MUMBAI
REAL ESTATE BOOM CITY
Bestowed by
natural inlet via sea, blessed by a natural harbour, inviting commerce across the globe.
The growth of Mumbai has been spectacular during the recent decades. Growth of industries
and now a IT epicenter it has seen radical change in its topography. High rise Buildings
resulting in soaring of real estate rates. With prime areas even in the suburbs. Real
Estate rates here are more project oriented than location oriented.
Ones loss
is someones gain ! as the saying goes. Closure of textiles mills and industrials sheds has
opened up avenues for re-development considerations. Top brasses in construction sector
are rising these properties for the multiplexes and Malls and shopping centres. This flex
indicates a change in direction towards expansion for real estate. Thus resulting in
escalating values for land.
Residential
properties are on the rise in the region of Rs. 20-30 million range. ‘A’ Grade
Buildings in the ‘Golden triangle’ as it is coined, command a price from Rs.
15000-17000 psf. Cuffe Parade Rs. 8000-12000 psf. Bandra one of the posh areas in Mumbai
calls for Rs. 8000-13000 psf. Supply of residential properties in the leave and license
market has built up, leading to a fall in rentals.
Nariman
Point and Bandra-Kurla Complex command a good price for commercial property. Nariman Point
commands Rs. 8000 – 12000 psf and Bandra-Kurla Complex Rs. 7000 to 9000 psf. Central
Mumbai a fast developing industrial market is not lagging behind and rise in commercial
properties in on the cards with 30% - 40% above market values.
The
realization that land is an asset, corporation are now contemplating on developing large
tracts of green land. Developers are tieing in with companies and vice versa for purchase
of land for office space constructions, subjective to their requirements. Union budget has
facilitated companies if they choose to buy land for providing houses for their employees.
Mumbai the
city of hopes & dreams
A visitor
to Mumbai would find it difficult to believe that this bustling, very modern metropolis,
was once a cluster of seven islands, surrounded by swamps and marshes, and inhabited by a
fishing community, the Kolis. Today, those seven islands exists as the areas of Colaba,
Dongri, Mazgaon, Girgaum, Worli and Pare-Sion, whereas the Kollis outnumbered by a
burgeoning population, have been relegated to pockets along the sea.
Mumbai’s
recorded history begins with the Portuguese takeover in 1534. However, the Portuguese
contribution was minimal and in 1661, the islands formed part of the dowry of Catherine of
Braganza when she married Charles II of England. A few years later, the British Crown
leased the islands to the East India Company for the paltry sum of ten pounds sterling a
year.
From then
onward, Mumbai’s fortunes took an upward swing. The mechanism of the East India
Company, especially its first governor, Gerald Aungier, recognised its potential and
proceeded to transform the swamplands into a centre of trade and commerce. The secluded,
natural harbour, which inspired the Portuguese to call the area “Bom Bahaia” or
beautiful bay, was developed into a port along with a fortified township to protect it.
Thus by the end of the seventeenth century. Mumbai like Calcutta and Madras, had become a
major port city for the East India Company and was henceforth termed as the Bombay
Presidency.
However,
Mumbai’s dynamic development occurred as recently as the second half of the
nineteenth century. Over the years the seven islands were linked by causeway and the city
began to take shape. Meanwhile the network of railways had been established connecting
Mumbai to the rest of the country. This was providential. The American Civil War had led
to a slump in American cotton supplies and Mumbai was suddenly propelled into becoming a
major “cottonopollis” a vast clearing house for India cotton. Mills were set up
and business flourished. At about the same time, the Suez Canal was opened and the city
officially became India’s gateway to the West.
However it
is the Gateway of India that can claim to be Mumbai’s signature monuments. This
triple-arched gateway at Apollo Bunder marks the spot where new arrivals came ashore. In
1911, when George V and Queen Mary, made their state visits to India., the first reigning
monarchs to do so, a plaster arch was erected here, through which they entered. After
their departure, the arch was dismantled and in 1927, the Gateway of India was built to
commemorate that visit and also to be a venue for such other ceremonial receptions. The
Gateway of India still retains its majestic aura, overlooking the Arabian Sea, surrounded
by gardens, where the equestrian statue of Shivaji, the great Maratha warrior was erected
in 1961.
Chowpatty
hums with activity. This sandy beach is the one spot in Mumbai where people from all walks
of life gather. The rich and the poor, the young and the old, vendors, entertainers –
for each of them Chowpatty has something to offer More importantly, this is the location
of Mumbai’s premier festival, Ganesh Chaturthi, where the life-size images of Ganesh
, the elephant-headed god are immersed in the sea.
When the
Portuguese occupied Mumbai, the Jesuits reserved Bandra as their domain. However, today,
it is Mount Mary’s church which attracts people from all faiths, especially in
September when the week-long Saint Mary’s Fair is held. This festival celebrates the
fulfillment of a vow made by a Parsi gentleman, whose daughters had all died at infancy.
He promised to build a causeway linking Bandra with Mumbai if his new born daughter
survived beyond the age of seven. Thus a tradition was established which continues to this
day. During the Fair, devotees congregate at the church, offer wax candles to seek favours
through Mother Mary.
Shopping in
Mumbai is an experience and ranges from the trendy, upmarket boutiques for the
sophisticated shopper to local markets where all manner of merchandise are available. Chor
Bazaar or Thieves’ Market, on Mutton Street, is a haven for the antique hunter. Here
the discerning can find quaint little curios, carved colonial furniture. Chinese porcelain
and other bric-a-brac. Fridays are the best days to visit and perhaps pick up a genuine
antique for a bargain.
Mohammed
Ali Road is a predominately Muslim locality presided over by the Zakaria Masjid. Here, in
the narrow, crowded bylanes are shops selling traditional wares like cosmetics and
perfume. During Ramzaan, hundreds of foodstalls line the streets, filling the air with the
aroma of delicious food being prepared. This is where the faithful come to break their
fast.
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