Nariman Point is Mumbai's premier business district and country's first central 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). Nariman Point hit a new high as a flat sold for a record $8.62 million (USD) on 26 November 2007 , at an astonishing $2488 (97,842) per square foot. According to the "Office Space Across the World 2012" report by Cushman & Wakefield, Nariman point is the 15th most expensive CBD in the world. The area is situated on the extreme southern tip of Marine Drive. It houses some of India's premier business headquarters. Nariman point is the 25th most expensive office market in the world.
Prior to 1940, the area was part of the Arabian sea. A popular leader of the Congress, Khurshed Nariman (affectionately called Veer Nariman), a Brihanmumbai 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 and the shallow sea coast was filled. 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.The entire cost was estimated to be 3 lakhs or 300,000 (now 10 crores or 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.
Cuffe Parade and Backbay Reclamation as seen from Nariman Point
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.