Housing colony in Bandra Reclamation turns gold mine for realtors, owners

The Hindu

4 days ago

From being a quiet colony in Bandra West, housing government employees on reclaimed land in the 1950s, a micro-market in Bandra Reclamation has now turned into a gold mine for realtors and house owners with luxury housing cluster coming up through redevelopment.
What began as a housing solution for engineers and civil servants is transforming into a prime address for diamond merchants, businessmen and professionals, with sea-facing homes commanding prices between ₹6-12 crore a unit.
This transformation reflects not only Mumbai's rising real estate prices but also the city's desperate need to reclaim and redevelop land intelligently and sustainably, according to analysts.
Bandra Reclamation, especially around KC Marg, was part of a larger city planning vision by the state's housing authority (MHADA) where dozens of housing societies came up.
'The 26 housing societies on KC Marg in Bandra Reclamation were primarily built to address the growing need for housing in Mumbai, particularly for the middle and low-income groups,' said Virendra Vora, Promotor and Managing Director, Excel Infra Construction, a local developer currently redeveloping one of the old buildings.
'This area was reclaimed from the sea and became ideal for public sector housing initiated by MHADA in the '50s and '60s,' he said.
Now, these very buildings with a height of 5 to 7 floors, once modest homes for ONGC engineers and state government employees, are being redeveloped into luxurious high-rises, with new construction offering panoramic sea views, sky lounges, and high grade amenities.
'Many of these buildings are now undergoing redevelopment to improve living conditions and infrastructure, with an increased Floor Space Index (FSI) being granted to facilitate the process,' Mr Vora added.
'In Bandra West legacy meets luxury. The upcoming sea-facing projects here are among the most luxurious in Mumbai. With seamless access to the Coastal Road, Bandra-Worli Sea Link, and key business hubs of BKC and Worli, KC Marg is emerging as one of the most coveted addresses in the country,' he explained.
The old buildings are being replaced with swanky towers that rise 40 to 50 storeys high. The building named New Deep CHS Ltd which Mr Vora's company is redeveloping as Bellissma now offers three luxury residences per floor, including two sea facing ones priced about ₹12 crore each.
'Properties in KC Marg and its vicinity offer access to a wide range of amenities and so the demand for a home is very high,' said Kailas Sinari, Partner, Surefire, a project management firm. 'This locality offers comfortable and convenient lifestyle for residents,' he added.
From Bollywood stars to top bankers, many are eyeing Bandra West's reclaimed coastline for its exclusivity, beauty, and location. With the Bandra Fort, Bandstand Promenade, and the sea just a stroll away, the allure is natural and growing, he added.
'Due to its strategic location, infrastructure developments, and growing demand, properties in KC Marg have shown good appreciation in value over time,' said Deepak Singh, who runs Bridge the App for real estate brokers.
Such micro markets make Mumbai's real estate, where a pharma baroness bought two duplex apartments for ₹639 crore earlier this year.