Inside Bandra Kurla Complex, India's Costliest Commercial Real Estate District
Bandra Kurla Complex, where Anant Ambani and Radhika Merchant's wedding is taking place, is the country's costliest commercial real estate district. The complex is home to several government offices, luxury hotels, and prominent companies.
Anant AmbaniRadhika MerchantBandra Kurla ComplexCommercial Real EstateMumbaiReal EstateJul 12, 2024
The Mumbai Metropolitan Region Development Authority (MMRDA) was appointed as the Special Planning Authority for the planning and development of the complex in 1977. Today, more than two lakh people work in BKC and over 25,000 vehicles enter and exit the complex every day.
BKC is home to several government offices, including the MMRDA, GST, Reserve Bank of India, Income Tax Department, and Family Court. The US consulate is also located in BKC near the Jio Convention Centre. Luxury hotels Sofitel and Trident are also in BKC.
Prominent companies that have their offices in BKC include Jio, Apple, Netflix, Google, Facebook, Amazon, National Stock Exchange, Standard Chartered Bank, WeWork, CISCO, Pfizer, Spotify, and Blackstone.
Office premises in BKC command a per sq ft rent of anywhere between ₹500 and ₹550 sq ft. However, several old buildings in BKC charge rentals between ₹250 to ₹300 per sq ft, according to local brokers. Land in BKC cannot be purchased in the open market. It is leased by MMRDA through a tendering process.
As far as residential properties are concerned, the per sq ft price of luxury apartments in BKC is around ₹70,000 to ₹90,000 depending on the project. However, old buildings or those located outside BKC are available in the range of ₹40,000 to ₹50,000 per sq ft.
The MMRDA in 2018 had reported that BKC will reach its saturation point in the next decade. Hence, there is a requirement of a third commercial business district (CBD) to meet the demand. The MMRDA plans to convert a land parcel housing the Wadala Truck Terminal (WTT) into Mumbai's third CBD.
The Metro-3 corridor, the Mumbai Coastal Road, and redevelopment of old commercial buildings in south Mumbai will lead to huge demand for commercial spaces in the future. However, this will take more than 10 years and till then we may expect MMRDA to lease more land from what is available. This will ensure creation of commercial spaces until the south Mumbai market is ready to welcome offices.
Frequently Asked Questions
Where is the wedding of Anant Ambani and Radhika Merchant taking place?
The wedding is taking place at the Jio World Convention Centre in Bandra Kurla Complex (BKC), Mumbai.
What is the costliest commercial real estate district in India?
Bandra Kurla Complex (BKC) is the costliest commercial real estate district in India.
Who is the Special Planning Authority for the planning and development of BKC?
The Mumbai Metropolitan Region Development Authority (MMRDA) is the Special Planning Authority for the planning and development of BKC.
What is the per sq ft rent of office premises in BKC?
Office premises in BKC command a per sq ft rent of anywhere between ₹500 and ₹550 sq ft.
What is the future plan for BKC?
The MMRDA plans to convert a land parcel housing the Wadala Truck Terminal (WTT) into Mumbai's third CBD to meet the demand for commercial spaces.
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