A trip from Worli to Marine Drive used to take 35 to 40 minutes. Since the Mumbai Coastal Road opened, it takes 10 to 15 in normal conditions, and a property consultancy says the change is pulling money into the city’s waterfront housing.
JLL puts the gross value of Mumbai’s coastal luxury redevelopment pipeline at about Rs 6,000 crore. Around 75 to 80 projects are expected to reach the market over the next eight to nine quarters, said the JLL report. Ritesh Mehta, senior director of residential advisory services in India at JLL, said the projects cover more than 250 residential units.
North of Bandra
Bandra, Juhu, Worli and South Mumbai carry a premium because they sit close to the sea. JLL says those markets have already absorbed a big share of the city’s luxury demand. The next stretch of building is expected further north, in Malad, Goregaon and Borivali, where redevelopment sites, larger parcels and waterfront views leave room for premium homes.
“Improved connectivity is enabling homebuyers to prioritise lifestyle and accessibility, while encouraging premium development in locations previously constrained by travel time,” Mehta said.
Developers see it the same way. Dhruman Shah, promoter of Ariha Group, named the Goregaon-Mulund Link Road, the Thane-Borivali Twin Tunnel and sea link expansion as catalysts. Shraddha Kedia-Agarwal, a director at Transcon Developers, said connectivity upgrades and existing metro lines were making Malad a preferred lifestyle location. Buyers there, she said, are prioritising quality developments, amenities and integrated township concepts.
The sea link
The Versova-Bandra Sea Link has not opened yet. JLL expects it to cut the Versova to Bandra journey from nearly 45 to 60 minutes to around 10 to 15.
Sales were strong before any of this. Luxury home sales kept growing despite limited supply, JLL noted earlier, with the highest half-yearly sales value on record for premium homes.
South Mumbai
Godrej Properties is also adding to its luxury portfolio. It plans to sign a development agreement for a 2.5-acre parcel in Marine Lines, South Mumbai, with estimated revenue potential of about Rs 6,000 crore. Managing Director and CEO Gaurav Pandey called Marine Lines “one of the city’s most prestigious addresses.” The company’s Godrej Trilogy in Worli and Godrej Avenue Eleven in Mahalaxmi have drawn what it described as encouraging responses.
Sources
- Mumbai coastal road sparks Rs 6,000 cr luxury housing boom
- Mumbai’s Luxury Housing Market Shifts North Beyond Bandra & Worli
- Godrej Properties eyes ₹6,000 crore revenue from luxury housing project in Mumbai's Marine Lines – BusinessToday
