BKC is ideal for luxe homes, says Happy Home ED Umang Kuwadia

With Bandra Kurla Complex (BKC) now housing the offices of most of the best-known companies in the country, the crème de la crème of the corporate world is increasingly looking at the neighbourhood as a premium residential destination.
Developers in the city, too, have seized on the opportunity to cater to this demand. ETPanache spoke to Umang Kuwadia, executive director, Happy Home, about the potential BKC throws up for luxurious homes.

The group, which has been at the forefront of redevelopment in the city, is looking at giving its customers just that with Jade Gardens, a project of 3 and 4-BHK apartments for corporate clients.

The spike in demand for residences in BKC is down to the rapid commercial development of the area in the last few years, believes Umang Kuwadia, Executive Director, Happy Home.

"With broad roads, greenery and low pollution, the area is an ideal location for premium residency options. Jade Gardens is ideally located with easy connectivity to the domestic and international airports, access to schools like AVM School, American School and Dhirubhai Ambani International School, and hospitals like the Asian Heart Institute and Lilavati Hospital. The property also offers the best of amenities like health spas, gymnasiums, multi-purpose / community hall, yoga centres, etc, besides an uninterrupted view of the MIG Cricket Club from Jade Gardens," he says.

In the last three years, Jade Gardens has provided premium residential apartments to the who's who of the corporate world next to BKC.

Happy Home was the first developer among four others in the neighbourhood to receive an Occupation Certificate (OC) for redevelopment of Jade Gardens starting from 2008-09 and completed Phase 1 by 2011 housing 120 families that included 80 old members and 40 new buyers.

The project was even awarded the Best Redevelopment Project of the Year 2011-12.

With new Maharashtra Housing and Development Authority (MHADA) guidelines issued in 2012-13, a vertical expansion upto 17 floors in each of the three wings of the project took place, offering 40 more apartments to the corporate world.

Redevelopment, Kuwadia says, is not without its share of challenges and the most significant one is honouring the commitments made to residents.

"In 2011, we handed over apartments in 30 months and the residents recognised the fact that we were the first developers in the entire region to honour commitments in time," he says.

Besides Jade Gardens, Happy Home is also currently redeveloping multiple projects in the Dadar-Matunga area, along with open-land developments in Mulund. With limited open land supply available to developers in Mumbai, Kuwadia places his bets on redevelopment in the city.

"The scope for redevelopment would continue for the next two decades at least in Mumbai. There is a lot of scope within the city and the suburbs of Santacruz, Bandra, Ghatkopar, Vile Parle, etc, where redevelopment will be the only driving force as far as the new supply of residential apartments is concerned," he says.