Mumbai Financial Hub Needs Homes to Meet Bankers’ Demand
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Mumbai’s new Bandra Kurla financial district, already home to India’s biggest stock exchange and international banks such as Citigroup Inc. and UBS AG, is missing a key ingredient: sufficient housing to meet demand.
Citigroup, UBS and JPMorgan Chase & Co. led an exodus of finance companies from the old Nariman Point financial hub in south Mumbai to escape double midtown-Manhattan rents for crumbling four-decade-old buildings. That’s fueling demand for high-end homes in an area where more than 3 million square feet of office space have been built and another 4 million square feet are planned, according to broker Jones Lang LaSalle India.