Mumbai: The Adani Group's mega Rs 2000 crore deal for corporate and retail space in Mumbai's Bandra Kurla Complex, could well make this new business district even more expensive.
The Adani Group has acquired development rights for 21 lakh square feet of land from Housing Development and Infrastructure Limited (HDIL).
The price-tag of Rs 2,250 crore, beats the value of both the recent Unitech deal in Noida and the RIL deal in Bandra Kurla Complex (BKC).
Developers and industry watchers say that in a span of two to three years, which is how long the planned commercial cum retail hub will take to come up, commercial property prices could cross the Rs 20,000 per square foot mark.
"You have to understand that there is not much land available in Bandra Kurla Complex. So far the land has either been slowly tendered, or buildings have to be bought. This deal has given a developer land, which is otherwise not easily available to him," says Managing Director, HDIL, Suny Wadhawan.
"A product acquired at around Rs 10,700 per square feet, should sell at nothing less than Rs 20-25 thousand in two-three years," says Head, Commercial Agency Knight Frank India, Prakrut Mehta.
Prices for office space have gone up by 25 per cent in BKC over the past six months and are expected to continue in this trend.
Certain grade A buildings are today quoting a phenomenal lease rental of Rs 225 per square foot.
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