RMZ Corp on Jogeshwari Vikhroli Link Road will be the New CBD Near Powai
The redevelopment of Kamalistan Film Studio into a significant commercial office park marks a transformative moment for Mumbai's real estate landscape. Located along the Jogeshwari-Vikhroli Link Road (JVLR), this 25-acre property will be home to the Nexus Office Park, which is poised to become a major business hub in the city.
Massive Development and Workstations
Nexus Office Park is set to offer approximately 7 million sq. ft of commercial space, which will accommodate around 1.25 lakh workstations. This substantial development is expected to redefine the commercial landscape of Mumbai, positioning the office park as a central hub for business operations. The scale of this project highlights the growing need for modern office spaces that cater to the demands of various industries.
Valuation and Partnership Dynamics
The project is valued at approximately $3 billion (21,000 crores) and is a collaborative effort between two major players in the real estate sector: DB Realty and RMZ Corp. RMZ Corp holds a 55% economic interest in the project, while DB Realty retains the remaining 45%. This partnership underscores the confidence both companies have in the potential of this redevelopment to attract businesses and investors alike.
Historical Significance and Future Vision
The Kamalistan Studios, established by renowned filmmaker Kamal Amrohi, has been a cultural landmark for over six decades. This redevelopment not only signifies a shift towards commercial use but also symbolizes the blending of Mumbai’s rich cinematic history with its evolving corporate identity. As construction is set to commence by the end of 2024, the project aims to incorporate advanced amenities that will cater to a variety of sectors, including technology and finance.
Connectivity and Strategic Location
One of the key advantages of the Nexus Office Park is its strategic location, which offers excellent connectivity. The nearby MIDC Metro Station, part of Mumbai Metro Line 7A, ensures seamless access to various parts of the city. This connectivity is likely to enhance the attractiveness of the office park for businesses looking to establish a presence in a well-connected area.
Market Insights
According to our listing data, Jogeshwari currently has 32 active sale listings with a median asking rate of about ₹31,600 per sq ft carpet. This information indicates a competitive market environment, which could be further influenced by the upcoming Nexus Office Park development.
Practical Takeaway
The redevelopment of Kamalistan Film Studio into the Nexus Office Park is a significant development for both the commercial real estate market and the broader economic landscape of Mumbai. For potential buyers, tenants, and investors, this project represents an opportunity to engage with a rapidly evolving market that is increasingly accommodating modern business needs.