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Bandra East scenario fast changing as many residential projects shaping up


Bandra is known as the ‘queen of suburbs’ on the Western line. Though Bandra West remains the much-coveted, Bandra East ,too, is shaping up as an important residential destination. The emergence of the Bandra Kurla Complex (BKC) has changed the face of the entire area thereby creating a strong demand for housing.
Bandra East scenario fast changing as many residential projects shaping up No wonder, developers have taken a cue and many new projects are now making a dash for the lesser known but rapidly growing Bandra East.
Ashutosh Limaye, Local Director - Strategic Consulting, Jones Lang LaSalle India says: “The greatest advantage Bandra East has as a residential property location is its proximity to the Bandra Kurla Complex. As BKC evolved and Bandra West increasingly saturated, demand pressure started building up in Bandra East. In 2010, the redevelopment of the Government colonies in Bandra East began, and the residential market there suddenly opened up as never before. More and more MHADA colonies in Bandra East are going the redevelopment route.”
The BKC has turned into an important Central Business District (CBD) and with many corporates shifting their offices here, the need for housing in this area has grown exponentially. The walk to work concept has struck a chord with the Mumbaikars, which allows them to cut down on travel time and spend quality time with their families. Chandresh Mehta, Director, Rustomjee Group says, “The main reason for the growth of residential housing in Bandra East is the huge amount of commercial development at BKC for which Bandra East becomes the feeder market.
For every one sq. ft. of office space, one needs nine sq. ft. of housing space. If we look at Nariman Point, it has Malabar Hill and Cuffe Parade, Andheri-Kurla Road and Malad-Powai have developed their own feeder markets. People find it very convenient to stay in the vicinity of their workplace especially in Mumbai.”

Bandra Kurla Complex Ravi Ahuja, Executive Director, Cushman & Wakefield adds, “Also, the shifting of the diamond bourses from the traditional Zaveri Bazaar to the BKC, is generating demand. In fact, this has become such an important driver for Bandra East’s development that the government and planners have also planned a Metro and Mono-rail route along the area, which will boost the connectivity of the place further.”
The connectivity of the place has spurred the interest of property buyers to take note of this area. Limaye shares, “Seen in the larger context of Mumbai’s overall issues with access to key locations, the connectivity of Bandra East is hard to match. It is an immediate neighbour location to Bandra Kurla Complex, is close to the airports, can be easily accessed via the Western Express highway and is in any case quite close to mid town.”
Poonam Mahtani, National Director - Residential Services & Knowledge Systems, Colliers International adds: “Bandra has always been a centralised location. However, Bandra East has a few more advantages.
It has easier access to the Western Expressway. It shares proximity to the new CBD, of BKC and further down to Kalina. It shares good connectivity to the key areas of Mumbai. With its centralised location and easy access to Mumbai suburbs as well as South Mumbai it is definitely an option that is seriously evaluated by a large population base of end users. The Bandra-Worli Sealink has added that extra convenience to this location by shortening the travel time considerably.”
The social infrastructure is also well in place with some of the best schools, colleges, hospitals and shopping areas in the vicinity. Mayur Shah, Chief-Sales, Ackruti City Limited says: “Bandra being one of the first suburbs to develop, offers some of the best social infrastructure and many new ones are also developing. The Dhirubhai Ambani International School, the American International School are already present in the suburb and some are on the anvil. Some of the top healthcare centres like the Asian Heart Institute, the Lilavati Hospital are within motorable distances. Also, on the radar is retail space construction. With residential development taking pace, social infrastructure will also speed up.” The MIG Club and MCA Club are great options for recreation in the area. Hotels like the Trident and Taj Lands End are also within easy access.
With the new developments shaping up in and near the MIG Colony and Kalanagar vicinity, Bandra East is witnessing emergence of premium residential housing. Ackruti City has recently launched Ackruti Sunstone in Bandra East. The famed MCA Cricket Club of Mumbai is the neighbouring landmark. Shah says, “Due to its proximity to the BKC, this project is getting good response from companies located in vicinity. We sold 30 per cent of our inventory at the time of soft launch only.”
Kamal Khetan, Managing Director, Sunteck Realty says, “We have already launched Signature Island, our high-end premium luxury project at BKC.
Our other two highend luxury projects Signia Isles and Signia Pearl at BKC have already seen a soft launch. The future of this location is very positive and promising with most corporate houses setting headquarters here subsequently creating a residential demand in the area.”
With many old buildings in the area, there is immense scope for redevelopment too. Mehta adds, “We have two projects in Bandra East, the first one Oriana is a 22-storeyed layout right next to BKC and is a MHADA redevelopment project. The second one Seasons, is on a four acre plot for which the construction is yet to begin. On the west, we have a new project Paramount coming up, which is an SRA development.
The area has tremendous scope for regeneration and redevelopment.”

Bandra Kurla Complex Talking about the prices, Dr. Samantak Das, National Head - Research and Advisory Services, Knight Frank India says, “The current rates for residential properties in Bandra East range from Rs 16,000 psf to Rs 27,000 psf. However, the projects in BKC have higher rates. The strategic location of Bandra East in terms of connectivity, the infrastructure facilities and relatively lower prices compared to Bandra West are driving the residential demand of this place.”
For those looking to buy a home in Bandra East, the advantages are many. Limaye says, “A home buyer who invests in a residential property in Bandra East enjoys the benefits of assured rental income, thanks to the rental demand from an enormous number of people who have come from outside Mumbai and are working in Bandra Kurla Complex. Both capital and rental values are headed for a steep ascendant there, since Bandra West can no longer address most of the demand for residential properties.”
With more and more good projects coming up in Bandra East, it is set to assume an important place as a residential hotspot in the times to come.



Source: May 2, 2011, Magicbricks.com