RMZ Corp on Jogeshwari Vikhroli Link Road will be the New CBD Near Powai

RMZ Corp on Jogeshwari Vikhroli Link Road will be the New CBD Near Powai

RMZ Corp on Jogeshwari Vikhroli Link Road will be the New CBD Near Powai

The redevelopment of Kamalistan Film Studio into Mumbai's largest commercial office park is a landmark development in the city's real estate and commercial infrastructure. Located on the Jogeshwari-Vikhroli Link Road (JVLR), this iconic 25-acre property will now host the Nexus Office Park, a world-class business destination designed to accommodate approximately 7 million sq. ft of commercial space.

Key Highlights:

  1. Massive Development: Nexus is set to provide around 1.25 lakh workstations, becoming a central hub for business operations in Mumbai. This project is expected to redefine the commercial landscape in the city.
  2. Valuation and Partnership: Valued at approximately $3 billion (21,000 crores), the project will be developed in partnership between DB Realty and RMZ Corp. RMZ Corp holds a 55% economic interest, with the remaining 45% held by DB Realty.
  3. History and Legacy: Kamalistan Studios, founded by the legendary filmmaker Kamal Amrohi, has been a cultural landmark for over six decades. Films like Pakeezah and Razia Sultan were produced here. This transition symbolizes the blending of Mumbai’s cinematic history with its burgeoning corporate identity.
  4. Timeline and Features: Construction is set to commence by the end of 2024, with completion expected within the next few years. The park will feature advanced amenities, offering a futuristic workspace for industries ranging from technology to finance.
  5. Connectivity and Infrastructure:
    • Proximity to the MIDC Metro Station: The project enjoys excellent connectivity, with the MIDC metro station on Mumbai Metro Line 7A situated nearby, ensuring seamless access to various parts of the city. This connectivity will make the office park highly attractive to businesses and employees alike.
    • Powai’s Established Micro-CBD: The success of L&T’s extensive infrastructure development in Powai, which serves its own group companies and supports a thriving ecosystem of commercial and residential properties, further enhances the region's appeal. Powai has become a prominent micro-CBD, offering a balanced mix of workspaces and upscale residential complexes, setting a precedent for Nexus to emulate and build upon.

Broader Implications:

The Nexus Office Park adds to the ongoing urban transformation along JVLR, boosting connectivity and commercial activity in the area. With its strategic location, robust infrastructure, and proximity to established hubs like Powai, the project will attract global corporations and investors, further solidifying Mumbai’s position as a premier business destination.

 
About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/