The financial and entertainment capital of India; Mumbai can be a very expensive city to live in. It is a dream city for most Indians and yet the cost of living can often shoot through the sky.
On top of this, there are some very expensive localities in Mumbai. If you want to know the localities that are going to cost a bomb, we will be sharing the details with you. As Mumbai is home to almost all Bollywood celebrities, there are a lot of areas that have become very expensive owing to the presence of celebrity homes. So, let us take a look at some of the expensive localities in Mumbai and know the worth and the amenities and standout points.
If you compare Mumbai with other metro cities like Delhi and even Kolkata, the property prices are higher by as much as 30 to 40 percent. You will find luxury villas with a price tag in excess of Rs. 100 crores in the posh area of Mumbai. Even the much-hyped Antilia is located in Mumbai itself. Not just the property rates, even when it comes to the rental price, it can go as high as Rs. 4 – 5 lakhs per month for as small as 2 BHK apartments.
So, let us see some of the expensive localities in Mumbai.
1. Malabar Hills
This is one of the posh localities in Mumbai and is an exclusive residential address in the city. Southern Mumbai was always known to be posh and Malabar Hills happens to be at the southmost tip of Mumbai.
A lot of villas here give you a full unmatched view of the Arabian sea and such villas can truly cost you a fortune. If you come across a marquee property with a price tag of Rs. 300 crores, don’t be surprised as this can happen in Malabar Hills.
Approximate property prices in the area are likely to be around Rs. 42,000 per square feet
2. Cuffe Parade
This is another posh area. It happens to be a part of the central business district in Mumbai. The average property price in the area is around Rs. 60000 per square foot. Here you will find both residential and commercial properties in the area.
Several consulates of foreign missions are located here which makes this area a very important one.
3. Bandra West
This used to be the resident hub for the Portuguese and is now one of the most expensive localities in Mumbai as you can find tons of celebrities’ homes here.
Ideally, the area is segmented into Bandra east and Bandra west. Bandra west is an upscale area and enjoys some of the finest views you could have asked for.
You will find a lot of upscale and mid-scale properties here. Owing to the presence of celebrity homes, the price of some sub-areas in Bandra seems to have shot through the roof and these can be mighty expensive.
You will also find the best pubs in this area and even the retail markets are one of the very best in Bandra west. Those who love to party and dine out are likely to love this area as it buzzes with a lot of activities.
The average price for the area is close to Rs. 44,000 per square foot.
When we talk of Mumbai, there is no way we can skip Juhu. It is located in the western area of Mumbai and you will find homes of several Bollywood celebrities here.
One of the key reasons why the property prices are so high is that most of the apartments here offer a breathtaking sea-facing view.
Those who love to gorge on food need to visit Juhu Chowpatty as you will find almost all kinds of street food here. A lot of people also take a stroll for an evening walk here and end up gorging on some of the yummiest food.
The area also enjoys great proximity to some other expensive localities in Mumbai including the likes of Andheri and Bandra.
The average property price in the area is close to Rs. 42000 per square foot. Make sure to check individual listings though as this price is highly dynamic and subjective.
If you want to own a home in one of the most expensive and funky localities in Mumbai, we will ask you to check out the properties in Worli. Worli is an upscale area and the skyline that you can get to see from here is unmatched.
You will find endless big MNCs having their huge sprawling offices here. The Peninsula Corporate park, One India Bulls Centre and the Urmi Estate are some of the well-renowned corporate parks wherein endless people work and create a good office circle.
The Bandra Worli sea link was created back in 2009 and ever since then, the popularity of the area has shot up considerably. This had a direct impact on real estate prices as the properties became very costly and the price of the area increased drastically.
So, these are some of the expensive localities in Mumbai. A lot of people simply dream to own a home here and making it real is often not possible.
Even when it comes to renting a home, it is not going to be easy as the price can be staggering. Still, if you manage to earn a massive income and can afford that kind of lifestyle, you will be able to elevate your living standard by choosing to own or rent a home here.
Mumbai is without a doubt the costliest city in India to live in but it surely has a character of its own.
Are Property Prices Going To Hike?
A lot of people wonder if the trends in the property will continue to be on a rise. Well, given the pace of development and the type of demand that is present, it is very likely that property prices are either going to stagnate or go up. The market is least likely to crash anytime soon, even if the recession picks up speed.
So, if you are willing to make a smart investment and you can afford tons of money, you can choose to buy a home in any of these localities. A lot of people choose to buy a home and then let it out on rent as this is a great way to make massive money.
Of course, you will need to check out the details of the rental agreement and other formalities to ensure that things are being carried out in a legal manner.
So, Mumbai is home to some of the most expensive homes. You will be amazed at the prices of some of these properties. Be prepared to make a lot of money before you own a house in any of these areas.
Which is the poshest area in Mumbai?
While there are a lot of expensive localities in Mumbai, Malabar Hills is likely to be the poshest and the most expensive area in Mumbai.
Is the real estate market very strong in Mumbai?
Yes, currently the property trends show a significantly strong real estate market as there are a lot of buyers for the housing projects and so construction and development work is going on in full swing.
Do you find homes upwards of Rs. 100 crores in Mumbai?
Yes, Mumbai will give you the option of several villas that will cost you more than Rs. 100 cores. The sea-facing villas in Malabar Hills that are huge can even fetch a price as high as Rs. 300 crores.
Is Antilia located in Mumbai?
Yes, the home of the Ambanis, the much-hyped Antilia is located in Mumbai.