Mumbai's Five Most Expensive Areas
Mumbai, often regarded as the financial centre of India, features a number of opulent neighbourhoods where some of the most prominent figures in the nation reside. The most expensive areas in Mumbai are Malabar Hill, Cuffe Parade, Juhu, Bandra, & Worli, with property costs averaging between Rs 30,000 and 60,000 per square foot. Let's examine the variables driving these areas' real estate values.
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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 amenities, cutting-edge construction, and close proximity to the sea. Before, only the South Mumbai neighbourhoods were regarded as the poshest neighbourhoods. Nonetheless, today even the suburbs of Bandra & Juhu are recognized as among of the city's priciest neighbourhoods. In these areas, the average cost of a property ranges from Rs 40,000 to Rs 59,000 per square foot.
Property prices in Mumbai are more expensive by 30–40% when compared to the other metro areas in India, including Delhi NCR & Bangalore. This is because of the city's continually high demand, the scarcity of developable 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 & Bandra is around Rs 4-5 lakh per month.
Property values in Mumbai's top five priciest neighbourhoods
Locality
Juhu Rs 42,600 per sq ft 6.6 percent
Bandra West Rs 43,800 per sq ft -
Malabar Hill Rs 42,400 per sq ft -3 percent
Worli Rs 40,800 per sq ft 6 percent
Cuffe Parade Rs 59,300 per sq ft 2.3 percent
Juhu
Average cost per square foot: Rs 42,600
The western neighbourhood of Mumbai contains Juhu, where a number of Bollywood stars call home. Juhu's soaring real estate values are primarily due to the flats' sea-facing views. The existence of Juhu Beach, combined with propinquity to some of the most significant neighbourhoods & business centres of the city, such as Goregaon (10 km), Andheri (7 km), & Bandra-Kurla Complex (9 km), is another element that has worked well in favour of this location. The average price per square foot for properties in Juhu is roughly Rs 42,600.
Bandra West
Average cost per square foot: Rs. 43,800
Once 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 & 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 offers a variety of high- and mid-scale properties in terms of real estate. Also, it features a diverse array of social and commercial infrastructure, including some well-known, high-profile pubs and shopping centres like Turner Road & Hill Road. Around 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 Train Station, Bandra West already has strong access to the rest of the city, but the future metro Line 2 (Dahisar-Mandale-Mankhurd) is projected to improve the area's accessibility even more.
The majority of the residences up for sale in Bandra West, which have 3 and 4 bedrooms on average, are over 60% more expensive than Rs 5 crore. Bandra West real estate costs as much as Rs 43,800 per square foot.
Malabar Hill
Average cost per square foot: Rs. 42,400
Malabar Hill is one of Mumbai's most prestigious residential neighbourhoods, with most of its residents coming from the ultra-rich strata 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 includes a few prestigious estates with prices as high as Rs 300 crore in addition to 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 majority of apartments here give unimpeded views of the Back Bay, Girgaon Chowpatty Beach as well as the Nariman Point skyline. On Malabar Hill, multi-story apartments make up more than 95% of the overall housing stock. Property costs here average around Rs 42,400 per square foot.
Worli
Average cost per square foot: Rs. 40,800
Worli is one of the wealthiest areas of 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 development and is home to a number of multi-tenanted office buildings. Some well-known corporate parks are located in Worli and Lower Parel, including One Indiabulls Centre, Peninsula Business Park, and Urmi Estate. The stunning Bandra-Worli Sea Link's development in 2009 also played a role in the area's skyrocketing real estate costs.
Worli is effortlessly connected to all kinds of transportation in terms of connectivity. It is serviced by the Lower Parel Railway Station & Currey Road Station on the Western & Central lines of the Mumbai suburban trains. The Mumbai International Airport is around 14 km away from the locale. In the future, Line 3 of the Mumbai metro will also link to the neighbourhood. Properties in Worli are average price of Rs 40,800 per square foot. Roughly 80% of the overall inventory in Worli that is up for sale is set up with 2-4 BHKs. Almost 95% of the housing stock is made up of multi-story apartments.
The Cuffe Parade
Average cost per square foot: Rs 59,300
Cuffe Parade, which is a part of Mumbai's CBD, is situated on the southernmost point of the city. The area along the area along the area along the area along the area along the area along the area along the area along the area along the area along the area along the area along the Churchgate (3 km), Naval Nagar (2 km), & 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 has well-known commercial buildings including the Maker Tower and the World Trade Center.
The proposed Cuffe Parade metro station on Line 3 (Colaba-SEEPZ) will significantly improve the connectivity quotient of the region and, consequently, the home rates. The neighbourhood is already well-connected to adjacent places via Captain Prakash Pethe Marg and Shahid Bhagat Singh Road. In Cuffe Parade, the average cost of a square foot of real estate is around Rs 59,300.
Conclusion
Despite a sizable unsold inventory and a general slowdown in India's real estate market, Mumbai's property prices have continued to soar due to growing land and building expenses. Together with the places already mentioned, Mahalaxmi, Tardeo, Lower Parel, and Colaba are among the other areas 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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