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The planning and development authority of India, The Mumbai Metropolitan Region Development Authority (MMRDA) who recently developed the Bandra-Kurla Complex as a district center and houses a number of offices and therefore was in the development phase so as to utilize the space to its optimality for the offices. Now the MMRDA has received a number of responses to create the Oshiwara Business District in the western part of Mumbai. The authority is planning to develop the Oshiwara Business District along the lines of Bandra Kurla Complex.
The 160-acre land in the Goregaon is considered for it since there is already a railway station made in order to connect the western and the harbor railway lines in order to improve the connectivity of this zone and they plan on calling it Oshiwara Development Center (ODC). The project is considered as a Public-Private Partnership (PPP) model. Since there are a number of residents living there and therefore after taking their approval it is planned to work out. MMRDA is planning to create commercial, retail and entertainment zones which will bring character to the ODC.
How will the Development center transform the Mumbai realty sector?
• Investment Opportunities: The area of Andheri-Goregaon will transform due to ODC since the hub will create 20,000 residents and 2.5 lakh jobs, therefore, the area will become appreciated since there are already a few office hubs such as Nirlon, Infinity IT Park, Nesco. All these commercial spaces will intense the demand of the area and is a great investment opportunity.
• A modified version of BKC: With BKC project mistakes now the government is aware that they should include residential homes in their development center for people. Therefore, they plan to build 50% as residential space alongside commercial space and also to include social attractions such as Malls, Theaters, Parks etc.
• Improved Connectivity: The MMRDA is planning to widen the roads connecting the development center and build 6, 60 ft roads connecting and also a flyover to connect to the JVLR road. There is already going to be a railway station build in the area as well so a far better connectivity between Western and Harbor line will be available for the commute to and from the area.
• Multiple prerequisites: The Oshiwara District Center will have BPO and IT units which will be just close by 25 minutes of driving distance from one of the biggest outsourcing hubs in Mumbai, Mind space in Malad and therefore also provide a distinct character which will be different from the Development centers like Nariman Point and BKC and thus will be a better development in the Western Mumbai.
• Outlook on growth: The current growth in the prices of the properties is around 6-7 percent yearly and therefore after the development of the center it will probably be one of the latest micro-market in Mumbai leading to boost in the property rates and the project is also speculated that the developmental phase would probably end by the year 2019.