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Nariman Point (नरिमन पॉईंट) is Mumbai's premier business district. It was named after Khursheed Framji Nariman, a Parsi visionary. The area is situated on land reclaimed from the sea. It had the distinction of having the highest commercial real estate rental space in the world in 1995 at $175 per square foot ($1880/m²). As per 2006 the area prices rose sharply to 450 US$ per sq ft. ($4800/m²). 2007.Property prices Nariman Point hit a new high as a flat sold for a record $8.62 million (USD) on November 26 2007[1], at an astonishing $2488 (Rs.97,842) per square foot. The area is situated on the extreme southern tip of Marine Drive. It houses some of India's premier business headquarters.
[edit] History
Prior to 1940, the area was part of the sea. A popular leader of the Congress, Khurshid Nariman (affectionately called Veer Nariman), a Bombay Municipal Corporation corporator, proposed to reclaim the area from the sea near Churchgate. To accomplish this task, debris from various parts of the city was dumped here to fill in the shallows. Reinforced concrete cement was used, of which the imported steel used was obtained from the black market at a higher price due to the World War II. This led to a furore and Nariman was sacked. The entire cost was estimated to be Rs. 3 lakhs or Rs. 300,000 (now Rs. 10 crores or Rs. 100,000,000) Additional reclamations were carried out in the 1970s. A construction boom in that decade saw this region spurting many commercial high-rises.
[edit] Commercial establishments
It is widely regarded as the 'Manhattan' of Mumbai and it boasts of a spectacular skyline and pricey residential condos. It is also the main financial district of Mumbai and houses most of the financial services and brokerage companies-- both indian and international. It is also the location for the Vidhan Bhavan which is the political headquarters of the state of Maharashtra.
