Instead of decentralising, Bombay should consider concentrating all its key business people and industries in a core business district - like the City of London. The idea has been mooted by Marcus Wraight, director of international property consultants Chesterton Meghraj, a joint venture between Chestertons of London and an Asian-owned bank with headquarters in the British capital. Chesterton Meghraj has a specialist property research unit in Bombay, which has conducted a study of the city as a financial centre of potentially global influence. 'We feel that Bombay should have a core business district, in line with London and all the world's great cities,' Mr Wraight said. 'You will see that the plan to decentralise London did not quite work out. Bombay should therefore abandon the current idea of moving industries and offices away from the peninsular tip at South Bombay.' The Chesterton study, conducted from the perspective of the international investor, acknowledges the high cost of office space in Bombay. 'Whether it likes it or not, the city will have to take heed of the needs of foreign investors and try to match up to their expectations,' Mr Wraight said. 'The potential for being a global city is there, and only a few adjustments need to be made.' Mr Wraight's views were endorsed by his colleague Geoff Marsh, who said that multinationals had been deterred by the lack of facilities in South Bombay, even at the elitist Nariman Point, considered the heart of the central business district. 'Space must be made available for the Merrill Lynches and Arthur Andersens of this world to live in the manner to which they are accustomed,' Mr Marsh said. 'These companies are currently housed in technologically obsolete buildings.' No new development has been allowed in South Bombay since 1979. Mr Marsh felt there was a need to move out 'back offices in prime front-office space', replacing them with multinationals and top Indian corporates.