– By Chintan Sheth
Mumbai is the city of dreams that is dynamic and prides itself on a real estate market that reflects its status as the country’s financial capital. The city offers vibrancy when it comes to housing options and unlimited opportunities. Mumbai is also home to a growing luxury real estate market. Central suburbs like Sion and its surroundings are among the locations for a new offering of premium luxury homes. Till a few years ago, these micro-markets would not have been considered prime destinations for luxury housing.
Developers have however recognised the potential and its possibilities, particularly due to their proximity to commercial hubs like BKC and the development of social infrastructure, which are coming up with projects here. Mumbai’s central suburbs now, find themselves elevated into premium housing markets with its coveted residential offerings. These premium residences are tailored for Mumbai’s top executives, industry leaders, and visionaries, serving as ideal havens for those who set benchmarks and are part of the city’s ‘who’s who.’
Central suburbs: A strategic hub
Perfectly located between the island city and suburban Mumbai, they provide unequaled access to important business areas. New metro lines will connect south Mumbai, Thane, and the western and eastern suburbs. The central suburbs will also be connected to Navi Mumbai and the under-construction airport by a new metro line. The term connectivity in this context is not merely about roads, suburban rail and metro connectivity; but also, about a seamless integration of the central suburbs into Mumbai’s economy and culture. For anyone working in key business districts in the city, like BKC, SEEPZ, Powai or around, living in the central suburbs means significantly reduced commute times, more leisure hours, and better work-life integration.
While central Mumbai’s residential landscape has traditionally catered to a variety of housing projects, there is now a growing demand for more contemporary luxury developments. Comfort and elegance without sacrificing location are popular among purchasers. These prospective homeowners value luxury and are eager to upgrade their living areas. Being a major contributor to fulfilling these aspirations, luxury housing has led to the transformation of the local real estate landscape in the central suburbs. Brought in by a slew of redevelopment projects, old aging structures are being replaced with modern, high-rise structures that meet contemporary living standards.
Investment trends
According to a CBRE report, the January-March 2024 period saw a 64% year-on-year increase in new luxury segment unit launches, with many projects located in the central Mumbai suburbs. Key areas like Sion, Chembur, and the other central suburbs are leading this change, attracting attention from both developers and homebuyers. These redevelopment projects are not only addressing the city’s housing needs but also revitalising its real estate market, making Mumbai an even more attractive destination for investment and upscale living.
The central suburbs present an effective combination of connectivity, tranquillity, and green spaces. With its access to major hubs and its ability to maintain a serene and peaceful ambiance, areas like Sion and Chembur have become the ideal locations for those in search of luxury living and a tranquil lifestyle. A 2023 ISIR survey revealed a striking statistic: 33% of High-Net-Worth individuals (HNIs) and ultra HNIs were willing to invest a minimum of Rs 10 crore in their pursuit of the perfect luxury property. Luxury residences for HNIs are luxurious and convenient. This shows Mumbai homebuyers’ increased desire for luxurious living spaces. In response to this demand, Sion and Chembur have become major luxury real estate markets, luring individuals seeking exquisite living.
These premium projects offer rooftop and ground-level facilities including an infinity-edge pool, a fully equipped gym, a peaceful yoga deck, and restful cabanas. Modern buildings have made living here more appealing in addition to their luxury amenities. These projects bring along an upgrade to the surrounding infrastructure and unlock significant investment potential for other locations and activities around. As Mumbai’s central suburbs get a luxury lift, it stands out from traditional luxury markets, offering the convenience of easy access and promising a better future.
(Chintan Sheth is the Chairman & Managing Director of Sheth Realty.)
(Disclaimer: Views expressed are personal and do not reflect the official position or policy of Financial Express Online. Reproducing this content without permission is prohibited.)
(Chintan Sheth is the Chairman & Managing Director of Sheth Realty.)
