BKC real estate market prices dropped?
BKC if you listen to this term now you can only think of big commercial real estate, big offices, huge buildings but in the beginning, it was a bit different. In the early days of BKC it was just a barren land with less to no population and now considered as a hub to commercial offices and the go-to place to get an office. Before the pandemic hit around 400,000 people were working in different office spaces in BKC throughout.
Various independent commercial buildings like SBI, IDBI, SBI, SEBI, BOI, Dena Bank, SIDBI, PNB, ING, NSE, NABARD, ILFS, ICICI, UTI, Citibank, Canara Bank, Bank of Baroda and Oriental Bank of Commerce have their commercial space in BKC.
Despite the economic uncertainty which continues to haunt the BFSI sector in Europe and the United States, commercial office spaces in BKC‘s market continue to grow. Today, the indecision among tenants which defined 2019 and 2020 has eased. Over the last few months, the market needle has begun to point towards a landlord-favoring market.
Other prominent institutions include the American consulate, Dhirubhai Ambani International School and The American School of Bombay. Currently, BKC also has 2 luxury hotels – The Trident and Sofitel.
Due to the recent pandemic real estate market has been hit a bit while in a decade, people are demanding lower prices which is astonishing and has never happened. People having vacated their office to the trend like work from home in full force. People are demanding 20%-40% less compared to the market price. In the coming months, we could get a clearer picture.