Luxury housing surge in South Mumbai amid major connectivity upgrades | Representational Image
Mumbai: South Mumbai, already home to some of the city’s most prestigious addresses, is witnessing a new surge in luxury real estate demand. Neighborhoods like Malabar Hill, Carmichael Road, Hughes Road, and other adjacent areas are quickly becoming the go-to locations for discerning buyers looking for the perfect blend of heritage charm, luxury living, and future growth potential.
Besides, the upcoming Colaba SEEPZ underground Metro Line 3 which is partially open till BKC and coastal road passing through Malabar Hill, and upcoming orange gate tunnel project connecting Marine Drive to coastal road, Mumbai Trans Harbour Sealink, ensuring seamless connectivity enroute to south Mumbai will provide east west connectivity.
With property prices showing a 10-15 per cent premium over nearby areas, these exclusive locales have become the hotspots in Mumbai’s luxury market.
According to a recent report by JLL, Altamount Road, Malabar Hill, Nepean Sea Road, Breach Candy, Worli Sea Face, and Hughes Road are leading the pack, ranking as the top six luxury real estate markets in Mumbai based on buyer interest and inquiries.
Ritesh Mehta, Senior Director, and Head (North and West), Residential Services and Developer initiative, India, JLL said, “The South Mumbai’s luxury market experiencing limited qualified supply, with absorption rising 5-6% year-on-year and prices appreciating 10-12% annually over the next decade. Malabar Hill, Hughes Road, among others with its strong fundamentals and improving infrastructure, is well-positioned to play a significant role in this evolution, continuing to attract high-end buyers and investors.”
Among the most notable transactions in these areas is the recent acquisition by Mah-Hill Properties, a subsidiary of the Adani Group. The company purchased a prime, one-acre plot on Carmichael Road for a staggering Rs 170 crore. The property registration document sourced by CRE Matrix, a real estate data analytics firm.
This plot, situated in one of the country’s most coveted residential zones, was previously owned by a Parsi family. The purchase highlights the growing appeal of South Mumbai’s premium real estate.
“Mumbai’s ultra-luxury zones like Malabar Hill, Lower Parel, etc are now amplified by transformative infrastructure: Coastal Road, Metro lines, MTHL. Furthermore, these locations offer stunning view of Arabian Sea, which further adds the ‘waaoo’ factor. Our analytics show these connectivity upgrades aren’t just easing commutes; they’re supercharging premium real estate ROI. Data-driven investors, focus here.” ~ Abhishek Kiran Gupta, CEO & Co-founder, CRE Matrix
In another high-profile deal, Ajay Kumar and Manisha Vaghani, the owners of Hamilton Housewares – the company behind the popular Milton brand – acquired a ground-plus-two-storied bungalow in Cumbala Hill for Rs 203 crore in March this year. The deal was significant not only for its size but also because it generated a hefty Rs 12.23 crore in stamp duty for the Maharashtra state exchequer.
With luxury property prices ranging from Rs 1.2 lakh to Rs 1.6 lakh per square foot, these prime South Mumbai locales are becoming an attractive entry point for both investors and homebuyers. The rising demand for such exclusive properties reflects the growing trend of ultra-high-net-worth individuals seeking to invest in areas that offer both historical value and promising long-term growth potential, as per JLL.
As the luxury market in South Mumbai continues to flourish, these areas are poised to solidify their status as some of the most sought-after addresses in the city, market experts believe.
