When uttered, the words “Bandra-Kurla Complex” or “BKC” bring to mind an upscale area with glass buildings housing MNC offices. Such an opulent image scarcely resembles the marshy wasteland that it once was. So how did this swamp-like land turn into an area luxe enough to be the penultimate destination of the grand Ambani wedding? Unsurprisingly, the answer is a bit more complicated. The development of BKC was a result of intention aided by the economic liberalisation of India.
How BKC Transformed From A Wasteland To A Landmark
The story begins circa 1980. The commercial business district or CBD at Nariman Point reached its saturation point. As the only CBD in Mumbai at the time, the government was looking for alternative spaces for new businesses to set up offices. The Chief Minister at the time, Sharad Pawar, saw the Bandra-Kurla area as a possible alternative.
However, since it was an out-of-the-way swampland, not many businesses were willing to move offices to the area. Many politicians faced heat as it seemed like a waste of all the money spent on land compaction and reclamation. However, slowly, the price of land started increasing. As per a Times Of India or TOI article, land prices increased from ₹3,000 per sq. m. in the 1980s to ₹8,000 per sq. m. in the 1990s.
The reason for this price increase? The economic liberalisation of India! After liberalisation, many banks wanted to branch out of South Mumbai and set up offices in other places. This is when BKC drew all eyes. The TOI article also mentions that the MMRDA initially planned to auction off the land at ₹25,000 per sq. m. but the price soon rose to ₹40,000 per sq. m.
The Complex Journey Of Mumbai’s Landmark
Soon, some of the most significant establishments set foot in the area, effectively transforming its value. The Diamond Bourse, embassies of the UK, the US, the Netherlands, Australia, and more set up shop. And then arrived Ambani, bringing assets like Jio Mall, Jio World Drive, and the latest NMACC.
By the time the last piece of land was auctioned off, prices had already reached a whopping ₹3.5 lakh per sq. m.! Today, BKC stands as the most expensive commercial real estate district in the country.
Did you know about the fascinating history of the Bandra-Kurla Complex? Let us know in the comments section below!
Cover Image Credits: Canva Images
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First Published: July 12, 2024 1:39 PM