Gautam Saraf on growing prominence of Worli

Worli has come a long way to emerge as one of the prime real estate destinations in the country's commercial capital. This up-market location which is strategically placed to bridge the north-south divide has managed to maintain its momentum despite the ongoing challenges and has emerged a winner with property prices remaining steady all these years.

What makes this locality unique and interesting is its proximity to CBD (Nariman Point) on one side and BKC and the airport on the other, enhanced recently due to the sea link. Factors like New Technology, Grade A buildings, Consolidation under one Building for companies, New Generation building, Green buildings used for construction are major factors that are driving the MNC's to move from old buildings in Nariman Point to new high end developments in Worli.

As a real estate destination, it has surged unfazed at a time when Nariman Point, once the most sought-after office destination, has been losing its sheen considerably whereas Lower Parel is struggling to keep its initial tempo.

In order to leverage its prime setting, quite a few reputed developers are currently active in Worli putting up luxury residential projects at a price band of Rs 35,000-45,000 per sq feet. This is happening at a time when developers in general are cautiously trying to build affordable and mid-segment properties to beat the slowdown in the market.

Worli has also got a good blend of commercial properties which have always been commanding premium in the market. Rental values in the area are currently ranging from Rs 200 per sq feet to as high as Rs 275 per sq feet which are very similar to BKC and Nariman Point today. There is Grade A commercial properties in the area, that in the recent past have even commanded one of the highest rentals of around Rs 500 per sq feet at one time. In fact, commercial rentals in Worli have shown a steady progress and the trend is expected to continue as well. Commercial projects like Birla Aurora, an offering from the Birla Group, with all its ultra modern amenities, are all set to give Worli a new facelift.

Worli's Dr Annie Besant Road has been one of the traditional office areas in Mumbai with the first major development - the Shivsagar Estate coming up in 1970s. Corporate majors that have made their presence felt in this business district are Century Textiles, GSK Pharma, Novartis, RPG Group, Tatas, HDFC Bank and Yes Bank.

As a real estate market, Worli unlike other micro markets in the commercial capital has exhibited much balanced demand-supply equilibrium on account of its selective development profile. The commissioning of iconic Worli-Bandra Sealink in 2009 has added significantly to its robustness with commuting time from western suburbs coming down substantially. Apart from road linkage, Worli also enjoys good railway connectivity through Dadar, Mahalaxmi and Elphinstone railway stations.