Office Space In Mumbai

By Author: Vijay K Shetty
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Mumbai is the financial and business hub of India. It is a metropolitan attracting people from every nook and corner of the country. However, like most urban metros, Mumbai suffers real estate problems. Its acute shortage of land has made it one of the most expensive cities in the world especially for commercial purposes. Recently, one of the survey reports on global real estate, Mumbai has become the fourth expensive place for commercial space in the world.

If one looks at the physical composition of Mumbai, it is chiefly made up of seven islands and is surrounded by water on its three sides. Hence, there has always been a space constraint as the scope for expansion is limited. Being the financial capital of India, people have migrated to this city in hordes that has made space an all the more expensive asset.

Speaking about real estate for commercial purposes, prime places such as Bandra-Kurla Complex, Nariman Point and suburbs such as Andheri are the costliest in Mumbai. For instance, a small 100-sq. ft. workstation located at Nariman Point will cost roughly about Rs. 47,000 per month. Commercial rental spaces ...
... are getting costlier by the day primarily due to an increasing demand of businesses wanting to set up an office in Mumbai.

Office spaces in Mumbai are available as fully furnished office spaces, unfurnished office spaces, commercial hubs having spaces set up for commercial purposes. There are central business districts in Mumbai wherein commercial activities are carried on a large scale.

Suppose you want to set up office in Mumbai, then you should first and foremost look out for location factors such as travelling involved, parking space, traffic flow, proximity to main transportation centers. All such factors will have an impact on the rent that you will have to pay for the commercial area. Also, building costs differ in the town side areas, suburbs and semi-urban areas of Mumbai. The more popular an area in terms of real estate, the more expensive it will be for getting on rent. In Mumbai office space ranges from 150 sq.ft to 32,000 sq.ft.area.

These days, commercial offices are showing a trend of shifting to the suburban areas chiefly because it is a lot cheaper and also more accessible to manpower, considerable of which reside in the suburbs of Mumbai. In the recent years, property rates of commercial districts have been spiraling, take a look at the per square feet prices of some commercial office spaces at various areas:

Nariman Point - 8000-15000, Fort - 7000-12000, Cuffe Parade - 8000-15000, Prabhadevi - 5500-9500, Bandra-Kurla Complex - 6000-12000, Mumbai Central - 7000-10000, Andheri - 2000-5000, Powai - 4000-5500, Goregoan - 3800-5200

These are just square feet rates; the entire office space will cost you a bomb. It will make your heart skip a beat.

This calls for some kind of regulation of real estate prices, as it has been increasing dramatically over the years. Affordability does matter for holding businesses as an over-priced place will make the business out of the city which in the long run would cause more harm than good to growth of Mumbai as a financial capital.

Vijay K Shetty, Platinum Level Author.
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