Mumbai Luxury Homes

by Ashwinder Raj Singh, 

CEO – Residential Services, JLL India

Traditionally, the southern neighborhoods of India’s primary cities have always been the poshest and most desirable locations for HNI home buyers. 

Historically, these localities have housed the Who’s Who of the city. This phenomenon still continues; however, over time, other areas are competing with these legacy locations and attracting the younger nouveau riche. Several cities are seeing this happening.

Extremely limited new supply of residences in prime neighborhoods is the most influencing reason of for HNIs looking for other areas wherein to buy luxury homes.

Mr. Ashwinder Raj Singh,
CEO – Residential Services,
JLL India.

Considering all aspects, we have identified twenty submarkets as the preferred upmarket residential hotspots across the top cities in India. According to our assessment, these locations offer the lifestyle, status and pin-code value which HNIs want to be associated with:

In the country’s financial capital, prices are not holding back those who want to own and can afford upmarket luxurious residences. In a city where space is perhaps the most precious resource, demand for luxury apartments is a very individualistic concept.

South central Mumbai, once unflatteringly known as the mill district, has finally shed this image and now has quite a few trophy luxury projects under construction. The land parcels which mills previously occupied have given way to luxury skyscrapers that are changing the skyline Maximum City. Besides Lower Parel and Worli that constitute to south central Mumbai, areas such as Bandra, Juhu and Powai have distinguished themselves as the new posh localities of Mumbai.

·   Worli..

Worli has come a long way to emerge as one of the prime real estate destinations in the country. In fact, this upmarket neighbourhood, which is strategically located to bridge the north-south divide, has managed to attain and retain prominence despite the ongoing challenges that the property market of the city is currently encountering.

Worli now holds premium positioning, with steadily appreciating property prices. Residential property prices have escalated to the tune of Rs.35,000 per sq.ft-Rs.60,000 per sq.ft approx. in properties in Worli.

·   Bandra..!

With the city’s CBD experiencing a tectonic shift and for all practical purposes having shifted from Nariman Point to BKC, Bandra is the new and preferred destination by the affluent class of the city.

In the recent past, many large corporate houses as well as consulates have moved their headquarters to BKC, effectively making Bandra the new heart of Mumbai.

In particular, Bandra West is a popular residential destination that holds high lifestyle value. Because of its elite profile and the high level of available shopping, education, healthcare and recreation facilities, this area is always a preferred destination for prime property seekers. Many reputed developers here are offering residential projects via redevelopment schemes. To own a luxury home in this neighbourhood, one needs to shell out anything between Rs.30,000-55,000 per sq.ft (approx.) depending on the exact location and type of the project.

·   Lower Parel..!

Prime location and the Worli Sea Link make Lower Parel one of the most sought-after residential areas in Mumbai. Good connectivity with other parts of Mumbai and improved infrastructure add value to one’s investment.

Lower Parel is contributing the maximum to Mumbai’s changing skyline, and many reputed developers are offering world classresidential condos at prices ranging anywhere between Rs.25,000–40,000 per sq.ft.

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