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Reliance bid boosts Bandra Kurla complex
Tunia Cherian George
Mumbai
,
Feb. 23
Reliance Industries' record Rs 1,104-cr bid for a 7.5-hectare plot at the Bandra Kurla Complex (BKC) establishes the complex as one of the most sought-after real estate pockets in Mumbai.
The bid, at one shot, has catapulted real estate prices in the suburbs. At Rs 18,104 per sq ft, the BKC plot is more expensive than Nariman Point, the city's original central business district, where the prevailing rate is Rs 10,000-12,000 per sq ft.
According to hoteliers and real estate consultants, the development of BKC (with a large convention centre and hotels to meet the expected demand) and real estate at Lower Parel and Navi Mumbai, where a second airport is proposed to be set up, would gradually diminish the development divide between the Southern and Northern extents of the city.
Mr Ratnesh Verma, Area Director, South Asia, Hyatt International, says, the development of at least half a dozen luxury hotels in and around the international airport at Sahar had lead to a demarcation of the southern and northern business districts in the past. However, the market is likely to realign, with real estate in Lower Parel and BKC coming into the market.
"As Mumbai develops in a more even fashion, the demarcation between the North and South will vanish and businesses are likely to stretch right from the southern to the northern reaches of the city," he said.
Hyatt International has two properties in the western suburbs, the Grand Hyatt at Santa Cruz and the Hyatt Regency, an airport hotel at Andheri.
The development of the exhibition and convention centre, Mr Verma says, would increase demand for rooms in the vicinity, and drive business for the Grand Hyatt and the clutch of hotels in and around the domestic and international airports. Even today, occupancy rates in the hotels in the North lead those in the South.
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