By: Ravi Sinha
When 80 years old Ramakant Apte in California read what filmmaker Karan Johar said about his birthplace Bandra as the new heart of the city, he got so nostalgic that India visit in general and moving around his good old queen of suburbs in particular was his wish list number one. He fondly recalled times when there were large stretches of green, clusters of villages, bungalows and villas that were surrounded by neat little gardens and large oars fringing the coastline. This was when every front door was always kept open at daytime, as a ‘welcome’ sign and people knew everybody else in their vicinity.
However, his return after 23 years to the Bandra of today, known for fun and frolic and a real estate hotspot was something that he could not relate to. But the Bandra of today is indeed one of the most expensive locations in the suburbs. Bandra has a unique advantage of being in close proximity to South Mumbai and suburbs and the residential areas are very posh like Pali Hill, Carter Road and Bandstand are the famous of the lot. Restaurants, night clubs, bars etc. are dotted at every street. One of the most expensive restaurants with the best of Page 3 crowd is here.
Umang Kuwadia, Executive Director of Happy Home says Bandra is supposedly the Fashion capital of Mumbai. It is known for choicest suburb for film stars and entrepreneurs. Several colleges, Multiplexes, fine dining, hi-end boutiques, designer jewellery showrooms and couple of 5 star hotels, convention and exhibition centers in vicinity is a magnet attraction for Bandra.
“Most of the Mumbai suburbs are on a saturation point as far as infrastructure and open spaces are concerned. However, with the town planning of Bandra East, Bandra Kurla Complex done by MMRDA and with the kind of road connectivity and open spaces reserved for recreation etc., there is a lot of scope for further development of residential as well as commercial properties,” Kuwadia says.
If the slew of new launches in Bandra is any indication, the skylines of the suburbs will see a new high very soon. Ackruti City is soon launching Ackruti Sunstone which is located in Bandra East. This project has proximity to Commercial hub of Mumbai, Bandra Kurla Complex, MIG cricket club, MCA Club and Western Express highway. Urban Heights has is coming up with two projects in residential redevelopment at Pali Hill and 16th Road Bandra.
Some of the upcoming luxurious residential projects seem to further change the face of the Bandra. Rustomjee Oriana is one such project which is a regal 21 level tall deluxe residential complex located off Western Express Highway, adjacent to Bandra. Sunteck Realty is coming up with two high-end residential project, Signia Isles and Signature Island.
The fact is that the real estate boom has completely changed the look and feel of Bandra and it is today quite unlike other places of Mumbai. It can’t be easily typed as it does not have a fixed identity like Parel, Dadar, Malabar Hill or Colaba. No wonder, Karan Johar termed it as the heart of the city and South Bombay is the new suburb when he shifted from town to a flat at Union Park, and located his office in the suburb as well.
Bandra is the dream destination for people looking out for properties. From apartment in high-rise towers to small rooms in cottage, mostly youngsters studying in colleges, working executives prefer Bandra for their residential accommodation as it is the most happening place in Mumbai.
As Amar Kapoor, Director, Urban Heights says, “If you ask me Bandra is the new hub of Mumbai in both commercial as well as residential segment. I am myself thinking of moving into Bandra. Bandra East has large scale developments coming up such as 105 acre Govt staff quarters redevelopment. These projects once complete will change the façade of the Bandra East totally.”
“While Bandra West is predominantly seen as residential zone, East till recent times was known more for commercial activities. But with the changing landscape east too is fast emerging as a residential zone. There is tremendous redevelopment opportunity in Bandra East. Until recently Bandra East was dominated by the local community but with the new projects spanning across there is definitely scope for east to develop as a residential hub,” he adds.
Bandra East is till date known more for commercial activity due to BKC. However, with the new developments shaping up in the MIG colony and Kalanagar vicinity, the future of Bandra East will be evenly poised for premium residential apartments. The SOHO concept is in and BKC currently operates on more than 10 million sq. feet of commercial office spaces which makes Bandra East as one upcoming location where the demand shall raise with time for residential apartments.
Bandra market has been steady in terms of prices. In all there is be a constant demand for well located & well built property with modern amenities and prices are increasing due to good demand. The property rates in Bandra East too are not very behind the West. Prevalent residential rates in Bandra East are in the range of 17,000 Rs/sq.ft to 22,000 Rs/sq.ft, while the prevalent residential rates in Bandra West are in the range of Rs. 25,000rs/sq.t to Rs. 35,000rs/sq.ft
While Bandra has emerged as the new most wanted residential area, the other factor, the Bandra Worli sea-link, is something that is proving to be icing on the property cake. Agrees Hemant Shah, Chairman, Ackruti City, “It is fast emerging as preferred location. Primary reason being most nearest suburb to island city, the commute time from Bandra to city is less compared to other suburbs which is now even more cut down due to Bandra Worli Sea link. And because of BKC and lots of commercial activity already happening in Bandra East, residential development is catching up more fast here. Commercial activities are actually helping Bandra East to emerge as a residential zone. We are likely to see walk to work kind of scenario which is almost non existent in Mumbai.”
The author, Ravi Sinha, is CEO, Track2Realty
