Rain in Mumbai: 100 million rupee apartments in the financial capital are “overlooking the river” after heavy rains

While the monsoon is expected to subside in the first half of October, the India Meteorological Department (IMD) has issued a red alert for Maharashtra, Konkan and Goa, predicting heavy rains.

On September 25, about 200 mm of rain for five hours led to flooding in several parts of the city, disrupting traffic and rail services. Several people returning from office were left stranded.

During the monsoon season, heavy rains disrupt life in the city. This, say some real estate experts, affects both property values ​​and rents in the city.

Read also: Rain in Mumbai: Real estate transactions affected as fewer buyers come through during monsoon

Rain disrupts life in Bandra Kurla Complex, the country’s most expensive business district

Several commuters returning from offices in BKC, the city’s most expensive central business district (CBD), were caught off guard as heavy rains disrupted life in the financial capital.

BKC charges a rent per square foot in the range of ₹300 to ₹500, In some cases this has more than ₹500 per square foot to ₹700 per square foot, according to local realtors.

Several government departments including GST, Reserve Bank of India, Income Tax Department and Family Court have their premises in BKC. The US Consulate is also located in BKC near the Jio Convention Centre. The luxury hotels Sofitel and Trident are also located in BKC.

Some of the well-known multinational companies with offices in BKC include Jio, Apple, Netflix, Google, Facebook, Amazon, National Stock Exchange, Standard Chartered Bank, WeWork, CISCO, Pfizer, Spotify and Blackstone.

Read also: Rain in Mumbai: How floods affect the financial capital’s real estate market

However, several employees returning from their offices in BKC on September 25 were stranded after heavy rains disrupted life in the city. “I tried to book a taxi in the evening but to no avail. There were no autorickshaws available and we could only walk to Bandra railway station, which was not possible due to the heavy rains,” an employee, who wished to remain anonymous and works with a real estate consultancy firm, told HT.com.

“Even on normal days, it is difficult to get a taxi during the evening rush hours, but on September 25, some of us working at BKC did not get home until midnight. Anticipating these problems, several offices in the area had asked their employees to work from home today as the authorities had issued a travel advisory,” the employee said.

Read also: Mumbai Rain Live Updates: PM Narendra Modi cancels Pune visit due to heavy rain

Another BKC official said, “The BKC has now reached a saturation point and is overcrowded. The only thing that can make travel to BKC easier is the two metro corridors, which are likely to be commissioned soon.”

₹100 million homes in the western suburbs were fitted out “riverside” after heavy rains hit the city

Several commuters took to social media on September 25 when water accumulation was reported on the Western Express Highway (WEH) in Goregaon East near Oberoi Mall. Citizens complained of traffic congestion after water accumulation was reported near Oberoi Mall.

Ankit Arora, a resident of Borivali who wants to upgrade from a one-bedroom flat to a two-bedroom flat, said no budget is enough to ensure one reaches home safely during heavy rain.

“There are 3 and 4 BHK apartments being sold in Goregaon for ₹10 crore and more and ₹3 to ₹5 crore in Borivali, but a few hours of heavy rain disrupted traffic and led to flooding. It took me four hours to reach home yesterday, which normally takes two hours from BKC on a bad day. No matter how much budget you have or how much you are willing to pay to buy a flat in Mumbai, you cannot guarantee that you will reach home safely after heavy rains,” said Arora.

Real estate consultants point out that floods are a major factor affecting India’s most expensive real estate market. Both property and rental values ​​are 10 to 20 percent lower in areas where floods are reported every year, they said.

On September 25, according to the Brihanmumbai Municipal Corporation (BMC), flooding was reported in Mumbai, including in Dadar TT, Sewri railway station, Sion, Kurla railway station, Chembur, Ghatkopar, Swasthik, Mankhurd railway station, Goregaon, Andheri and Malad metro.