Worli : Mumbai’s
Avant-Garde Luxury Housing Address
By Mr. Prashant
Thakur, Anarock Property Consultants
Swanky skyscrapers, sea-facing
properties, improved connectivity to Mumbai’s de-facto CBD Bandra Kurla Complex
(BKC)… Worli literally has it all in a city where transit infrastructure holds
all the aces for real estate success. Worli’s favourable location,
sea-facing ethos and seamless connectivity to the major commercial
establishments of South-Central Mumbai and the Western Suburb are true winners.
With so many upsides in its
basket, the name Worli draws instant attention from luxury home buyers – not
only in the financial capital, but in the rest of India, as well. Not
surprisingly, Worli’s residential property market has attracted
several developers keen to capitalize on its upmarket charm and locational
advantages in the high-profile southern part of the city.
With its unique blend of posh
office complexes and high-end housing availability, Worli has emerged as one of
the hottest residential areas in recent years and is now the premium
residential destination of choice for super-rich Industrialists and business
people, sports personalities and celebrities.
Worli’s proximity to the sea
shore and ease of connectivity to the Western Suburb via the Bandra-Worli
Sea link are key factors contributing to its enduring success, ensuring
sustained end-user and investor demand - and therefore interest from
developers.
This is remarkable, especially given the fact that other prime
residential micro-markets of South Mumbai struggle with non-availability of
sufficient land parcels close to the sea shore.
Apart from the improved physical
and social infrastructure, Worli’s high potential also derives significantly
from the presence of several Grade A office spaces and retail development
around it. The availability of land parcels near the sea shore and
its high profile of the Worli micro-market has attracted several developers for
their portfolio expansion.
In terms of under construction
supply, Worli has recorded the highest residential units supply in
South-Central Mumbai in last five years, followed by Parel, Lower Parel
and Prabhadevi. Projects accounting for approximately 3,594 units are at
different stages of construction in Worli, providing buyers a fairly wide range
of options with regards to construction stage preference, and the consummate
price arbitrage.
Currently, residential properties
in Worli are selling at INR 32,000-45,000/sq.ft. Needless to say, buyers
focused on Worli’s premium living ethos are willing to bear an extra
premium for sea-facing properties and lavish amenities.
Among the recent projects, ‘Omkar
1973’ by Omkar Realtor is currently commanding high demand due to its location
advantage, panoramic sea view and lavish amenities. The project is located on
off Dr. Annie Besant Road and enjoys seamless connectivity to the
major commercial hub of the city. The project is already picked by the
well-known industrials, bankers and sport celebrities due to Worli’s distinct
‘downtown’ image.
Currently one of the best bets
for end-users as well as investors in Worli, this project is being exclusively
marketed by ANAROCK Property Consultants and Brickex (a division of
Piramal Fund Management).
Worli’s generous share of
prominent luxury skyscraper projects over the last couple of years has
completely transformed the micro-market’s skyline. Apart from constant real
estate development, the area is also seeing rapid infrastructure improvement -
especially in terms of Metro connectivity via Line 3 connecting Colaba-Bandra-Seepz and
the proposed Coastal Road which will provide further connectivity to major
micro-markets of Western Suburbs.
All in all, Worli is well
positioned to ramp up its allure and viability as a highly popular luxury
housing destination in South-Central Mumbai even further.
About the author..
Mr. Prashant
Thakur, Head - Research, Anarock Property Consultants
For media contact
Arun Chitnis
Arun Chitnis
Public Relations
ANAROCK Property Consultants Pvt.
Ltd.
(Formerly
Jones Lang LaSalle Residential Pvt. Ltd.)
M : +91 9657129999
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