Mumbai’s Top 5 Most Costly Neighbourhoods
Costly Neighbourhoods : Mumbai, also regarded as India’s financial centre, features various opulent neighbourhoods that house some of the country’s most prominent figures. However, Malabar Hill, Cuffe Parade, Juhu Bandra, and Worli are Mumbai’s most expensive neighbourhoods, with property values ranging from Rs 30,000 to 60,000 per square foot. Let us examine the variables driving real estate values in various localities.
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Among all the titles that Mumbai enjoys, ‘the most expensive residential real estate market in India’ is perhaps the most prestigious. The city has some ultra-premium residential areas, which are frequently distinguished by the presence of lavish facilities, cutting-edge infrastructure, and closeness to the sea.
Previously, only the South Mumbai neighbourhoods were considered posh. However, even the suburbs of Bandra and Juhu are now considered high-profile regions of the metropolis. The typical property price in these areas is between Rs 31,000 and Rs 39,000 per square foot.
“When compared to other major cities in India, like Delhi NCR and Bangalore, property prices in Mumbai are 30-40 percent higher.” This is owing to the city’s persistent high demand, scarcity of developable land parcels, and the resulting vertical residential expansion.
If we talk about luxury real estate in general, villas up to 20,000 sq ft, priced above Rs 100 crore are quite popular among expats in localities, such as Worli and Juhu. On the rental front, the average rates in the posh localities of Cuffe Parade and Bandra hover at Rs 4-5 lakh per month for a 2 BHK apartment.”
Property prices across the top five expensive localities in Mumbai
Average rates (Jan-Mar 2021)
Rs 51,000-61,000 per sq ft
Rs 42,000-53,000 per sq ft
Rs 32,000-39,000 per sq ft
Rs 33,000-39,000 per sq ft
Rs 30,000-35,000 per sq ft
Costly Neighbourhoods: Malabar Hill
Malabar Hill average prices start at Rs 51,000 per square foot and go up from there.
Malabar Hill is one of Mumbai’s most prestigious residential areas, with the bulk of residents belonging to the ultra-wealthy class. The area, located on Mumbai’s southernmost edge, offers a three-sided view of the Arabian Sea. It includes not just exquisite flats and penthouses, but also a few iconic homes priced as high as Rs 300 crore. The limited amount of developable land and the limited supply of flats, along with the stunning city views, have driven up property prices in Malabar Hill.
The bulk of the homes in this area have unobstructed views of the Back Bay, Girgaon Chowpatty Beach, and the Nariman Point skyline. Multi-story apartments make for more than 95 percent of Malabar Hill’s total residential supply. According to navimumbaihouses.com statistics, property prices here range between Rs 51,000 and Rs 61,000 per sq ft.
Costly Neighbourhoods: Cuffe Parade
Cuffe Parade’s average price per square foot is Rs 55,000.
Cuffe Parade, located on Mumbai’s southern point, is part of the city’s Central Business District (CBD). Along the coastline, the area has a mix of residential and business structures. Churchgate (3 km), Navy Nagar (2 km), and Back Bay Reclamation are some of the important sites around Cuffe Parade (2 km). On the business front, the neighbourhood is home to various prominent organisations and foreign mission consulates, including the Royal Consulate General of Saudi Arabia, the UIDAI Office, and the EXIM Bank.
It also has notable business complexes such as the World Trade Centre and Maker Tower. While the neighbourhood is well-connected to adjacent regions via Captain Prakash Pethe Marg and Shahid Bhagat Singh Road, the projected Cuffe Parade metro station on Line 3 (Colaba-SEEPZ) would improve the region’s connectivity and, as a result, housing prices. Cuffe Parade’s average property price is roughly Rs 55,000 per square foot.
Costly Neighbourhoods: Juhu
Average pricing in Juhu: Rs 39,500 per square foot
Juhu is located in Mumbai’s western suburbs and is home to various Bollywood superstars. The apartments in Juhu have a sea view, which is one of the main reasons for their increasing property values. Another element that has worked well in favour of this location is the existence of Juhu Beach, as well as proximity to some of the city’s most renowned communities and commercial centres, such as Goregaon (10 km), Andheri (7 km), and Bandra-Kurla Complex (9 km). According to the navimumbaihouses.com Insite Report, the average property value in Juhu is roughly Rs 39,500 per square foot.
Costly Neighbourhoods: Bandra West
Average prices: Rs 39,800 per sq foot
Bandra, formerly a Portuguese residential area, is now home to various Bollywood superstars, politicians, and business owners. The region is separated into two sections: Bandra East and Bandra West. The latter is an upmarket neighbourhood bordered by Khar West to the north, Mahim to the south, the Arabian Sea to the west, and Bandra East to the east. In terms of real estate, the area has a mix of high-end and mid-range properties. It also boasts a solid mix of social and retail facilities, including numerous high-profile pubs and retail markets on Turner and Hill Roads. Bandra-Kurla Complex (BKC), Kalina, and Kurla are important employment centres near to Bandra West.
All of these are within a 5-10 km radius of the location. While Bandra West is already well connected to the rest of the city via Bandra Railway Station, the forthcoming metro Line 2 (Dahisar-Mandale-Mankhurd) is expected to improve connection even more.
Over 60% of residences for sale in Bandra West are priced above Rs 5 crore, with the majority having 3 or 4 bedrooms. Property prices in Bandra West may reach Rs 39,800 per square foot.
Costly Neighbourhoods: Worli
Worli average prices start at Rs 29,000 per square foot and go up from there.
Worli, teeming with high-rises, is one of South Mumbai’s most wealthy neighbourhoods. The area is located on the Arabian Sea’s coastline and has a lovely skyline. In terms of commercial growth, the neighbourhood is one of Mumbai’s primary employment centres, with multiple multi-tenanted office towers. Worli, like Lower Parel, is home to notable business parks such as One Indiabulls Centre, Peninsula Corporate Park, and Urmi Estate. The stunning Bandra-Worli Sea Link, which opened in 2009, has also contributed to the area’s skyrocketing real estate values.
Worli has excellent connection across all kinds of transportation. Lower Parel Railway Station and Currey Road Station on the Mumbai suburban railways’ Western and Central lines serve it. The Mumbai International Airport is around 14 kilometres distant. In the future, the neighbourhood will be connected by Line 3 of the Mumbai metro, which is expected to open in 2021. Properties in Worli are available at an average price of Rs 35,600 per sq ft, according to the navimumbaihouses.com insite Report for Jan-Mar 2021. Around 80% of the overall inventory for sale in Worli is in 2-4 BHK format. Nearly 95 percent of the residential stock is made up of multi-story flats.
Despite significant unsold inventories and the overall slump in India’s real estate market, home prices in Mumbai have continued to spiral up on the basis of rising construction and land costs. Apart from the aforementioned districts, Mahalaxmi, Tardeo, Lower Parel, and Colaba are all well-known for their soaring costs. Property costs in these areas range between Rs 29,000 and Rs 41,000 per square foot.
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