There was a time, not so long ago, when Powai was known only as a picnic spot and the home of the Indian Institute of Technology (IIT). Over the years, however, it has witnessed considerable development and has been constantly in demand as one of the most prestigious addresses in Mumbai. Powai is truly cosmopolitan with people of different ethnicity and nationalities making it their home. Literally, it means sitting next to a lake and having fun. Currently a residential, commercial and retail hub for the eastern suburbs of Mumbai housing malls, entertainment and eateries abound the place.