India, Oct. 16 -- The Bandra Reclamation area is poised for a major transformation, with nearly 8 million square feet of high-end residential and retail development in the pipeline, according to a new report released on Wednesday.

Titled Why Bandra Bay is Mumbai's Most Iconic Waterfront Investment, the report, by real estate advisory Lighthouse Luxury and real estate analytics firm CRE Matrix, projects a development potential of over Rs.1 lakh crore for the waterfront area, with various ultra-luxury real estate projects being planned.

Covering more than 140 acres, the area, dubbed "Bandra Bay" in the report, is envisioned as Mumbai's most exclusive bay-side destination. The report outlines nine key factors driving this transformation, i...