Elphinstone, a thriving neighborhood teeming with the vibrant energy of trade and commerce, is located in the center of Mumbai. Elphinstone’s legacy dates back to the colonial era when it was named after Mountstuart Elphinstone, the then Governor of Bombay. With its convenient location and rich history, Elphinstone has become a bustling commercial center over the recent years.
According to recent data, office spaces in Elphinstone have seen significant leasing and sales activity. Out of the stock of 3,254,600 sf of office space, 814,036 sf were leased in the past year, and 11,948 sf were sold.
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What Makes Elphinstone a Thriving Commercial Hub?
Many coworking spaces, financial institutions, and company headquarters are located in the region, which promotes creativity and teamwork. There are several important reasons why Elphinstone has become a prosperous commercial center.
Location and Connectivity
Elphinstone lies in proximity to Lower Parel, Dadar, and other key areas of the city. The Elphinstone Road railway station offers access to trains on the Central and Western lines. For commuters going to and from Mumbai and other locations, this train station serves as a major hub.
Elphinstone has excellent access to major highways, including the Eastern Freeway and Western Express Highway. This network of roads provides access to the city’s various areas and suburban areas. Additionally, the Mumbai Metro Line 3 (Colaba-Bandra-Seepz) project, which is under construction, will further enhance the connectivity of the area.
Infrastructure and Development
A solid infrastructure is one of the main reasons Elphinstone has become a business powerhouse. A wide variety of sectors are served by the area’s numerous contemporary office buildings, retail establishments, and commercial structures. Businesses of all kinds find Elphinstone to be a favorable place to grow, from technology and finance to retail and hospitality.
Elphinstone’s appeal as a thriving business destination is enhanced by the existence of luxury shopping centers, dining establishments, and entertainment facilities.
In a recent transaction in Elphinstone, Manish Upendra Shanghvi purchased office space in Naman Midtown in October 2023 for Rs. 25,421 psf.
Let’s have a look at the most expensive buildings in Elphinstone.
| Buildings | Average Rental (Chargeable) INR/sf |
| One International Center (Indiabulls Finance Centre) | 171 |
| Naman Midtown | 149 |
| Business Arcade | 125 |
Unique Features
The David Sassoon Library and Elphinstone College, which bear Mountstuart Elphinstone’s name, are two historical sites in Elphinstone that speak of the area’s rich past. These architectural treasures preserve the neighborhood’s colonial origins and cultural relevance.
With theaters, art galleries, and cultural organizations lining the streets, Elphinstone is home to a bustling arts and culture scene. You can enjoy a wide range of cultural activities in the neighborhood, including live performances, literary events, and contemporary art exhibitions.
Rental Yields
Commercial properties in Elphinstone offer high rental yields for investors. Elphinstone’s growing urbanization and commercialization are driving up demand for office space. The rise of modern commercial complexes in the area has resulted in a steady flow of enterprises searching for high-quality office spaces.
As Elphinstone continues to undergo urban development and infrastructure improvements, the value of your commercial property here could attract tenants looking for high-quality spaces.
Regarding recent leases, Aamara Capital leased 1,067 sf at Naman Midtown (B Wing) for Rs. 173 psf in January 2024.
Here are the top 5 tenants who have rented office spaces in Elphinstone.
| Tenants | Average Rental (Chargeable) INR/sf |
| KM Global Credit | 193 |
| Bajaj Hindustan | 182 |
| Hindalco Industries | 180 |
| HDFC | 178 |
| Seven Turns | 175 |
Recommended Commercial Properties in Elphinstone
All things considered, owning a commercial property in Elphinstone gives you opportunities for steady and long-term financial growth. With an abundance of office and commercial spaces drawing in investors and businesses, Elphinstone is quickly becoming a commercial hub. One of the best office buildings in Elphinstone that is available for lease/sale is Naman Midtown.
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