Gateway of India

Mumbai is the financial, commercial and entertainment capital of India. It is also one of the world's top ten centres of commerce in terms of global financial flow, generating 6.16% of India's GDP and accounting for 25% of industrial output, 70% of maritime trade in India and 70% of capital transactions to India's economy.

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Mumbai's Landmark - Gateway of India
Mumbai's Landmark - Gateway of India
Mumbai's Landmark - Gateway of India

Mumbai is the capital city of the Indian state of Maharashtra. It is the most populous city in India and the ninth most populous agglomeration in the world, with an estimated city population of 18.4 million. Along with the neighbouring regions of the Mumbai Metropolitan Region, it is one of the most populous urban regions in the world and the se?ond most populous metropolitan area in India, with a population of 20.7 million as of 2011.


India's GDP growth for the third quarter of FY2015–16 slowed down to 7.3% from 7.7% in the previous quarter. Growth in the construction sector was witnessed at 4.0% during the third quarter, up from the 1.2% growth in the previous quarter. The government, in its Union Budget 2016–17, exempted the Dividend Distribution Tax (DDT) for Special Purpose Vehicles (SPVs) of Real Estate Investment Trusts (REITs), which will make REITs more attractive in the real estate sector. The Parliament recently passed the Real Estate (Regulation and Development) Bill 2015, which is expected to create a uniform regulatory environment and bring transparency to the sector, thereby giving a boost to investments into the sector.

Heightened leasing activity in select submarkets

The first quarter of the year witnessed an influx of about 885,100 square feet (sf) of office space and all of it was contributed by Grade A developments.Nearly 65% of this incremental space was added in Andheri-Kurlasubmarket, followed by Thane (23%) and Malad/Goregaon (13%).

Leasing activity was recorded at 1.2 million square feet (msf), a quarter-on-quarter decline of 28% compared to the previous quarter.Grade A leasing contributed to about 80% of the total leasing. However, net absorption witnessed a substantial decline (65% on a sequential basis) due to increased relocations. Grade A net absorption accounted for nearly 81% of the overall net absorption and stood at 440,800 sf. The submarkets Lower Parel and Thane constituted more than 80% of Grade A net absorption, followed by Malad/Goregaon and Andheri-Kurla. Further, pre-commitments were recorded at 478,000 sf during the quarter, entirely observed in Grade A office space.

Rentals across most submarkets remained at similar levels except in Thane, BKC and Powai submarkets which witnessed a 5–7% quarterly increase due to demand for quality space. The vacancy levels marginally increased and stood at 16.2% at the end of the quarter on the back of relatively slower net absorption amidst fresh supply.


In the upcoming quarter, new supply to the extent of 308,700 sf is expected to be completed,nearly 87% of which will be in Grade A developments. At the same time, demand is expected to maintain its healthy streak amidst anticipated limited supply, leading to a decline in vacancy levels . Further, rentals are likely to be largely stable,with marginal appreciation expected in BKC and Andheri-Kurla submarkets.


  • Current Population Current Population22 MN
  • Metro & Airports Metro & AirportsCONNECTIVITY
  • International InternationalHEALTHCARE
  • Per Captia income Per Captia income$250
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