India's commercial capital is booming, with keen interest being shown in its convention and commercial centre
Mumbai's real estate market is booming as never before. The first days of the year are promising runaway records in property prices, especially for commercial property in the midtown Bandra-Kurla Complex (BKC), an international convention-cum-exhibition centre and commercial complex.
Astronomical bids were recorded last Friday for nine BKC plots and record prices are expected at the auction to be held next Tuesday of a 7.48 hectare plot in the same complex.
The highest price paid for a single plot so far is 7.02 billion rupees ($1.23 billion) paid last year by Akruti Developers for the 6.47 hectare site of the defunct Mumbai Textile Mill, at Lower Parel. The BKC plot is expected to attract a higher bid.
The Mumbai Metropolitan Region Development Authority (MMRDA) has set a floor price of 4.80 billion rupees for the plot, including 3.50 billion rupees for the commercial complex and 1.30 billion rupees for the convention centre. The MMRDA has been touting the proposed development as the 'first of its kind in India to meet the needs of not only the city, but also of the entire country'.
The convention and exhibition centre will cover 700,000 sqft and will house five exhibition halls, a convention auditorium with seating for 2,000 people, conference halls, boardrooms, shops and offices, public areas and car parks.
The commercial complex of more than 538,000 sq ft will house a multiplex, shopping malls, an entertainment centre, offices, shops, hotels and restaurants.