All new buildings in Mumbai over 2,000 square metres may soon be required to have rooftop gardens. It also urges builders to use vertical gardens instead of tin sheets to enclose their projects on construction sites. This is part of the BMC’s soon-to-be-implemented new rooftop/terrace and vertical garden policy.
As part of an effort to compensate for the city’s lack of open green spaces. The BMC has suggested that all new buildings with a plot size of more than 2,000 square metres be required to plan rooftop or terrace gardens. It encourages builders to use vertical gardens instead of tin sheets to protect their projects on construction sites. This is part of the BMC’s new rooftop/terrace and vertical garden policy, which will be implemented in the near future.
The BMC’s Gardens Department produced the draught policy, and municipal commissioner Iqbal Chahal has asked the BMC’s Development Plan (DP) department, which controls buildings in the city, to review it and provide feedback. The BMC will hold meetings with builders groups such as the Maharashtra Chamber of Housing Industry (MHCI) and the National Real Estate Development Council (NARRDCO) in the near future to see how the policy can be implemented.
“The traditional method of tree planting necessitates a large amount of space, which is not available in Mumbai. As a result, other options for providing Mumbai with the requisite green cover must be devised. Some of the strategies for biodiversity protection in Mumbai include vertical gardening, terrace/rooftop gardening, and vertical gardens “The superintendent of Gardens, Jitendra Pardeshi, noted in the policy document.
According to the policy document, when establishing a terrace/rooftop garden, the builders must ensure structural safety and leave enough working area for building/structure maintenance. The structure’s stability must not be jeopardised, and no watering system should be installed.
The policy also suggests making it mandatory for every builder/developer to establish vertical gardens during the construction phase of a project, at least on the side facing the major road, in order to reduce air and noise pollution. “The policy document measures have received in-principle approval,” Pardeshi said, adding that they will be finalised after consultation with stakeholders and the DP department.
The strategy would make podium gardens necessary for large projects, allowing native tree species with shallow root systems or medium canopy sizes to be accommodated while maintaining structural integrity.
In Mumbai’s BKC, the Boston Consulting Group has leased a space of one lakh square feet. The company has leased eight floors of Maker Maxity’s North Avenue 2 for a total of ten years, with a six-year lock-in term.
According to persons with firsthand knowledge of the situation, Boston Consulting Group (BCG) has signed a long-term contract for roughly 100,000 square feet of office space at the Maker Maxity commercial complex in Mumbai’s financial area Bandra-Kurla Complex (BKC). The firm has leased eight floors of Maker Maxity’s North Avenue 2 for a total of ten years, with a six-year lock-in term.
BCG would pay approximately Rs 560 crore in rent and deposits over the course of the leasing term, based on an average starting rent of Rs 450 per sq ft per month, which will increase every year. With this space acquisition, the consulting firm is consolidating and expanding its office. Its current office in Nariman Bhavan in South Mumbai’s Nariman Point is 29,000 square feet. Maker Maxity is also home to the firm, which has approximately 18,000 square feet of office space.
“In Mumbai, they’re more than doubling the amount of office space they have.” ‘Since Nariman Bhawan is also their registered office, that would eventually relocate to Maker Maxity once the office is active here,’ said one of the individuals mentioned above. “In Mumbai, they’re more than doubling the amount of office space they have.” ‘Since Nariman Bhawan is also their registered office, that would eventually relocate to Maker Maxity once the office is active here,’ said one of the individuals mentioned above.
“BCG has rented a new facility in BKC at North Avenue 2 in accordance with our organization’s historic expansion and significant growth aspirations going forward,” stated Rahool Pai Panandiker, managing director and partner at BCG Indian. “We will be developing a one-of-a-kind place that combines the new paradigm of working methods with our commitment to climate action, all while remaining deeply imbued with the essence of Mumbai, India, and our legacy.” Until the time of publication, ET’s email to Maker Group had gone unanswered. JLL India, the transaction advisor, declined to comment for this storey. This is the largest single space ever taken up in any Maker Maxity multi-tenanted building, as well as the largest rental and deposit commitment in the complex’s history. Maker Group, the project’s developer, and a few other property investors have leased the space to BCG.
While Maker Group created the project, which is advantageously placed only at the beginning of the BKC business zone, it was ultimately sold, and the offices are now owned by a number of investors and property firms. In the fourth quarter of 2021, another renowned global management consulting business, McKinsey and Company, leased almost 45,000 square feet in Maker Maxity.
Across markets, office spaces are being extended, and businesses are preparing for a cautious return to work for their workers. Several prominent corporations are increasing their office premises in order to make adaptations to social distancing. Facebook also recently renewed and signed new lease agreements with Blackstone Group for 90,000 square feet of office space at One BKC, a commercial tower in the Bandra-Kurla Complex.
Across India’s major markets, office demand in suburban areas or secondary business districts is outpacing that in central business districts. According to analysts, the trend that started in Mumbai with the shift in preference from Nariman Point to Bandra-Kurla Complex over the last few years has spread to other cities and is beginning to manifest in the rental prices demanded by these areas.