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Bandra Kurla Complex (BKC), Mumbai’s only business district and is at par when compared with business districts of Singapore, Hongkong, New York, Beijing and other metropolis. BKC also referred to Central Business District (CBD) is headquarters to many national and multinational corporations with their offices at some level or the other in one of the many tall glass facade towers adorning the skyline of BKC. From being a well-planned commercial hub to an emerging market of residential projects in BKC, the transformation of this part of Mumbai has been significantly gradual.
BKC is Mumbai’s only business hub that resonates well with the millennial workforce who enjoys an environment that offers a unique balance between their personal and professional commitments. So, what makes BKC a location which offers a work-life balance? The reason is that BKC today boasts city’s best travel network, faster connectivity connecting BKC to entire city. BKC is closer to both domestic and international airport and its superlative connectivity to other parts of the city be it Nariman Point and Colaba via Sea Link, central and eastern part of the city via the Santacruz-Chembur Link Road and North via WE Highway makes it a location which has everything going for it as a residential destination. Some of the new projects in BKC are set to redefine the luxury living in the Mumbai real estate market.
Secondly, BKC is also abundant in social infrastructure to support convenience in maintaining balance between personal and work life. BKC today boast of recreational zones, ample greenery, open spaces, 5-star hotels, restaurants, gardens, sports clubs for leisure, reputed educational institutes and hospitals, BKC today is not only known for best of commercial spaces but also for increasing social development be it international schools like Orchid, Mount Litera, Dhirubhai Ambani, top hospitals like Wockhardt, Asian Heart Institute and Lilavati close by, recreational facilities through malls like Phoenix Market City in Kurla and others.
This has resulted in a demand for housing in and around BKC and we are seeing newer and more residential projects sprouting in and around BKC to match this demand and also the living quotient of the millennial of today, who enjoy walking to work culture ensuring work-life balance. The demand has resulted in spurt In development of residential real estate offering high-end luxury living experience matching the upmarket and premium environment of BKC. Hence, we are seeing more and more companies eyeing mixed-use developments for their workforce who can enjoy quality time post working hours. Varied developers are now offering housing options for the new workforce who have tasted luxury living and would except the same. Today, Bandra-Kurla Complex (BKC) has almost repositioned itself in Mumbai‘s psyche, from being a premium business district to a luxury residential address as well.
At present, more than 3 lakh people are working in the area. Keeping in mind the increasing demand and growth for quality housing matching the taste of mid- to top-end management executives that work in BKC, its landscape is seeing newer luxury residential developments. Developers are offering options for studio, 1, 2, & 3 BHKs for professionals who have the purchasing power to afford luxury apartments and the aspirational drive to own them.
The millennial of today aim to live a comfortable lifestyle, with almost negligible travel time to the office and back home. Over the years BKC has been transformed from a commercial landscape to a recreational zone and turning it into the smart zone with automated traffic management systems, free Wi-Fi, and technology-driven public services.
Even today, most people who work in BKC now commute from far-flung suburban areas or central and south Mumbai. A larger number also travels from the surrounding locations bordering BKC namely Kurla, Mahim, Ghatkopar etc. In terms of time taken to travel to BKC from across the city, it can easily mean travel time of 30 minutes minimum to a maximum time of two hours during office hours. Hence, the need to develop high-end luxury homes in BKC and also develop it as a residential destination is imperative. To address this, developers have currently started tapping the full residential demand of the area and BKC is now witnessing a robust development in terms of housing stock to be developed in next 2-3 years.
Addressing this rising need of apartments Omkar Realtors projects namely Omkar Meridia and Omkar Vive offer walk-to-work options and are most sought after residential developments in BKC. Omkar Realtors Meridia offers premium 1 & 2 BHKs offering amenities such as swimming pool, garden, fitness center among others. Omkar Vive offers Plug & Play residences designed by world-renowned and leader in Hospitality design Hirsch Bedner Associates (UK), a true space for the millennial customers who love to walk to work.
When it comes to office space Mumbai’s Bandra Kurla Complex is at 16th rank while Nariman Point is at 30th position in the CBRE’s latest report Global Prime Office Rent H1 2017. In spite of having the limited supply of luxurious housing stock, BKC’s location in the heart of India’s financial capital, coupled with great infrastructure and connectivity to other parts of the city, makes it an ideal location for those wanting to stay closer to their workplace. on the other hand, the residential property prices for 1-BHK apartments are ranging from Rs 90 lakhs to about Rs 1.10 crore depending on the offering which covers size, location, amenities, developer, connectivity etc. The current property prices in BKC, between Rs 18,000 and Rs 35,000 per sq ft., depending on the above-mentioned factors. The prices of residential space are expected to follow the prices of commercial space rise over the years with the all-round development of BKC, making it one among the best CBD’s from across the globe.