Monthly Archives: October 2013

The Future of Bandra Kurla Complex

In 1977, Mumbai Metropolitan Region Development Authority (MMRDA) was appointed as the Special Planning Authority that was to envision and develop the Bandra Kurla Complex (BKC). The Bandra Kurla Complex was made to create an alternate commercial area in order to halt the growth of office complexes and commercial districts in South Mumbai. Bandra Kurla Complex covers 370 hectares of land on either side of the Mithi River, Vakola Nalla and Mahim Creek. The rivers were channelized in order to reduce pollution in the area. There is over 8 million square feet of stock office space featuring 2.5 million square feet in addition which was developed around 2012 and furthermore space earmarked for the future of Bandra Kurla Complex. MMRDA has developed 19 hectares of land in the ‘E’ Block of BKC. Around 16% of the BKC complex is vacant.

“During 2010 and 2011, there was a certain uneasiness amongst tenants due to terrorist activity as well as the economic slowdown. However, with the economy picking up, business has gone back to its booming usual and even today there have been massive inclusions into the BKC as Deutsche Bank and First Rand Bank have also made large deals for office space in the complex for development in 2013 and 2014” says Kamal Ketan, owner of Sunteck Realty which has tie ups with Disney and has substantial projects underway in BKC. The Bandra Kurla complex has long been the center for economic prowess and along with Dalal Street remains few of the most iconic commercial districts in Mumbai.

Conditions in BKC shifted from favoring tenants to favoring landlords in 2013. Rent correction and slight increments in rent from previous quarters have shown that the market has bottomed out. Short term tenants always have opportunities however long term spaces and rental options have dwindled towards the end of 2012 and the start of 2013. Few tenants have chosen to move to lower priced markets such as Lower Parel. This mini exodus or shift of favor towards the lower priced markets has prompted questions regarding the future of the Bandra Kurla Complex. Larger firms are taking advantage of their leverage in terms of capital to consolidate holdings in the complex and smaller firms are finding it difficult to find profitable office spaces at a decent rent bracket. ‘The Complex has become a sort of elite corporate sub center. Perhaps there are only going to be large firms and multi-national companies having offices here. It is becoming too expensive and only the really big fish can swim here. Kamal Khetan is very sure of his company, Sunteck Realty serving elite clients via its premium BKC projects – Signia Isles, Signature Island and Signia Pearl.

 

Smart Apartment Renting Tips From Kamal Khetan

Owning your own home may be the ultimate dream, but for many of us renting a flat or apartment may be the perfect and most doable short term solution. When looking for an apartment to rent big cities offer a plethora of options to choose from small as well as big time real estate companies like Kamal Khetan’s Sunteck Realty. Lakhs of young urban professionals, students and young families look for rented accommodation every year and while many searches result in the most fruitful results, you do hear of horror stories as well.

In order to make sure that your renting journey is a pleasant one, there are a few precautions you must take as a tenant. Here are a few steps you would be wise to not give a skip to -

Research the area: Although renting a flat may seem like a short term option (depending on the tenure of the lease agreement) it is still somewhere you will be living for a considerable amount of time. Don’t just take an agent’s word regarding the pros and cons of the locality the house is based in. Do a check of your own, preferably on foot to get a better look and get a feel of the place. It is a good way to gauge the safety and security of the neighborhood in question as well as get an idea of the amenities and public transport options the area will afford you.

Read the fine print: Don’t just sign a lease agreement without combing through it with a fine comb. Check to see what all your deposit and rent payments cover. Whether bills, damages and repairs and included and also what the restrictions are. Never sign or agree to something you are not comfortable with and know what your rights and responsibilities, as a tenant will be, as well as what the landlord is responsible for.

Keep detailed records: If you are planning to rent an apartment that comes with furniture, kitchen goods and the like, make sure that you do a thorough check of what all is included and what state they are in. Keep records and preferably list them with the landlord and a witness, so that there is no hassle about it later. If there are damages, breakage or stains ensure that it is all noted down. Also if you are replacing or repairing anything in the house during your stay, keep detailed records, pictures and bills of those as well.

Talk to experts and reliable real estate agents who will show you a whole host of properties like Kamal Khetan’s Sunteck and give you all the information you may need.