The rise and rise of Bandra: Mumbai’s most vibrant piece of real estate

No one knows the date when it all began but it is undeniable that today Bandra is the most vibrant part of Mumbai. The coastal suburb, home to icons like Sachin Tendulkar, Salman Khan and Shah Rukh Khan, was always a high-profile micro-market. But it was always something of a poor man’s South Mumbai where property rates were 30-35 percent lower as recent as a decade or so ago. 

Its history, however, is richer than that of most of Mumbai. Around 500 years back, a pirate entered the Bandra creek and burnt down the fishing town he found, establishing the rule of the Portuguese.

When Bombay was given to England in dowry when King Charles married Catherine of Portugal in 1661, Bandra was not part of the treaty and stayed with the Portuguese. It eventually became part of the British Empire, was granted the status of a municipality in 1876 and merged into the Bombay Municipal Corporation after India’s independence.

I stayed at Pali Hill in Bandra more than two decades ago before shifting to Altamount Road. I was very young then and I couldn’t quite form an opinion. The only thing I know is I didn’t miss Bandra at all—major action was outside, in South Mumbai.

Then several things happened, but two things stand out.

The magnificent Bandra-Worli Sea Link came up, providing smooth connectivity between South Mumbai and the suburbs. It was also an easy gateway to the then-emerging commercial hub of Lower Parel in central Mumbai. That edge, however, would pale in comparison to the miracle that was the new commercial business district of Bandra Kurla Complex (BKC). It ended the monopoly the locations in South Mumbai had over the premium commercial space market. It changed Mumbai like never before.

It gradually killed the vibrancy of South Mumbai and placed Bandra at the heart of India’s financial capital. It thrived as a bastion for creative artists, corporate professionals, entrepreneurs, etc. It built on its reputation as a buzzing hub with cafés, bakeries, gyms and bars. (Fact: Mumbai’s first McDonald’s opened in Bandra) 

Expats and well-earning singles chose it as their place of residence. Unlike many other areas of Mumbai, Bandra has largely managed to retain its greenery and open spaces, thanks to the active role played by the residents. 

A dump yard got converted into a now-famous seaside jogging track— the Jogger’s Park. An open toilet for migrants that had once ruined Carter Road was salvaged and beautified.  

Today it will be foolish to refer to Bandra as the inferior or a poor cousin of South Mumbai. Property rates, on average, are at par. Select sea-facing apartments at Carter Road or Bandstand attract a steeper premium in comparison to their peers. It must though be pointed out that the most expensive property deals still happen in South Mumbai’s landmark constructions.

Would I shift to Bandra if given the option? I am not so sure. It’s too noisy and crowded for my comfort. The roads are narrow and broken in many places. Traffic and congestion are miserable. 

While autorickshaws were generally indisciplined (South Mumbai residents should thank their fortune that three-wheelers are not permitted in their zone), the delivery staff of Swiggy and Zomato have exploited weak traffic enforcement, making Bandra—along with many other suburbs—appear as a lawless small-town. Every monsoon is a nightmare in terms of flooding.  

Quality options among buildings are few. Given the easy demand from tenants, landlords pay scant attention to maintenance. There has been minimal new construction and most of the buildings are old and creaky. Local developers have made their niche in that market. 

One such prominent developer is Satguru—a financially conservative player constructing edgy buildings. Sharan Babani of Satguru says, “Bandra today is neither dominated by the old rich or the new rich. Instead, it is more the cool rich. But the underlying reason in a housing purchase remains the same: good building at a defined timeline.”

It may appear odd that branded developers have had almost no involvement in such an expensive real estate micro-market. The reason is that there is no real land available. Redevelopment of standalone buildings is hardly attractive and slum rehabilitation projects are complex to get started. Godrej Properties is, however, scheduled to initiate an SRA project in that market soon.

Large projects have, however, been done in the eastern part of Bandra. Over a decade ago, prices were substantially lower than those in the western neighbourhood but with the proximity to BKC and the involvement of credible players like Kalpataru and Rustomjee, the gap has narrowed sharply. 

At its core, Bandra is Mumbai’s best success story of the last decade, as the economic geography has decisively shifted from South Mumbai. Since then, it has had no rivals. 

Now, it is up against a killer virus that threatens to alter the dynamics of city living. If it can overcome this challenge without major bruises, it will be a deserving star just like the several superstars who reside in it. 

(When not busy with his newstoon platform Snapnews, Vishal Bhargava is a real estate enthusiast who views and reviews new projects. The views are personal.)