Dynamics of Mumbai’s luxury housing has changed drastically in the last decade. Preference for luxury property in Mumbai has shifted as the CBD and Diamond Market has moved to Bandra Kurla Complex (BKC).
In the desire to be close to the Sea Link for quick access to BKC, people are spending big bucks on buying luxury flats in Worli. Corporate employees wanting to stay close to their offices are looking for properties in the Bandra-Khar-Santacruz belt. With the Diamond Market also moving to BKC, expensive flats are being bought by diamond traders who are shifting to these areas and to Worli for faster access to their shops.
Even the Andheri-Malad-Goregaon-Powai belt is witnessing an increase in demand for premium properties. This is because various Media, FMCG, SME and Pharma companies have shifted their headquarters to this area. Various film and television artists are also spending huge amounts on plush properties in this belt as they wish to live closer to the major studios. Proximity to the airport, Metro stations and highways are some of the key factors due to which the Andheri-Malad-Goregaon belt is seeing a tremendous growth in demand for luxury properties.
The ‘Affordable Luxury’ Trend for the Not-so-Rich Buyers
A new trend of ‘affordable luxury’ is also becoming popular. Developers are catering the not-so-rich with luxurious yet affordable 2 and 3 BHK flats in Mumbai. Suburbs such Goregaon, Vikhroli, Airoli, Malad, Bhandup and Ghodbunder Road in Thane are offering multiple choices in this category to buyers. Overall living standard and growth of these areas is high.
Many families living in South Mumbai who cannot spend much on buying a new expensive flat are opting for Wadala for affordable luxury options. Demand for Wadala properties has increased due to factors like the Eastern Freeway and Monorail.
Real Estate Developers 