Nariman Point

Nariman Point
—  neighbourhood  —
Nariman Point Location of Nariman Point in Mumbai and India
Coordinates	18°55′N 72°50′E / 18.92°N 72.83°E / 18.92; 72.83Coordinates: 18°55′N 72°50′E / 18.92°N 72.83°E / 18.92; 72.83
Country	India
State	Maharashtra
Time zone	IST (UTC+05:30)

Nariman Point (Marathi: नरिमन पॉईंट) is Mumbai's premier business district and country's first central business district.^[1] It was named after Khursheed Framji Nariman, a Parsi visionary. The area is situated on land reclaimed from the sea. It had the distinction of having the highest commercial real estate rental space in the world in 1995 at $175 per square foot ($1880/m²). As per 2006 the area prices rose sharply to 450 US$ per sq ft. ($4800/m²). Nariman Point hit a new high as a flat sold for a record $8.62 million (USD) on 26 November 2007 [1], at an astonishing $2488 (97,842) per square foot. The area is situated on the extreme southern tip of Marine Drive. It houses some of India's premier business headquarters. Nariman point is the 4th most expensive office market in the world.^[2]

History

Prior to 1940, the area was part of the Arabian sea. A popular leader of the Congress, Khurshid Nariman (affectionately called Veer Nariman), a Brihanmumbai Municipal Corporation corporator, proposed to reclaim the area from the sea near Churchgate. To accomplish this task, debris from various parts of the city was dumped here and the shallow sea coast was filled. Reinforced concrete cement was used, of which the imported steel used was obtained from the black market at a higher price due to the World War II.The entire cost was estimated to be 3 lakhs or 300,000 (now 10 crores or 100,000,000) Additional reclamations were carried out in the 1970s. A construction boom in that decade saw this region spurting many commercial high-rises.

Commercial establishments

Nariman Point

• Headquarter of Central Bank of India
• The Royal Bank of Scotland - Global Banking & Markets^[3]
• Accenture Management Consulting
• AZB & Partners in Express Towers
• Kochhar & Co.^[4]
• The Parthenon Group
• McKinsey & Company
• Boston Consulting Group
• Bain Capital
• Monitor Group
• State Bank of India
• Kotak Mahindra Bank
• JPMorgan
• Howrah Mills Co Ltd
• HR Group
• Kotak Securities
• Edelweiss Capital
• Bakhtawar Tower
• Gulf Airlines
• Navy House
• HSBC
• Croma Zip
• Life Insurance Corporation
• INOX Leisure Ltd.
• Export Credit GuaranteeCorporation of India Ltd.in Express Towers
• Express Towers, home of the Indian Express newspaper
• The Air India Building, Headquarters of Air India and National Aviation Company of India ltd.^[5]
• Maker Chambers
• Trident, Nariman Point & The Oberoi Mumbai
• Reserve Bank of India
• British Consulate and British Library
• HeadQuarters of Bank of India
• French Consulate and Trade Mission
• National Centre for the Performing Arts (NCPA)
• Mittal Towers
• Vidhyan Sabha
• Consulate of Oman, Qatar
• Birla Bhavan
• Bajaj Bhawan
• simplex Group of Companies
• DSP Merrill Lynch
• Bank of America
• IndiaBulls
• Shah Investors home limited
• Howrah Mills Co Ltd
• HR Group
• SpencerStuart
• Reliance Capital Asset Management(Reliance Mutual fund)
• SMC -SAM GLOBAL
• Tata Consultancy Services Ltd.
• Union Bank of India

It is widely regarded as the 'Manhattan' of Mumbai and it boasts of a spectacular skyline and pricey residential condos. It is also the main financial district of Mumbai and houses most of the financial services and brokerage companies—both Indian and international. It is also the location for the Vidhan Bhavan which is the political headquarters of the state of Maharashtra.

Other Business Districts of Mumbai

• Fort (Mumbai precinct)
• Colaba
• CBD Belapur
• Vashi
• Worli
• Bandra-Kurla Complex

References

1. ^ http://business.rediff.com/slide-show/2010/mar/09/slide-show-1-mumbais-nariman-point-bounces-back.htm#contentTop
2. ^ http://business.rediff.com/slide-show/2010/may/07/slide-show-1-mumbai-among-top-10-expensive-office-markets.htm#contentTop
3. ^ RBS (GBM) India. As of 25 April 2010.
4. ^ http://www.kochhar.com/
5. ^ "Address & Contact Numbers within India." Indian Airlines. Retrieved on 27 February 2010.

External links

Mumbai portal