In what might be the most expensive property handle Mumbai’s Borivali residential area, a 4 BHK deluxe apartment or condo was cost Rs 14 crore, establishing a per square foot cost of Rs 56,000, according to home enrollment records accessed by In dexTap.com. This purchase notes the greatest price ever before for a residential or commercial property in Borivali, matching the rates seen in various other noticeable Mumbai areas such as Andheri, Vile Parle, Dadar, and Mahim, according to specialists mentioned by Hindustan Times.
The sale stands for a landmark for Borivali’s property market. The 4 BHK apartment or condo, spread out throughout 2,497 sq feet, lies in a Grade A household complicated called Aquaria Grande, created by theWadhwa Group The home was bought by Hemant Patil, an entrepreneur based in the Mumbai Metropolitan Region (MMR). The apartment or condo, which likewise consists of 2 garage, is positioned on the 27th flooring. The purchase, signed up on June 21, 2024, included a stamp responsibility of 84 lakh.
Until currently, the greatest per square foot price in Borivali was for homes in Oberoi Sky City, where an apartment or condo cost 48,800 per sq feet, according to In dexTap.com.
Abhishek Kiran Gupta, chief executive officer and founder of In dexTap.com, stated, “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 mentioned that the typical cost for homes in Borivali varies from Rs 25,000 to Rs 40,000 per sq feet, with a lot of tasks trading around Rs 30,000 per sq ft. A question sent out to the purchaser Hemant Patil and the vendor Rabindu Shah did not obtain any kind of feedback.
Property Rates in Other Areas
According to programmers with continuous tasks in Borivali, home rates there are getting to degrees similar to 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,” stated 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, locations such as Pali Hill in Bandra and Worli are one of the most costly property places in Mumbai, with a number of deluxe homes valued over Rs 1.50 lakh to Rs 1.60 lakh per sq feet, brokers suggested. In one prominent purchase, Ashley Nagpal, marketer of Ebco Pvt Ltd, and his better half Bianca Nagpal bought a 7,139 sq feet apartment or condo in Mumbai’s Worli location for Rs 115 crore in August 2024, according to records accessed byZapkey The apartment or condo, situated on the 60th flooring of Oberoi Three Sixty West job, was cost Rs 1.60 lakh per sq ft.
Thane’s Real Estate Prices Catching Up
Real estate programmers keep in mind that rates in Thane and Mira Road are nearing those ofBorivali A superior apartment or condo in a Grade A household structure in Thane currently trades at in between 27,000 and 30,000 per sq feet, similar to Borivali’s prices.
Ritesh Mehta, Senior Director, and Head (North and West), household solutions and designer campaign, JLL India, stated, “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.”
