A large number of companies operating in India have their head office in and around Nariman Point. In fact, Nariman Point would have thrived even further had it not been flanked by water on all three sides. This CBD was developed on a strip of land which is a part of reclaimed belt from the sea. With no scope of expansion, most corporates were eventually prevailed upon to launch distributed offices in various other parts of the city.
The Government eventually recognized the need to decongest Nariman Point and proposed alternative Central Business Districts (CBDs). The primary among these was Bandra Kurla Complex (BKC), which had an edge over other proposed sites because of its strategic location between the airport and Nariman Point. As Mumbai is a linear city, BKC lies closer to the heart of the city geographically, compared to the older CBD of Nariman Point which lies at the southernmost tip of the city. The rentals in BKC range between INR 200-300/sq.ft.
A combination of factors played a role in driving companies towards BKC and other suburban hubs.
- There is no good quality space available in the area as companies are looking at large spaces now a days, like 30,000 to 40,000 square feet, with amenities like ample parking space, food courts, and gymnasiums. This kind of space isn’t available at Nariman Point.
- BKC provides excellent connectivity to entire Mumbai suburban areas and it is much closer to residential catchment areas also. The Bandra Kurla Complex is connected to the Bandra railway station on the western railway line and Kurla railway station on the central railway line, which reduces the train travel time by 25-30 minutes. Moreover, Mumbai domestic and international airports are located much closer to the Bandra Kurla Complex.
- BKC provides corporates with the contiguous space that Nariman Point, with its multiple ownership pattern, could never offer them. “Our current location is in a standalone building exclusively dedicated to all our wholesale bank businesses. At Nariman Point, we had a staggered presence across floors in a multi-tenanted building
- Another reason companies have shifted from places in south Mumbai is safety, which is high on the priority list of MNCs and big Indian businesses. Most buildings in the area are more than 30 years old. On the other hand, of the 29 buildings in Mumbai that have received any kind of Leadership in Energy and Environmental Design ratings, an urban design standard, BKC has seven, all of them with either gold or platinum ratings, which means these buildings score highly in energy efficiency, water efficiency and have better indoor environmental quality.
