Mumbai's BKC: Here flats cost Rs 30-55cr, and there are enough takers

MUMBAI: BKC is not just a glitzy corporate enclave, but also a place where the rich have booked flats costing Rs 30-55 crore. Kamal Khaitan of Sunteck Realty, who has three projects in BKC, said the luxury residential market in the business hub is still good. “People want to be here because of the schools and restaurants,” he said.

According to Anarock Property Consultants, 1,700 residential units have been launched in BKC since 2010 with nearly 58% absorption— of the total units launched, nearly 710 are still lying unsold. Average property prices hover around Rs 42,500 per sq ft, with a price appreciation of 34% over the last six years.

“Following BKC’s rapid commercial growth by more than 300% over the last decade, residential and retail development have also gained momentum over the last five years. In fact, BKC has emerged as one of the most sought-after residential hubs for the upper crust,” said Anuj Puri, chairman, Anarock.

Among those who have booked duplexes here are industrialist Gautam Adani, former Citigroup head Vikram Pandit, former chief executive of Deutsche Bank (Asia/Pacific) Gunit Chadha, chairman of JM Financial Nimesh Kampani, Harsh Mariwala of Marico, Jalaj Dani (ex-Asian Paints), Kishore Lulla of Eros International and Ashok Wadhwa of Ambit Holdings.

A large chunk of the units sold are lying vacant, while a small handful have been occupied by staff members of consulates and other corporates present in BKC. “Some of the units are used by corporates as guest houses, for temporary occupancy only. The vacancy of several residential units in BKC is mainly because the man investors here are NRIs and HNIs who largely live overseas. For them, rental return is not the prime objective. Rather, they add such prime properties to their portfolios more for diversity and assuredly massive profits in the future,” said Puri.