Present

September 2015 Real Estate Overview: Metropolitan Region (MMR)

Mumbai, formerly known as Bombay, is the capital of and considered the financial as well as the entertainment capital of .

Industry and commerce: The established business hubs in Mumbai are , , and Ballard Estate located in . The - Complex (BKC) in the is another large hub, housing several banks, financial institutions, and multinational companies. Other hubs are the -Kurla Road and the MIDC (Maharashtra Industrial Development Corporation)-SEEPZ (Santa Cruz Electronics Exports Processing Zone) area in Andheri (East), which have many information technology (IT) and IT-enabled services companies as well as the more recent Lower . The - region as well as house a large base of small to large-scale industries.

Connectivity: Mumbai has great connectivity to all important domestic and international locations by air. Internally, all parts of Mumbai are well-connected by the railways. In terms of roads, the Eastern and Western Express Highways connect the suburbs to South Mumbai, with the Bandra- Sea Link on the western side and the in the Central suburbs significantly reducing travel time. The - Link Road (JVLR), Versova-Andheri- metro, and the more recently constructed Santacruz- Link Road (SCLR) connect the western suburbs to the .

Planned infrastructural development: Some of the projects that aim to enhance connectivity and reduce traffic congestion include North-South and East-West extensions of the line, the proposed Western Freeway (including the Bandra-Worli Sea Link), which envisions multiple bridges over the Arabian sea from Marine Drive to in the western suburbs, the Mumbai Trans Harbour Link (MTHL) from to Nhava Sheva in Navi Mumbai, and the new international airport at Navi Mumbai.

Real estate development: Traditionally, given the shortage of space in South Mumbai, real estate there has been very premium, both in the commercial and residential segments. Many of the western suburbs and in the eastern suburbs are also high-priced while affordable regions would include locations in Thane-Kalyan, western suburbs beyond , and Navi Mumbai.

Super-premium locations , Nariman Point, Marine Drive, , Peddar Road, (Rs.50,000-100,000 per sq ft)* , , Premium locations , , Fort, , Warden Road, Worli, , (Rs.25,000-50,000 per sq ft) , Bandra, Khar, Santacruz, Mid-segment to premium Parel, , , King Circle, , , Sion, Andheri, locations , Chembur, Ghatkopar, Powai (Rs.18,000-25,000 per sq ft) Mid-segment locations Kurla, Vikhroli, , , , Kandivali, , Thane, (Rs.10,000-17,000 per sq ft) Navi Mumbai (, , Belapur) Affordable locations Dombivali, Kalyan, , , Bhayander, , , Panvel, (Rs.3,000-8,000 per sq ft) , Taloja *Source: Industry

In terms of commercial real estate, the prime districts such as Nariman Point continue to charge premium rates (Rs.30,000 per sq ft and above) while Lower Parel is relatively moderate (Rs.14,000-22,000 per sq ft). BKC as a commercial area is premium (Rs.25,000 per sq ft and above) while Goregaon, Malad, and Andheri (East) are comparatively moderate (Rs.11,000-16,000 per sq ft). Commercial property rates are in the range of Rs.8,500- 15,000 per sq ft in areas such as Belapur, , and Vashi.

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Last updated: August 2014

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