Nariman Point
Nariman Point नरिमन पॉईंट | |
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Business district | |
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![]() ![]() Nariman Point | |
Coordinates: 18°55′N 72°50′E / 18.92°N 72.83°ECoordinates: 18°55′N 72°50′E / 18.92°N 72.83°E | |
Country | India |
State | Maharashtra |
Metro | Mumbai |
Languages | |
• Official | Marathi |
Time zone | IST (UTC+5:30) |
PIN | 400021[1] |
Area code(s) | 022 |
Vehicle registration | MH 01 |
Civic agency | BMC |
Nariman Point is a business district in Mumbai city. Formerly the preeminent business district on India's west coast, Nariman Point yielded that status to Mumbai's Bandra-Kurla Complex in 2010.[2] Prior to Nariman Point's development, Mumbai's business centre was at Ballard Estate,[2] which – like Nariman Point also – was built on land reclaimed from the sea.
Located on the southern tip of the Mumbai peninsula, at the end of the Mumbai's Marine Drive, Nariman Point is named after Khursheed Framji Nariman, a municipal corporator who had initiated the area's development as an extension to the Back Bay reclamation. Nariman Point houses some of India's prestigious business headquarters, and despite its decline (see below), it remains one of the more expensive business districts in India, exceeded only by Delhi's Connaught Place and – since April 2012 – by Mumbai's own Bandra-Kurla Complex.[3]
History
Prior to 1940, the area was part of the Arabian sea. A popular leader of the Congress, Khurshed Nariman (affectionately called Veer Nariman), a Bombay Municipal Corporation corporator, proposed to reclaim the area from the sea near Churchgate. To accomplish this task, the shallow seafront was filled with debris from various parts of the city. Reinforced concrete cement was also used, the steel for which had to be purchased on the black market at higher prices due to World War II.The entire cost was estimated to be 300,000 (equivalent to about
96.2 million in 2015). Additional reclamations were carried out in the 1970s. A construction boom in that decade also led to the development of commercial high-rises in the area.
In 2006, prior to the financial crisis of 2007–08, Nariman point was the 7th most expensive location in the world for office space.[3] However, by December 2012 Nariman Point had fallen to 25th place while Delhi's Connaught Place remained the 5th most expensive location despite many offices moving to Gurgaon and Noida.[3] During the same period, Nariman Point also dropped from 7th to 15th most expensive location for office rentals.[4] The reasons for the decline were the high prices, lower quality and age of construction, and increasing distances from residential hubs which have now moved northwards and to the suburbs.[4] In the first three quarters of 2012, Nariman Point had a vacancy rate of almost 25%, compared with 18% in the rest of the city.[2]
Commercial establishments
Office Name |
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Headquarters of Central Bank of India |
The Royal Bank of Scotland - Global Banking & Markets[5] |
Accenture Management Consulting |
AZB & Partners in Express Towers |
The Parthenon Group |
Tata Asset Management Ltd |
McKinsey & Company |
Boston Consulting Group |
R K Global |
The Blackstone Group |
FLSmidth |
Monitor Group |
Motilal Oswal Securities Ltd |
State Bank of India |
Kotak Mahindra Bank |
JPMorgan |
Howrah Mills Co Ltd |
HR Group |
Kotak Securities |
Edelweiss Capital |
Bakhtawar Tower |
Gulf Air |
Navy House |
HSBC |
Cromā Zip |
IITC |
Life Insurance Corporation |
INOX Leisure Limited |
Zen Securities Ltd. |
Export Credit Guarantee Corporation 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.[6] |
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) |
SKP Group |
Mittal Towers |
Vidhyan Sabha (Legislative Assembly of Maharashtra) |
Consulates of Oman, Qatar |
Birla Bhavan |
Bajaj Bhawan |
simplex Group of Companies |
DSP Merrill Lynch |
Bank of America |
Indiabulls |
Shah Investors home limited |
Spencer Stuart |
Reliance Capital Asset Management (Reliance Mutual fund) |
SMC -SAM GLOBAL |
Tata Consultancy Services Ltd. |
Union Bank of India |
State Bank of Mauritius (2nd largest bank of Mauritius with 3 branches in India headquartered in Mumbai) |
Legasis Partners |
Legasis Services Private Limited |
Manhattan of Mumbai
![](../I/m/Nariman_Point_Cityscape.jpg)
![](../I/m/Cuffe_Parade.jpg)
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
- ↑ "Pin code : Nariman Point, Mumbai". pincode.org.in. Retrieved 9 February 2015.
- ↑ 2.0 2.1 2.2 "Why Nariman Point is running on empty", Mumbai Mirror (online edition), 17 December 2012.
- ↑ 3.0 3.1 3.2 Chadha, Sunainaa (21 December 2012), "The slow but steady death of Nariman Point", First Post.
- ↑ 4.0 4.1 "Nariman Point drops 7 places to 15th spot in global office rentals", Times News Network, 22 February 2012.
- ↑ RBS (GBM) India. As of 25 April 2010.
- ↑ "Address & Co|-ntact Numbers within India." Indian Airlines. Retrieved on 27 February 2010.
External links
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