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. It houses a number of offices and therefore was in the development phase so as to utilize the space to its optimal 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.
How will the Development center transform the Mumbai realty sector?
• Investment Opportunities:
• 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. Also a flyover to connect to the JVLR road. There is already going to be a railway station build in the area as well for 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. They will be just close by 25 minutes of driving distance from one of the biggest outsourcing hubs in Mumbai, Mind space in Malad. Therefore also provide a distinct character which will be different from the Development centers like Nariman Point and BKC . Thus it 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. Therefore after the development of the center it will probably be one of the latest micro-market in Mumbai. This will help to boost the property rates. The project is also speculated that the developmental phase would probably end by the year 2019.