Move may not boost realty sector: Pankaj Kapoor

The real estate experts seem to have given a mixed response to MMRDA’s suggestion to convert Wadala into the next commercial business district of the city, They opine that the planning authority should have moved towards Thane and beyond or Goregaon on the western line for the alternative business district.

Real estate market experts say with this move, Wadala won’t be much impacted positively, because of many reasons. “The whole move appears motivated, Wadala, isn’t the place where the CBD should be moved, but instead it should be taken to areas like Thane and Goregaon as the population is expanding there,” said Pankaj Kapoor, MD, Liases Fora, a real estate research firm. 

Experts claim, that BKC may not saturate soon and even if it does, Dharavi redevelopment is going to have a major impact on its growth. “Imagine sooner or later Dharavi will be redeveloped, it is close to BKC, and this area will also have a lot of commercial establishments, this will keep the offices here,” said Kapoor. 

Moreover, Wadala faces another problem and that is of pollution, with refineries being close to this area, the air quality is not considered very good. Another expert said, “Monorail will bring in connectivity to the area, but one should notice the population shift, which is mostly towards north of the city. Also the existing rates of Wadala in residential and BKC is close to same, why would anyone choose Wadala over BKC.” 

A real estate broker, claimed that, Wadala rates for commercial offices will be close to Rs 150 and above per sq ft on rent and in this good options will be available within the western suburbs, and central suburbs that is close to the office going population and hence people might not opt for it.