PNN
Mumbai (Maharashtra) [India], June 13: Kanjurmarg is rapidly growing in prominence as a commercial destination, attracting large business houses to set up their corporate offices here. Commercial property rentals in Kanjurmarg are more attractive compared to nearby CBDs like Powai, Vikhroli & BKC. In addition, Kanjurmarg has large land parcels for development coupled with excellent connectivity, good social infrastructure and upcoming infrastructure projects, making it an ideal choice for investment in commercial spaces here. The region is already home to many corporate campuses. Large commercial developments launched by branded names such as Godrej, Runwal, Embassy and Brookfield will further increase the commercial footprint in the region.
Location is the key to Kanjurmarg's growth trajectory in the commercial space due to direct access to key business districts of Powai, Vikhroli, SEEPZ, Airoli, Thane and BKC. In addition, it is also accessible to key residential hubs of the city via rail, road and Metro networks, which makes it a great choice from the HR perspective. It has excellent connectivity to South Mumbai through Eastern Express Highway and Eastern Freeway and western suburbs through Jogeshwari - Vikhroli Link Road (JVLR). The upcoming Metro Lines 4 & 6 will further boost the connectivity of the region. Pink Line 6 will connect Swami Samarth Nagar-Lokhandwala in Andheri in the western suburbs to Vikhroli and Kanjurmarg in the eastern suburbs. Green Line 4 will connect Kasarvadavali in Ghodbunder Road, Thane, to Bhakti Park in Wadala, passing through Kanjurmarg West. Once these metro lines are operational, demand, as well as prices of commercial and residential real estate in the region, will escalate further.
Speaking on the growing opportunities that Kanjurmarg has to offer as a commercial destination Mr Rajat Rastogi, Executive Director, Runwal Group, said, "Kanjurmarg will soon develop into a sought-after address for commercial real estate. With nearby commercial localities like Powai and BKC getting saturated, rentals have shot up, making these locations out of reach for many corporate clients. Kanjurmarg is emerging as the natural successor due to its location advantage, excellent connectivity and proximity to well-established residential hubs. With large Grade A office supply being planned in the region, Kanjurmarg is heading towards being a commercial hub, ably supported by neighbouring localities in providing the talented workforce."
The demand for commercial spaces is growing in the eastern suburbs. According to data analyzed by CRE Matrix between the years 2020 to 2022, offices are moving to the suburbs in a big way post-Covid. The eastern corridor, comprising Kanjurmarg, Bhandup, Ghatkopar, Mulund, Powai, Vikhroli etc., have shown an upward trend in office rentals. The back offices of some of the largest investment banks occupy large spaces in this region.
According to a Cushman & Wakefield Mumbai Office Q1 2023 report, the Year to Date (YTD) gross leasing activity in the Central Suburbs stands at 3,61,958 sqft, with planned & under construction developments at 6,51,000 sq ft.
The region is also seeing a frenzy of residential activity, and co-working players and IT/ITeS tenants are heading for spaces close to residential complexes to create a fine balance between WFH and WFO. Large land areas, ongoing and planned infrastructure projects, and significant growth in the residential segment have contributed to the growth of the business districts in these suburbs. Kanjurmarg has good connectivity to both domestic and international airports. This will help create further demand for commercial space.
A few of the newly launched commercial properties in the region form part of a larger integrated township that offers premium workspaces with the best of facilities and services. These projects provide residents a holistic living experience which promotes the 'Walk to Work' concept. Such projects cater to all the needs of its residents; office, home, healthcare, shopping, leisure, entertainment etc. Offering competitive pricing, Kanjurmarg is one of the fastest-growing markets In this region.
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