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NEWS

4
Oct
2017

Office space in central Mumbai has multiplied 4 times in 10 years

The unabated construction spree in the Lower Parel-Elphinstone Road belt has choked the neighbourhood, attracting several lakh people every day and putting unbearable pressure on the two railway stations. Central Mumbai where Elphinstone Roadstation is located, has been a goldmine for builders after the state opened up this erstwhile textile mill enclave for development a decade ago. The unabated construction spree in the Lower Parel-Elphinstone Road belt has choked the neighbourhood, attracting several lakh people every day and putting unbearable pressure on the two railway stations. Real estate experts said the total office space here was less than 30 lakh sq ft in 2005. But due to the state government’s liberal policies, it increased to 55 lakh sq ft by 2010 and crossed 1.3 crore sq ft by 2015. “The character of the area suddenly changed from an industrial belt into a sought-after business district and high-end housing,” said Ashutosh Limaye, national director & head, research, JLL India. The total office space is expected to increase to 1.6 crore sq ft by 2021, according to JLL’s estimate.
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