In what could be the costliest property deal with Mumbai’s Borivali residential space, a 4 BHK deluxe house or condominium was value Rs 14 crore, establishing a per sq. foot value of Rs 56,000, in response to house enrollment information accessed by In dexTap.com. This buy notes the best worth ever earlier than for a residential or business property in Borivali, matching the charges seen in numerous different noticeable Mumbai areas corresponding to Andheri, Vile Parle, Dadar, and Mahim, in response to specialists talked about by Hindustan Times.
The sale stands for a landmark for Borivali’s property market. The 4 BHK house or condominium, unfold out all through 2,497 sq toes, lies in a Grade A family difficult referred to as Aquaria Grande, created by theWadhwa Group The house was purchased by Hemant Patil, an entrepreneur primarily based within the Mumbai Metropolitan Region (MMR). The house or condominium, which likewise consists of two storage, is positioned on the twenty seventh flooring. The buy, signed up on June 21, 2024, included a stamp accountability of 84 lakh.
Until at present, the best per sq. foot worth in Borivali was for properties in Oberoi Sky City, the place an house or condominium value 48,800 per sq toes, in response to In dexTap.com.
Abhishek Kiran Gupta, chief government officer and founding father of In dexTap.com, said, “This deal in Aquaria Grande at ₹56,000 per sq ft is the highest traded price till date in Borivali west, clearly indicating the appetite for luxury homes even in the furthest northern suburb of Mumbai.”
Local brokers talked about that the everyday value for properties in Borivali varies from Rs 25,000 to Rs 40,000 per sq toes, with lots of duties buying and selling round Rs 30,000 per sq ft. A query despatched out to the purchaser Hemant Patil and the seller Rabindu Shah didn’t acquire any form of suggestions.
Property Rates in Other Areas
According to programmers with steady duties in Borivali, house charges there are attending to levels just like Juhu, Vile Parle, Dadar, andMahim “There is a healthy demand for well-planned gated complexes that are equipped with amenities and foster a sense of community, as is the case with properties such as Oberoi Sky City and Wadhwa Aquaria Grande. In our project named Paradigm Anantara in Borivali, we are commanding in excess of ₹32,000 per sq ft. Our higher floors, which comprise premium 4 BHK residences, will be launched with a per square foot price tag of ₹40,000 by next year,” said Parth Mehta, CMD, Paradigm Realty.
“The rising demand from within the business community as well as the higher spending power of homebuyers in this area are the most prominent reasons for properties in Borivali commanding a good premium in the suburban market. This market is willing to pay more for a high-quality, well-structured and designed product that offers ample fresh air and daylight, a good ceiling height, and excellent amenities,” Mehta included.
Currently, places corresponding to Pali Hill in Bandra and Worli are one of the crucial pricey property locations in Mumbai, with plenty of deluxe properties valued over Rs 1.50 lakh to Rs 1.60 lakh per sq toes, brokers instructed. In one distinguished buy, Ashley Nagpal, marketer of Ebco Pvt Ltd, and his higher half Bianca Nagpal purchased a 7,139 sq toes house or condominium in Mumbai’s Worli location for Rs 115 crore in August 2024, in response to information accessed byZapkey The house or condominium, located on the sixtieth flooring of Oberoi Three Sixty West job, was value Rs 1.60 lakh per sq ft.
Thane’s Real Estate Prices Catching Up
Real property programmers remember that charges in Thane and Mira Road are nearing these ofBorivali A superior house or condominium in a Grade A family construction in Thane at present trades at in between 27,000 and 30,000 per sq toes, just like Borivali’s costs.
Ritesh Mehta, Senior Director, and Head (North and West), family options and designer marketing campaign, JLL India, said, “An under-construction building in Dadar commands a price of ₹50,000 per sq ft, which is the prevailing rate of a premium building in Borivali. I am not saying Dadar is a luxury market and it should command a higher price, but it primarily has to do with the address. Projects with amenities by big real estate brands are able to pull off good rates even in far-off suburbs of Mumbai.”
