from MTNL junction in BKC and will end near the LBS Marg flyover at Kurla. A four-lane road from BKC to Chunabhatti is also being built.
- The proposed metro line from Colaba to SEEPZ, will have a station at BKC.
- The proposed bullet train, which will connect to Thane, Virar and Ahmedabad within three hours, will have a station at BKC.
Copyright belongs to: ecis2016.org