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Finance > Real Estate > Mumbai Real Estate: Redevelopment Plans for Bandra Colony
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Article rating : 0.00, 0 votes. Author : George Gonigal
The residents of the Maharashtra government's employee staff quarters have proposed the government to redevelop the 96 acres Bandra colony, on the build operate and transfer basis.
The residents reasoned that most of the residential properties in the colony are damaged and need to be renovated. They suggested that redeveloping the area will solve this problem and might as well provide for extra land for real estate development. Bandra colony houses about 5,000 families. Considering this, the relocation of the existing staff in a multi-storey building will require around 25-30 acres of land and the rest of it can be used for further development by the government.
According to media reports, the redevelopment project is expected to cost Rs 1,686 crore with estimated revenue of Rs 1,899 crore. The project will also bring additional revenue
to the government that is spending huge amounts on annual maintenance.
Mumbai's western suburb, Bandra is a government colony constructed on a reclaimed land in 1958-60. It is advantageously located on the western express highway. It is close to Mumbai's secondary business district, Bandra-Kurla Complex.
Currently, the capital values for residential properties in Bandra are around Rs 14,000 per sq ft, the luxury apartment units command anything in the range of Rs 30,000-40,000 per sq ft. The rates for office spaces at Bandra-Kurla Complex are been estimated at Rs 350-375 per sq ft.
As Bandra houses a fair number eminent conglomerates, the sanction of the redevelopment plan will further provide a considerable supply of real estate in the area. Besides, it will also direct the construction of government offices in the Mumbai suburbs.
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