A luxury 4 BHK in Mumbai’s Borivali suburb has been sold for₹14 crore, setting a new price benchmark of₹56,000 per square foot. Recorded on June 21, 2024, this is the highest price ever recorded for a property in Borivali and is at par with more developed high-value neighborhoods like Andheri, Vile Parle, Dadar, and Mahim.
The apartment is a 2,497-square-feet apartment in the prestigious Aquaria Grande Grade A residential development by Wadhwa Group. Local businessman Hemant Patil bought not just the apartment but also two parking slots in a deal worth more than ₹84 lakh in stamp duty.
According to data available with IndexTap.com, the highest price per square foot recorded to date in Borivali was ₹48,800 for a unit in Oberoi Sky City before this deal. Abhishek Kiran Gupta, CEO and co-founder of IndexTap.com said this is an important transaction. “This transaction in Aquaria Grande at ₹56,000 per square foot indicates a healthy appetite for luxury homes, even in the northern suburbs of Mumbai.”
Apartments in Borivali are reportedly priced between₹25,000 and₹40,000 per square foot on average, though most projects peg their price around₹30,000 per square foot, according to local real estate brokers.
Ongoing projects in Borivali yield claims of a few properties being comparable in price to those in more well-heeled areas like Juhu and Vile Parle. According to Parth Mehta, CMD of Paradigm Realty, there is now a growing demand for well-planned gated communities that come with an added bundle of amenities. “In our project, Paradigm Anantara, we are achieving prices above ₹32,000 per square foot, while premium 4 BHK residences will be launched around ₹40,000 per square foot next year,” he said.
According to market analysts, the appreciation in property values in Borivali follows as a result of growing demand from the business community as well as increased purchasing power among homebuyers. “Buyers are willing to pay for high-quality, well-designed properties that offer abundant natural light and fresh air,” Mehta noted.
Today, the most expensive residential locations in Mumbai remain Pali Hill in Bandra and Worli, where premium apartments boast prices over ₹1.50 lakh a square foot. One of the largest sales was witnessed recently in Worli when Ashley Nagpal, Ebco Pvt Ltd promoter, bought a 7,139 sq ft apartment along with his wife Bianca Nagpal for ₹115 crore, which translates into ₹1.60 lakh a sq ft.
Interestingly, the price appreciation has also been noted in other areas of Thane and Mira Road, and premium apartments are selling for₹27,000 to₹30,000 per square foot in Thane, thus closing the gap with prices in Borivali. “An under-construction project in Dadar is priced at ₹50,000 per square foot, reflecting the influence of location and reputation of well-established real estate brands in attracting premium rates,” says Ritesh Mehta of JLL India.
In the face of changing landscapes in real estate, a recent transaction in Borivali speaks of a sweeping shift in market dynamics, noting a growing appetite for luxury living in what have hitherto been previously undervalued suburbs.
