Western Express
The residents of the Maharashtra governments employee staff quarters have proposed the government to redevelop the 96 acres Bandra colony on the build operate and transfer basis.
The residents reasoned that most of the residential properties in the colony are damaged and need to be renovated. They suggested that redeveloping the area will solve this problem and might as well provide for extra land for real estate development. Bandra colony houses about 5000 families. Considering this the relocation of the existing staff in a multistorey building will require around 2530 acres of land and the rest of it can be used for further development by the government.
According to media reports the redevelopment project is expected to cost Rs 1686 crore with estimated revenue of Rs 1899 crore. The project will also bring additional revenue to the government that is spending huge amounts on annual maintenance.
Mumbais western suburb Bandra is a government colony constructed on a reclaimed land in 195860. It is advantageously located on the western express highway. It is close to Mumbais secondary business district BandraKurla Complex.
Currently the capital values for residential properties in Bandra are around Rs 14000 per sq ft the luxury apartment units command anything in the range of Rs 3000040000 per sq ft. The rates for office spaces at BandraKurla Complex are been estimated at Rs 350375 per sq ft.
As Bandra houses a fair number eminent conglomerates the sanction of the redevelopment plan will further provide a considerable supply of real estate in the area. Besides it will also direct the construction of government offices in the Mumbai suburbs.
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