Finance giants in Mumbai are coming home—to Worli
Mumbai: Pandurang Budhkar Marg may not roll off the tongue like 'BKC', but that hasn't deterred India's top financial firms from making a beeline to this stretch of Worli in south-central Mumbai — once a premier business address, now staging an unexpected comeback.
At the centre of this revival is Altimus, a 41-storey tower co-owned by K Raheja Corp and Singapore's GIC. Over the past two years, it has quietly pulled marquee tenants away from Bandra Kurla Complex (BKC) and Lower Parel, bringing the corporate spotlight back to Worli.
Its tenant list reads like a who's who of global finance: Morgan Stanley, KKR, BlackRock, Barclays, Kedaara Capital and TPG have all leased space at Altimus. Others, like Goldman Sachs, have opted for nearby Raheja projects such as Ascent. Large Indian firms — including Ultratech — are also moving in.
Read this | Domestic office market surges as India becomes hub for global occupiers
In the early 2000s, Worli's Ceejay House was India's most prestigious office address — home to Barclays, Rothschild, and Credit Suisse. But as BKC and Lower Parel surged ahead, Worli slipped from the spotlight. That tide, it seems, is now turning — with global investors and large Indian firms returning to centrally located towers that offer top-tier infrastructure and access.
The shift reflects more than a reshuffling of office addresses. As India's financial sector expands and global firms grow their presence here, demand is surging for centrally located, premium-grade towers — just as land-constrained hubs like BKC run short on supply.
According to real estate consultants Knight Frank India and Anarock Property Consultants, office vacancies in BKC have dropped to a record low of 3-4% from 13-14% four years ago, raising rents and sparking a scramble for nearby areas such as Kalina, Kurla, Worli, and Lower Parel.
On average, rent has jumped from ₹300 per sq.ft. to ₹400 per sq.ft. in three years, Anuj Puri, chairman of Anarock, had said earlier. Maker Maxity is BKC's costliest location, with rents crossing ₹800 per sq.ft.
Average rentals in South Mumbai are less than in BKC, at ₹250-280 per sq.ft. per month, according to industry experts.
However, traffic bottlenecks in BKC pose challenges for many businesses, prompting some to seek more accessible locations.
Speed and access
For firms like investment management company Alta Capital, the move is about faster, easier connectivity.
'The strategic location allows us to interact with all our stakeholders and partners efficiently as we are central to all the major business districts of Mumbai – BKC, Lower Parel and Nariman Point," said Sid Gupta, Alta's founder and managing partner. The firm leased 6,000 sq.ft. at TS Suites, a plug-and-play office product by managed workspace provider TableSpace, inside Altimus.
Read this | Bandra Kurla Complex is packed to the gills; where do Mumbai's top corporates go next?
Infrastructure has been key to Worli's revival. The new coastal road and sea link are sharply reducing travel times from far-flung suburbs and business nodes. A metro line is on the way.
For executives burned out by the BKC commute, Worli's centrality is a major draw. 'There isn't a lot of commercial space available elsewhere," said an executive from a relocating firm, adding that the commute to BKC was a 'nightmare".
More firms are not just moving but scaling operations in India. '(Worli has) more convenient access, a central location, and larger space," said an executive at a tenant firm.
Barclays, for instance, has taken up 65,000 sq.ft. in Altimus as part of its expansion strategy in India. The bank also highlighted the building's green design and alignment with its net-zero goals for 2050.
'Mumbai is where the future of business in the country is unfolding, and 'Altimus' truly fits in the top commercial CBD (central business district) assets, globally benchmarked for the best representation of the new emerging India," said Vinod Rohira, CEO and MD, commercial real estate, K Raheja Corp. 'Within Mumbai, Worli has emerged as a powerful new magnet, offering access, infrastructure and prestige."
'From high-end tech to financial services, we are seeing global firms make long-term bets on India. This is fuelling strong demand for high-quality office spaces that can keep up with the pace and complexity of modern enterprise," Rohira added.
From mills to magnates
Once an industrial zone filled with textile mills and working-class chawls, Worli began transforming in the 1990s and 2000s as mill closures cleared the way for luxury apartments and high-rises. Yet despite that makeover, it lagged behind the commercial boom in BKC and Lower Parel.
Read this | Mint Primer: Why Delhi-NCR is India's new flex office capital
Now, that's changing.
Average office rents in Worli have caught up with top-end properties in BKC, according to JLL India.
BKC still commands a premium due to its central business district status and limited supply. While Maker Maxity in BKC set a record with lease rentals, average rents in Altimus, Worli, and the top buildings in BKC hover at ₹400-450 per sq. ft, reflecting a narrowing gap as Worli's infrastructure and appeal rise, Sodi said.
'Worli had lost its sheen to Lower Parel and BKC," said Karan Singh Sodi, senior managing director, MMR and Gujarat at JLL. 'Now, the new infrastructure and ready supply are playing a major role in its favour."
Besides Altimus and Ascent (Raheja's 450,000 sq.ft. project now anchored by Goldman Sachs), more high-end office projects are on the anvil. One of the largest will rise on a 22-acre plot acquired by Japan's Sumitomo Corp from Bombay Dyeing in 2023. Work on the master plan is currently on.
Also read | Gen…Next…Go! Meet India's real estate scions
Raheja also has a 400,000 sq.ft. development in the pipeline. The expected completion of the office project is three years or so.
The commercial resurgence mirrors trends in the residential market. In 2024 alone, ten homes in Worli sold for over ₹100 crore each, up from four such transactions the year before. In total, 30 homes priced above ₹40 crore, worth ₹4,862 crore, were sold in Worli in 2023 and 2024, according to Anarock Property Consultants.
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