How Mumbai Grew: The Evolution of Mumbai’s Business Districts

Mumbai is a veritable maze of neighbourhoods that holds more diversity in

people and businesses than probably the rest of India. It’s called the Commercial Capital of India, the hub of all its economic activity, and the cog of the country’s growth. But like any other city, it also has a traditionally established Central Business District (CBD), a financial district, and upscale residential neighbourhoods. How did Mumbai grow to where it is? Mumbai’s commercial beginnings Mumbai’s commercial evolution has its beginnings in Ballard Estate where business flourished as far back as the 18th century. European style buildings still line the area, which is home to the Mumbai Port Trust, and the headquarters and offices of many shipping companies. But other businesses slowly began shifting to the Fort area during the 19th century, which today continues to be the heart of the financial district where the Bombay Stock Exchange, Reserve Bank of India, and the headquarters of the Tata Group are based. By the 1970s, Nariman Point became the new business district that wooed small businesses and commercial enterprises. The area is home to the headquarters of some of the most prestigious establishments like Air India, and before the financial debacle of 2008, Nariman Point was the seventh most expensive commercial real estate space in the world. Infrastructure is the key to the making of a thriving business district. Nariman Point has the advantage of being a stone’s throw away from important commuter routes like the Western Line, Central Line, and the Harbour Line as well as major expressways. But over time, a lack of maintenance and increase in population led to parking space issues and buildings in disrepair, amongst others, prompting businesses to move away from Nariman Point to more post and well-developed areas in Mumbai.