Bandra Replacing South Mumbai As Property Hotspot

South Mumbai has always been the preferred home to Mumbai’s upper crust for years. But now with virtually no land to be had in the Island City, the elite are moving into the suburbs and Bandra seems to be the hot new destination.
Malabar Hill, home to the city’s elite and till now the most famous of addresses in South Mumbai, is facing serious competition from bandra, popularly known as the Queen of the suburbs.
And with many famous people moving in, it’s certainly living up to that name. The latest celebrity to move to Bandra is Sachin Tendulkar, who has bought an old Parsi Villa on Perry Cross Road for Rs 39 crore and he has many other famous people as his neighbours.
Shah Rukh Khan’s Mannat on Bandra Bandstand has virtually become a tourist spot just like Salman Khan’s Galaxy Apartments.
Also by the sea, is Abhishek Bachchan’s brand new home Naivedya on Carter Road while Aamir Khan’s has already been living for quite sometime now.  Even Saif Ali Khan has bought his new home in Bandra.
And with the hot shots living in Bandra, can the rest of the Bollywood brood be far behind?
Actor Aftab Shivdasani, a true blue townie in fact, has also recently succumbed to the Bandra bug.
Not just the entertainment industry, but business offices and consulates too are now moving to Bandra with great speed.
This, even as the current rate there continues to hover around Rs 22000 per square foot.
But top real estate agents say new buildings in Bandra are often fully booked even before construction is complete.
Real estate agent Prakash Jain says, “Bandra is a very, very popular destination and the kind of buildings that are coming up, the receptions with swimming polls, gymnasium and gardens etc., you don’t find in South Bombay now.”
So move over South Bombay, or Sobo as it’s fashionably called, Bandra is where the galaxy of stars has landed.

4 Comments

  1. Real Estate India
    Posted May 30, 2008 at 6:07 am | Permalink

    Bandra has for some time been a popular among upper end property buyers like the nouveau rich.On the other hand it is a myth that South Mumbai is lagging behind.For any X amount of deals that Bandra boasts of, South Mumbai remains unbeatable what with houses like Ambani’s $2 billion pad and Kumar Mangalam Birla’s million dollar bungalow.

  2. Mitesh (London)
    Posted May 30, 2008 at 9:12 am | Permalink

    Well I think you are correct! However as a matter of fact, South Mumbai would never be compared with Bandra but Bandra would be!

    Choice is yours..

  3. Posted June 3, 2008 at 3:36 am | Permalink

    Real estate in Mumbai has been on an upswing in the last three to four years, and continues to display tremendous potential. A multitude of factors including increasing urbanisation, rising disposable income, easy availability of finance and favourable tax regime have backed the development of real estate in the city. With the demand for housing in Mumbai high and shortage of land to meet the rising demand, the city’s western suburb Bandra could see availability of close to 60 acres of real estate for development.The residents of the Maharashtra government’s employee staff quarters have suggested that government redevelop the colony spread across 96 acres. The relocating of existing staff in the multi-storey buildings will require 25-30 acres of land while the government can exploit the rest for further development. The project will also fetch additional revenue to the government that is spending Rs 15-20 crore on annual maintenance. If the approval for the project is granted it would result in a significant supply of real estate in Bandra, which would inturn attract corporate houses to set up new offices .According to the industry experts, the real estate rates at Bandra-Kurla Complex have jumped 100 per cent in the last three years. The additional of piece of land will have huge impact of the area’s realty considering the strategic position of the colony. The specific assessment is not possible as the project will take time to come up if approved. The staff has already paid the cost of the houses through the HRA deductions and it is impossible to buy new houses at such high realty prices. With such developments taking place there is no chance for the real estate growth in Mumbai to come down.For more view- realtydigest.blogspot.com

  4. Posted June 23, 2008 at 7:26 am | Permalink

    Mumbai’s industrial property rents almost doubled last year, rising at the fastest pace in the world.
    According to an international report, annual industrial rents in India’s financial capital surged to nearly 80 euros (127 dollar) a square meter.
    Global average rents rose by more than 6 %, outpacing the 4.5 % increase in 2006, with Asia showing the biggest gains, boosted by economic growth in India and China.

Post a Comment

You must be logged in to post a comment.