Mumbai’s Wadala, situated in the city’s eastern region, has found its place among the world’s most promising property hubs.
The Wadala region has the prospect of development opportunities similar to those seen at Bandra-Kurla Complex over the past two decades, according to ‘The Wealth Report 2020’ released by Knight Frank.
The 288-acre truck terminus is being shifted out of Wadala and the land is being developed into a prime real estate location similar to the Bandra-Kurla Complex in Mumbai’s CBD, Knight Frank said in its report.
“If the Mumbai Metropolitan Regional Development Authority (MMRDA) can work the same magic at Wadala then at least 50 million sq ft of real estate supply, connected to various parts of the MMR via three mass rapid transport systems, currently under construction, can be expected in this region,” the report noted.
The truck terminal is in the process of shifting out and once this process is complete, MMRDA will auction the land to developers and institutions.
Further, the report said that the Bandra-Kurla is one of India’s most sought-after business districts and cap rates hover around 8 percent. The cap, or capitalisation, rate is the annual net operating income of any property as a proportion of its value.
If MMRDA succeeds in its efforts to build a business district in Wadala as it did in BKC, similar rates can be expected, the report said.
The region is close to the centre of the Mumbai Metropolitan Region (MMR), and has excellent connectivity, with major roads linking it to south Mumbai, Navi Mumbai and the central suburbs and a monorail connection to western and central railway networks.
(Source: CNBC TV18)
