Mumbai’s elite real estate market is witnessing a growing trend among affluent buyers: a preference for boutique, low-rise luxury homes over high-rise condominiums. With property prices exceeding ₹100 crore and reaching up to ₹1.50 lakh per sq ft in premium areas, high-net-worth individuals (HNIs) are willing to pay a premium for privacy, exclusivity, and individuality.
The appeal of boutique luxury homes
Unlike high-rise gated communities that offer shared amenities, boutique standalone projects prioritize privacy and personalization. These limited-edition homes are strategically located in central Mumbai neighborhoods like Worli, Lower Parel, and Prabhadevi, as well as in the upscale western suburbs of Khar and Bandra.
“Luxury homebuyers in Mumbai increasingly gravitate toward standalone boutique projects due to their exclusivity, privacy, and personalized living experience,” said Ayushi Ashar, Director of Ashar Group. “Unlike larger gated communities, these developments house fewer families, fostering a serene and close-knit environment that appeals to the refined preferences of discerning buyers.”
Premium projects tailored for the elite
Real estate developers are tapping into this demand by launching high-end projects with limited units. For instance, Paradigm Realty is developing a project on Bandra’s Carter Road featuring just 22 apartments priced between ₹17 crore and ₹24 crore. Another Paradigm project in Pali Hill comprises five sprawling apartments, each priced at ₹70 crore and covering 8,600 sq ft.
Ashar Group’s new project, located on the site of Bollywood legend Dilip Kumar’s bungalow, offers only 15 luxury apartments priced at approximately ₹1.50 lakh per sq ft.
Privacy as a priority
Developers highlight that privacy and exclusivity are key factors driving the demand for boutique luxury homes. Many HNIs prefer these standalone projects as they provide a peaceful environment free from the potential lifestyle clashes often experienced in high-rise communities.
“Individualism will also be respected more at boutique projects because all homeowners have had a similar trajectory in rising to the stalwarts they are,” added Ashar.
Evolving preferences in luxury living
While larger gated communities appeal to some buyers for their social infrastructure and community living, a significant segment of affluent buyers is prioritizing individuality and exclusivity. These discerning customers are investing in properties priced between ₹20 crore and ₹80 crore to secure their distinctive addresses.
“This trend underscores the evolving priorities of luxury homebuyers seeking more than just a residence—a distinctive address,” Ashar remarked.
A growing market for exclusive living
The rise in demand for boutique luxury homes reflects a significant shift in India’s real estate market. By catering to the refined preferences of wealthy buyers, these projects not only elevate the standards of luxury living but also contribute to the growth of India’s premium housing sector.
