Boman Irani, CMD,Rustomjee Realty
Mumbai: Looking for an office or residential space in a posh district of South Bombay is now passe. Reiterating this new development is Boman Irani, chairman and managing director of realty major Rustomjee, who believes that Bandra Kurla Complex will emerge as a pre-eminent real estate destination soon.
"BKC is the MMRDA's gift to our city. It was a bold step when they envisioned an entire business address that would be better than anything that Mumbai has ever seen so far," says Irani. "The entire financial market has moved here. Every PSU has its head office or a major branch here. These are signs that the financial centre, which Mumbai is all about, has moved from Nariman Point to BKC."
In that case, BKC and its neighbourhood then directly drives white-collar residential demand. If you're living in a city as social as Mumbai, it becomes important to rub shoulders with the right people.
Also, BKC fits the bill perfectly in terms of hassle-free connectivity to important destinations. "When we saw BKC developing the way it was, we realised that for every 1 sq ft of commercial space coming up, there's 10 sq ft of residential space requirement being generated," says Irani.
Rustomjee has two residential projects in the pipeline in BKC Annexe, but the company is choosing the way of redevelopment instead of making a bid for land, as it gives an advantage of building in an existing residential area.
"Firstly, a major medical establishment like Asian Heart Hospital made BKC its address. Educational institutions like the American School and the Dhirubhai Ambani School are already present. Luxury hotels have also added to the appeal of this location," says Irani.
"Moreover, an upcoming retail mall will also turn it into a one-stop shopping destination. BKC has also emerged as a destination for foreign consulates, driving the expat community to the area. There is a definitive shift in the way Mumbai's going to function, given this strategic location," he adds.
The upcoming convention centre being built by Reliance will also make it an attractive business address. With an idea to create housing for the senior level management of the companies situated at BKC, Rustomjee has come up with the luxe residential project Oriana, expected to be completed by December this year.
Oriana boasts of plush 3 and 4 BHK deluxe apartments, maintaining a level of exclusivity and sophistication. BKC has wide pathways, cycling tracks and clutter-free roads, with easy access to all parts of Mumbai, via the sea link, eastern and western express highways. These advantages have led to Rustomjee wanting to launch another residential project in the area by 2014-end.