Nariman Point is one of the oldest Central Business District. In the early 1970's the land was reclaimed from the Arabian Sea and hence the term backbay reclamation also comes in. Trident (Oberoi Hotels) is one of the most iconic land mark. Nariman Point property prices were the highest in 1995 to 2000. After the opening of the Indian Economy, Nariman Point could not cater to the needs of Foreign Companies, Banks which needed individual private Buildings or Large offices. Lower Parel, Mahalaxmi and BKC started offering A grade office spaces with swanky glass facade buildings with large floor plates. This led the traffic out of Nariman Point. However, Nariman Point is far better in efficiency as due to the old buildings the difference between carpet and built up area is far less compared to a new building. The rents are cheaper and one can get offices from 450 sq.ft onwards to larger offices.
Nariman Point is now the top favorite amongst business families, banks, corporates, lawyers and other stock broking firms who need to be in close proximity to Bombay Stock Exchange, Reserve Bank of India or Fort for the Courts etc.