Mumbai’s new Bandra Kurla financial district, already home to India’s biggest stock exchange and international banks such as Citigroup Inc. and UBS AG, is missing a key ingredient: sufficient housing to meet demand.
The Mumbai Metropolitan Region Development Authority sold land in the central-eastern district of Wadala for 40.5 billion rupees to Lodha Developers Ltd., the agency’s Additional Commissioner S.V.R. Srinivas told reporters today.
The seaside town of Alibaug , founded about 300 years ago when India vied with China to be the world’s largest economy, is experiencing a rebirth as Mumbai’s growing number of rich people seek holiday retreats in the region.
UBS AG and JPMorgan Chase & Co. are leading an exodus of finance companies from Mumbai’s Nariman Point financial district as they balk at paying double midtown- Manhattan rents for crumbling four-decade-old buildings.
Mumbai Metropolitan Region Development Authority Photos