The MMR real estate market has captured fluctuation in the past decade, thanks to the COVID conundrum that has led to an uncertain situation. But what remained relatively untouched from the crippling effect of COVID-19-induced lockdown as compared to the other segments was the luxury real estate market of Mumbai. It marked an impressive recovery from the aftermath of the pandemic as it witnessed historic big-ticket real estate investments once the lockdown was lifted towards the last quarter of 2020.
The pandemic turned out to be a blessing in disguise for the sector as the government introduced relief measures coupled with stamp duty waivers, low-interest rates, which backed up investors. In turn, these factors, particularly the stamp duty waivers, contributed to the soaring boom of Mumbai’s luxury residential market.
As per market reports, MMR recorded the highest number of residential property registrations in 2021. The Maharashtra government ended up generating more than Rs 3,000 crore in revenue through property registrations last year. This was a growth of around 5.75% compared to the previous year.
Without further ado, let’s dig a little deeper and take a glance at the factors propelling the real estate price trends of the most expensive localities in MMR.
Altamount Road, Walkeshwar, Breach Candy, Malabar Hill and suburban areas like Worli and Juhu are the most expensive localities in MMR, with average property prices hovering at Rs 62,000-37,000 per Sq. Ft.
Altamount Road
Altamount Road is one of the most affluent neighbourhoods of Mumbai, with average property prices hovering at Rs 62,083 per Sq. Ft. It is well situated on a hilltop, keeping residents away from the city’s bustling roads like Peddar Road. It is also home to the world’s richest man Mukesh Ambani. The average capital values for 1, 2 and 3 BHK configurations are Rs 47,549, Rs 65,274, and Rs 61,479 per Sq. Ft respectively.
Walkeshwar
Walkeshwar has a good mix of multi-storey buildings, villas, and bungalows. It is close to Nepean Sea Road and Girgaum Chowpatty, which are both popular tourist destinations of South Mumbai. 2 BHK apartments are most common in this locality, estimated at Rs 44,775 per Sq. Ft. As per Square Yards data, the average price for a multi-storey apartment in Walkeshwar is Rs 50,553 per Sq. Ft.
Breach Candy
Breach Candy, a beachfront and pristine neighbourhood of South Mumbai, is well-known for its high-end Breach Candy Club. It is Mumbai’s only club with a saltwater pool. Breach Candy is an enclave on Warden Road, near the Arabian Sea coast. The average price of apartments nestled in Breach Candy is Rs 48,106 per Sq. Ft. As per industry reports, people in this locality prefer flats with 2 BHK and 3 BHK configurations over 1 BHK and 4 BHK, which fall in the range of Rs 48,524 and Rs 46,789 per Sq. Ft., respectively.
Malabar Hill
Located at Mumbai’s southernmost edge offering a panoramic view of the Arabian Sea, Malabar Hill consists of 1, 2 and 3 BHK apartments with an average price of Rs 47,114 per Sq. Ft. This hillock location is a hotspot for luxurious condos, villas, and penthouses. This locality is also home to eminent personalities and families like Adi Godrej, Mahesh Jethmalani, the Jindal Family, and the Birla Family.
Nepean Sea Road
Nepean Sea Road is an upmarket residential area located near Malabar Hill at the southern edge of Mumbai. This affluent locality has everything from well-connected roads to residential complexes to business hubs. It is also home to notable business personalities like Anand Mahindra, Suneel Advani and Venugopal Dhoot. With an average price of Rs 46,667 per Sq. Ft., Nepean Sea Road is one of the most preferred localities for those who are head over heels in love with Malabar Hills. People prefer this location for buying a 4 BHK apartment at a whopping price of Rs 53,689 per Sq. Ft.
Peddar Road
Peddar Road is a well-known street passing through the plush residential locality of Grant Road, Dalal Estate, Haji Ali, Mahalaxmi Kemps Corner and Tardeo. A plethora of high-rise apartment complexes, builder floors, independent houses and designer boutiques line Peddar Road. It houses the world’s most palatial and ultra-luxurious private villas. This sets a high standard for this region’s real estate properties as residential values hover around an average of Rs 44,606 per Sq. Ft.
Worli
Most celebrities who like living in high-rise buildings prefer to reside in the plush areas of Worli, which is lined up with sky-scraping housing societies. The Bandra-Worli Sea Link, the Arabian Sea, and the Race Course all are visible from the high-rise buildings of Worli. The average price for luxury flats in the locality is around Rs 39,276 per Sq. Ft. As per industry reports, people usually look for 4 BHK opulent residences, which are available for an average price of Rs 40,083 per Sq. Ft.
Tardeo
State-of-the-art infrastructure, world-class amenities, proximity to the sea, sky-high buildings and excellent connectivity makes Tardeo the most coveted residential area of MMR. This neighbourhood also nestles Mukesh Ambani’s other real estate properties, including commercial complexes. With an average property price of Rs 37,842 per Sq. Ft., Tardeo includes villas and apartments with 1, 2, and 3 BHK configurations. The average price trend for a 1 BHK apartment is Rs 30,787 per Sq. Ft., whereas the average price for 2 BHK and 3 BHK apartments ranges between Rs 39,169 – Rs 42,727 per Sq. Ft.
Juhu
Gone are the days when only the South Mumbai zone was considered in the list of expensive localities of MMR. Now, even suburban localities like Juhu are considered in the list of high-profile areas. Juhu is popularly known as the “Beverly Hills of Bollywood” since many Tinseltown celebrities like Akshay Kumar, Amitabh Bachchan, Sachin Tendulkar, and Hrithik Roshan own palatial villas in this prime location. Juhu is one of MMR’s most desirable localities due to its proximity to Juhu Chowpatty beach, Goregaon and Bandra-Kurla Complex. According to Square Yards data, the average price for flats in Juhu are estimated at Rs 37,170 per Sq. Ft.
Mahalaxmi
Geographically, Mahalaxmi is located adjacent to upmarket and affluent locations of South Mumbai like Lower Parel and Worli. Good connectivity, upcoming infrastructural development projects, the presence of IT corridors and social amenities are making real estate investments in Mahalaxmi hard to resist. Being one of MMR’s top emerging posh localities, the average apartment price in this locality is Rs 36,924 per Sq. Ft. You can even get a glimpse of this expensive location in Netflix’s trending series “Indian Matchmaking”.
Mumbai is an investor’s paradise, where high-end investments made by wealthy and eminent personalities are a common sight. Well, as per industry experts, now is a good time to invest in the luxury residential market of MMR. So, what are you waiting for? It will definitely prove to be a worthwhile investment.
