Top 5 Priciest Areas In Mumbai
Areas In Mumbai: Mumbai, often regarded as the financial centre of India, is home to a number of opulent residences where some of the most prominent figures in the nation reside. Though property costs in Mumbai’s most pricey neighborhoods—Malabar Hill, Cuffe Parade, Juhu Bandra, and Worli—generally range between Rs 30,000 and 60,000 per square foot. Let’s examine the variables driving these locations’ real estate values.
Mumbai undoubtedly maintains the distinction of being “the most expensive residential real estate market in India” among all the other titles it possesses. The city is home to some of the most upscale neighbourhoods, which are frequently distinguished by the presence of opulent facilities, cutting-edge construction, and close proximity to the sea. Previously, only the South Mumbai neighbourhoods were regarded as the poshest neighbourhoods. But of days, even the outlying enclaves of Bandra and Juhu are counted among the city’s priciest areas. In these areas, the average cost of a property ranges from Rs 40,000 to Rs 59,000 per square foot.
Areas In Mumbai
“The cost of real estate in Mumbai is 30–40% more than in other Indian metropolises, such as Bangalore and Delhi NCR. This is because of the city’s consistently high demand, the scarcity of buildable land parcels, and the ensuing vertical residential expansion. In areas like Worli and Juhu, homes up to 20,000 square feet in size and costing more than Rs 100 crore are fairly popular among foreigners. For a two-bedroom property, the typical rent in the upscale neighbourhoods of Cuffe Parade and Bandra is around Rs 4-5 lakh per month.
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Property prices across the top five expensive localities in Mumbai
|Locality||Average rates||YoY change|
|Malabar Hill||Rs 42,400 per sq ft||-3 percent|
|Cuffe Parade||Rs 59,300 per sq ft||2.3 percent|
|Juhu||Rs 42,600 per sq ft||6.6 percent|
|Bandra West||Rs 43,800 per sq ft||–|
|Worli||Rs 40,800 per sq ft||6 percent|
Average prices: Rs 42,400 per sq ft
Malabar Hill is one of Mumbai’s most exclusive destinations for residential living, and the vast majority of its residents come from the ultra-wealthy class of society. The area, which is on Mumbai’s southernmost edge, has a three-side view of the Arabian Sea. On the residential front, it consists of a few prestigious homes with prices as high as Rs 300 crore in addition to the opulent condos and penthouses. The limited amount of buildable ground and the small number of available flats, along with the stunning city views, have driven up the cost of real estate on Malabar Hill.
The vast majority of homes in this area have unobstructed views of the Back Bay, Girgaon Chowpatty Beach, and the skyline of Nariman Point. In Malabar Hill, multi-story apartments make up more than 95% of the overall housing stock. According to information provided by Navimumbaihouses.com, the average price of a square foot here is roughly Rs 42,400.
Average prices: Rs 59,300 per sq ft
Cuffe Parade, which is a part of Mumbai’s CBD, is situated on the southernmost point of the city. Along the coastline, the area provides a variety of residential and business buildings. Churchgate (3 km), Navy Nagar (2 km), and Back Bay Reclamation are a few of the important locations close to Cuffe Parade (2 km). The Royal Consulate of General of Saudi Arabia, UIDAI Office, and EXIM Bank are just a few of the notable businesses and foreign consulates located in the area. It also includes well-known business buildings like the Maker Tower and the World Trade Center. Captain Prakash Pethe Marg and Shahid Bhagat Singh Road provide good access to nearby regions, but the projected Cuffe Parade metro station on Line 3 (Colaba-SEEPZ) would increase the area’s accessibility and raise housing prices. In Cuffe Parade, the average cost of a square foot of real estate is roughly Rs 59,300.
Areas In Mumbai: Juhu
Average prices: Rs 42,600 per sq ft
The western neighbourhood of Mumbai contains Juhu, where a number of Bollywood stars call home. Juhu’s soaring real estate values are mostly due to the flats’ sea-facing views. Another element that has benefited this area is Juhu Beach’s existence, combined with proximity to some of the most well-known neighbourhoods and commercial hubs of the city, including Goregaon (10 km), Andheri (7 km), and Bandra-Kurla Complex (9 km). The average property valuation in Juhu, according to the most recent listings on navimumbaihouses, is about Rs 42,600 per square foot.
Areas In Mumbai: Bandra West
Average prices: Rs 43,800 per sq ft
Formerly a Portuguese residential area, Bandra is now home to a number of Bollywood stars, politicians, and businesspeople. The region is geographically separated into Bandra East and Bandra West. The latter is a wealthy neighbourhood bordered by Bandra East to the east, Khar West to the north, Mahim to the south, and the Arabian Sea to the west. The area provides a variety of high- and mid-scale assets in terms of real estate. Additionally, it features a diverse array of social and commercial infrastructure, including some well-known, high-profile pubs and shopping centres like Turner Road and Hill Road.
Nearby Bandra West are significant job hubs such Bandra-Kurla Complex (BKC), Kalina, and Kurla. These are all close to the area, all within a 5 to 10 kilometre range. Through Bandra Railway Station, Bandra West already has strong access to the rest of the city, but the future metro Line 2 (Dahisar-Mandale-Mankhurd) is project to improve the area’s accessibility even more. The majority of the Bandra West real estate for sale is price over Rs 5 crore and has three or four bedrooms. Bandra West real estate costs as much as Rs 43,800 per square foot.
Areas In Mumbai: Worli
Average prices: Rs 40,800 per sq ft
Worli is one of the wealthiest areas in South Mumbai, bustling with high rises. The area has a stunning skyline and is tucked away on the Arabian Sea coastline. The neighbourhood is one of Mumbai’s major employment centres in terms of commercial growth and is home to a number of multi-tenanted office buildings. Several well-known corporate parks are located in Worli and Lower Parel. Including One Indiabulls Centre, Peninsula Corporate Park, and Urmi Estate. The stunning Bandra-Worli Sea Link’s development in 2009 also had a role in the area’s skyrocketing real estate costs.
Worli is effortlessly connected to all kinds of transportation in terms of connectivity. The Mumbai suburban railways’ Western and Central lines’ Lower Parel Railway Station and Currey Road Station provide service to it. The distance from the location to the Mumbai International Airport is around 14 kilometres. In the future, Line 3 of the Mumbai metro will also link to the neighbourhood. Properties in Worli are listed on navimumbaihouses at an average price of Rs 40,800 per square foot. Around 80% of the overall inventory in Worli that is up for sale is set up with 2-4 BHKs. Nearly 95% of the housing stock is made up of multi-story flats.
Areas In Mumbai
Despite a sizable unsold inventory and a general downturn in India’s real estate market. Mumbai’s property prices have continued to soar due to growing land and building expenses. Along with the places already mentioned, Mahalaxmi, Tardeo, Lower Parel. And Colaba are among the other locations with a reputation for having soaring costs. In these areas, the cost of a square foot of property ranges from Rs 31,000 to Rs 42,000.
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