The city of Mumbai, known as the financial capital of India, is at the forefront of the list of aspirational homebuyers seeking luxury housing. There has always been a demand for prime and most sought after locations such as South Mumbai, Bandra, and Juhu for high-end properties by ultra-high net worth individuals. However, there is a growing segment of affluent homebuyers who are seeking alternatives to the traditional sea-facing homes and prominent pin codes. Consequently, several luxury residential hotspots are emerging in various micro-markets across the city, where demand is high.
Here are some of the lesser-known yet lucrative areas that are witnessing tremendous attraction from both luxury homebuyers and developers.
Chembur: located in the heart of the eastern suburbs, has witnessed a significant transformation in the real estate market over the past decade. As a strategically well-connected micro-market, Chembur enjoys the benefits of a central location with easy access to the Eastern Express Highway and Navi Mumbai along the Eastern motorway. With its proximity to the business districts of BKC and Powai, Chembur offers excellent investment potential for luxury housing. The area has become increasingly popular among homebuyers seeking luxury living on the Sion-Mankhurd belt.
Kandivali: a micro-market located between Andheri and Borivali, has experienced the fastest development and price appreciation, making it the top choice for individuals seeking to purchase homes in this region. In recent times, there has been a steep increase in demand for luxury housing in the area, with properties being sold for as much as Rs 45,000 per sq-ft and a cumulative value of Rs 7-14 crore per unit. With the impending connectivity boost provided by the new metro lines and upcoming infrastructure projects such as the coastal road and twin tunnel road, this market is expected to witness a four-fold growth in demand for luxury housing.
Matunga: is an exquisite and underrated destination that holds immense potential for residential housing market redevelopment. The location boasts excellent connectivity to other parts of the city, including BKC, the airport, and Nariman Point, all within a 30-40 minute reach. With the significant scope for redevelopment and prominent players entering this region, Matunga appears to be a promising contender to emerge as the next big destination for luxury homebuyers, following in the footsteps of Lower Parel and Mahim.
Wadala: has evolved into an extended part of the BKC. What earlier was a piece of open land is now dotted with luxury and mid-luxury projects by leading real estate players. Housing demand as well as home rates are expected to rise in this region owing to the potential of this locality.
Andheri West: is a well-established and popular area in Mumbai, but it is also home to several lesser-known luxury housing hotspots. Areas such as Lokhandwala and Versova have seen significant development in recent years, with several luxury residential projects being developed by prominent builders. Versova is a top-notch micromarket that is known to be the home to many prominent personalities. However, the redevelopment potential of this area is coveted and incomparable. The luxury of only sea-side homes, along with a posh neighbourhood and close connectivity to the Western Express Highway and airport, make this an impeccable destination for luxury homebuyers.
