India is one of the fastest growing economies of South Asia region and Mumbai, its commercial capital. Commercial properties in Mumbai have experienced a boom after development of Bandra Kurla Complex and the consequent shifting of offices from the city to this convenient suburb. Whether it is for commercial office property leases in Mumbai or retail space to rent in Mumbai, foreign companies are increasingly being attracted to this city.
Companies in various fields such as IT, hospitality, auto manufacturing, BPOs are trying to obtain retail and office space in this commercial hub of India. Some of the recent commercial developments include Kaledonia by HCC, Wadia Plaza, Ventura and Rustomjee Natraj at Andheri Kurla road. Other well known names in this business are the likes of Rustomjee Developers, Everest Group, Bombay Dyeing etc.
The development of the Bandra Worli Sea Link has made places like Worli and Lower Parel more accessible and convenient leading to a concentration of pharmaceutical companies, Ad agencies and other Corporate at that place. The Central Business District of Mumbai covers a wide range of suburbs excluding the Southern point which is still prime area of Mumbai and that is Fort, Ballard Estate and Nariman Point which holds the city’s Stock Market, Bullion traders, Shipping Industry offices and major banks. Bandra Kurla complex is filled with offices of various large companies, the National Stock Exchange and other banks.
Commercial leasing companies in Mumbai would rate the Andheri Kurla belt as the most populated belt with there being something for everyone at affordable prices. This region is connected to almost all other suburban areas like the Western, Eastern and Central parts of Mumbai besides Navi Mumbai.
Relatively new structures have come up in the Goregaon- Malad belt which is supposed to be the IT hub in Mumbai. Upcoming commercial area lies in the Mulund-Powai-Vikhroli region where offices on rent can be obtained at reasonable prices.
The outlook for the real estate industry seems to be quite positive with a new government coming to power and expectations of better policies and new reforms from them. With the global economy making a slow recovery, companies wanting to expand will look at opportunities for leasing, renting or making outright purchases in locations convenient to them.
Rentals of the chosen place will be one of the major determining factors in deciding the location viz-a-viz the facilities offered. Among all, Bandra is a centrally located suburb; however, Bandra rentals will be compared with rentals of other locations while making the final choice.