Mega business district for Mumbai, courtesy MIAL.
26 Nov 2015Mumbai is getting ready for yet another business district in an area that would be bigger than Bandra-Kurla Complex, which is home to a host of marquee names in business. Known as the GVK Skycity, the area surrounding the swanky new T2 terminal in Sahar and built by the GVK group's Mumbai Airport International Ltd. (MIAL), will have 20 million sq. ft. of commercial space that will be bid out.
The first phase, which will see the construction of hotels, three million sq. ft. of retail area, office blocks and conventions on 200 acres of airport-owned land, has begun and the GVK group plans to finalise the lease of 8-10 acre land parcels by March.
According to a GVK group presentation, the projected investment in GVK SkyCity will be over Rs. 12,000 crore. Plans have been prepared to boost infrastructure and amenities, including sidewalks, arterial roads, a metro line and a recreation area, amongst others. The presentation talks about changing the real estate landscape of the area by creating a "vibrant 24x7 business and leisure hub and global convention and hospitality destination".