South Mumbai Emerges As New Real Estate Destination

Premium resident, retail houses, commercial places and hotels are the identity of south Mumbai. Big entrepreneurs, businessmen, diamond-merchants, expatriates, top echelon of multinationals, Indian conglomerates and high net worth individuals are resident of this posh area. Supply has been completely exhausted in this area. No fresh supply can be injected. With the release of mill land, the future development has introduced new commercial development supply in this area. Still lots of mills are under development so new limited supply is predictable in near future.

Worli is taken as the most attractive area of Mumbai. Back office companies, retail investors are taking worli as a nice destination. It has famous Jaslok and Breach Candy Hospital at a short distance and moreover, the upcoming project BWSL (Bandra Worli Sea Link) will establish the connectivity of worli with other parts of the city.

As far as residential trends of south Mumbai is concerned, south central Mumbai is emerging for new high end residential activities. Current capital values for residential buildings in this area range well between Rs. 8,000 to 35,000 per sq. ft. From last three years the opening of mill lands for real estate development has increased the growth of south Mumbai.

Worli is an old settlement developed adjacent to the mills district and highly populated central Mumbai localities. There are many prominent residential, commercial and retail addresses which were sought after destinations in the past and even today. There are many good schools and colleges, hospitals and entertainment and leisure facilities present.

Proximity to the business district of South Mumbai, and retail hub at Kalbadevi, Masjid Bandar areas and more importantly its view of the Arabian Sea have made Worli a prime residential neighborhood. Many old chawls are being redeveloped into high-rise towers with a host of facilities. These cater mainly to the high income group sector. Further, the development at the mill lands is also targeting high-end customers. In the near future, Worli as well as the mill district of Parel will see more of high-end residential along with commercial, retail and hospitality developments. The neighborhood area will emerge as the most preferred location for real estate spaces in the city.