Looking at a satellite image of Bandra Kurla Complex today, it is difficult to imagine that 20 years ago, after reclamation, it was mostly vacant. Land was available there at a throwaway price of Rs 3,000 per square metre, or Rs 300 per square feet in the 1980’s. As the 90s approached, prices at BKC inched up to Rs 8,000 per sq metre. Liberalisation transformed the scene overnight. The last land auction at BKC occurred towards the end of the noughties. By then, prices had shot up to almost Rs 3. 5 lakh per sq metre. To meet demand, MMRDA increased BKC’s FSI from 2 to 4 for commercial plots and from 1. 5 to 3 for residential plots.
No comments:
Post a Comment