After years of playing second fiddle to newer areas such as Bandra Kurla Complex (BKC) and Andheri in Mumbai, Nariman Point, once the most coveted address in Mumbai and the country's first central business district (CBD), is bouncing back with a vengeance.
According to estimates made by property consultant Jones Lang LaSalle Meghraj (JLLM), at least seven lease deals for 45,000 sq ft (BKC saw deals for 50,000 sq ft in the same period) have been struck in buildings such as Hoechst House, Nirmal, Nariman Bhawan and Express Towers in the last six months. That's 50 per cent more than the previous six months.
Several other deals are in various stages of negotiations. Of this, Express Towers, which has a total built-up area of 400,000 sq ft, has seen four lease renewals by high-profile tenants such as Bank of America and Temasek. Others like Hoechst, One Forbes House and so on report similar renewal rates.
Image: A view of Nariman Point at night
Text: Business Standard
Image courtesy: Getty / www.narimanpoint.in