After it’s recent purchase of 7.5 hectares of land in the Bandra-Kurla complex, Reliance appears ready for another large land deal. Speculation is rife that Reliance Industries is looking to acquire a 61 acre plot in Powai from Larsen & Toubro for upwards of Rs. 1,000 crore. In news reports, L&T has denied that any deal is happening.
The purchase if it goes through will be amongst the largest land deals in Mumbai. The plot is located on Powai’s Saki-Vihar road.
While Powai has always been known as the home of IIT and of the scenic lake, of late Powai has emerged as a preferred development destination in Mumbai’s land scarce market. Many companies have moved their offices to Powai attracted by the availability of space in Powai, easy access to the Eastern & Western Highways and to the international airport and proximity to several commercial complexes such as Bandra-Kurla complex, MIDC. The 10.5KM Jogeshwari – Vikhroli Link Road, will benefit Powai with a travel time of only 10 minutes to the Western Express Highway.
For residents, Powai is green and relatively unpolluted, has very good connectivity to other parts of Mumbai, has good schools and hospitals and other public amenities. Powai is also situated at a higher level, a key plus to residents who recall last year’s devastating floods in the rest of Mumbai. All these factors make Powai a terrific base for a retailing cum residential venture.
Hirandani Constructions, the developer that put Powai on the realty map, is focusing on higher end projects such as Tarino and Somerset. Nahar Builders and Gundecha Builders are some of the others with projects in Powai and Chandivali that include a clubhouse, swimming pool, and other amenities. K. Raheja is developing Raheja Vihar on Powai Lake. Residential property rates in Powai are currently between Rs. 6,000 to Rs 9,000 per square feet.
With the scarcity of land in Mumbai’s CBD the focus of commercial activity has shifted to Bandra Kurla, Andheri Kurla and futher north. IT/ITES companies have targeted Malad, Powai and Vikroli because of the availability of larger floor places, high efficiency and availability of residential housing for their staff.
With Mumbai witnessing a flurry of activity, from DLF’s acquisition of NTC mill land for Rs. 700 crore, Reliance and Adani Group’s purchase of land in the Bandra Kurla complex, any Reliance deal in Powai will most certainly provide a fillip to the real estate market and also drive price appreciation in Powai.