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 ($1880/m²). As per 2006 the area prices rose sharply to 450 US$ per sq ft. ($4800/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 (INR97,842) per square foot. 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 4th most expensive office market in the world.