Mumbai has been branded as the city of dreams, India's financial hub and entertainment capital, and the city that never sleeps. Luxurious apartments, posh localities, fine-dining establishments, state-of-the-art development, swanky entertainment zones, and glamorous retail malls surround the bustling metropolis city.
Mumbai, which is bordered by the Arabian Sea, is home to a slew of business tycoons, entrepreneurs, celebrities, cricketers, politicians, and other notable public figures. So, it's only reasonable that the city of dreams has a plethora of opulent neighbourhoods. While low-income housing remains a challenge for many Mumbai citizens, the city also has a diverse range of affluent neighbourhoods.
These areas are frequently distinguished by the presence of lavish amenities such as closeness to the sea, cutting-edge infrastructure, and so on. Do you intend to move to a new suburban Mumbai residential area? Or are you a first-time visitor to Mumbai who wants to see the magic and aura of the city?
In any event, visiting Mumbai's most lush localities is highly advised. Take a glance at our top recommendations of the top expensive areas of Mumbai.
Malabar Hill: Most Expensive Area in Mumbai
Malabar Hill is one of Mumbai's most upscale areas, located atop a hilltop in South Mumbai. The Girgaon Chowpatty Beach, Back Bay, and Nariman Point are all within walking distance of most residences in this region, which provide unobstructed views of the Mumbai skyline.
This is one of the primary causes behind Malabar Hill's exorbitant real estate costs. It is well recognized for housing several notable government officials' private homes.
Raj Bhavan, Maharashtra's Governor's official estate, and Varsha Bungalow-Maharashtra's Chief Minister's house, all are located on Malabar Hill.
Pallonji Mistry, the Petit family, the Jindal family, Adi Godrej, and Shashi Ruia are among the numerous corporate moguls that call this posh locality their home. The Hanging Gardens, Jain Temple, and Banganga Tank are among Malabar Hill's other renowned landmarks.
The average price of a residence in Malabar Hill is ₹51,500 per square foot.
Worli: The Heart of Mumbai
Worli is among the seven islands that make up modern-day Mumbai. It was once a fishing town. It has been turned into an urban residential hotspot owing to its strategic position and world-class facilities.
It also links the Bandra Kurla Complex and Nariman Point, two of Mumbai's most prominent business districts. As a result, Worli has become one of Mumbai's most premium suburbs.
The magnificent Bandra-Worli Sea Link, which opened in 2009, has added to Worli's skyrocketing land values.
Worli is now considerably more accessible thanks to the bridge that links it to Bandra, Mumbai's western district. Worli is home to a number of famous entrepreneurs, including Narayan Murthy, Anil Agarwal, Nandan Nilekani, Anand Piramal, and Isha Ambani.
Retail stores, eateries, nightclubs, and other commercial enterprises dominate the neighbourhood, making it one of the most popular recreational spots for working professionals on the island metropolis.
The average price of a residence in Worli is ₹37,013 per square foot.
Tardeo: Top Expensive Areas in Mumbai
Tardeo is an upscale area in South Mumbai that stretches from Nana Chowk to Haji Ali Junction. Its initial crowning achievement was the establishment of Crossroads, Mumbai's first retail mall.
Altamount Road in Tardeo is a major thoroughfare in south Mumbai that links key business sectors in the area. It is also home to Antilla, which is India's most valuable private property, Tardeo contains a variety of commercial buildings, including educational and healthcare facilities. Because there are limited residential possibilities in the region, it is one of Mumbai's most pricey locations.
The average price of a residence in Tardeo is ₹47,786 per square foot.
Juhu: Beverly Hills of Bollywood
When a residential area is affectionately dubbed as the "Beverly Hills of Bollywood," you know it's upscale. Juhu, which is bordered on the west by the Arabian Sea, is host to Bollywood's most well-known stars.
The bungalows of renowned cinema actors like Amitabh Bachchan, Hema Malini, Akshay Kumar, Shahid Kapoor, and others may be found here. Jalsa, Amitabh Bachchan's home, continues to attract a crowd of cinema fans from all across the country.
As a result, Juhu is one of Mumbai's most expensive neighbourhoods. There are also a number of prominent educational institutes as well as vibrant cafés.
Apart from being home to a slew of Bollywood royalty, Juhu is famous for its beautiful beach. JW Marriott, Prithvi Theatre, The Orchid Hotel, and ISKCON Temple are among the other main landmarks. The Juhu Chowpatty, where street food sellers set up their shops in the evening, is also well-known in the neighbourhood.
Juhu is therefore both an affluent suburb and a popular tourist destination in Mumbai.
The average price of a residence in Juhu is ₹44,442 per square foot.
Bandra: Posh Localities of Mumbai
Bandra is Maharashtra's third-largest business center, located on the western outskirts of the city. Bandra's most well-known landmarks include Pali Hill, Bandra Kurla Complex and Carter Road.
Bandra, popularly referred to as the Queen of Suburbs, is home to a plethora of fancy diners, bars, and cafés. Hill Road and Linking Road in Bandra are also home to Mumbai's iconic clothing stores.
Bandra, similar to other affluent localities in Mumbai is home to a slew of Bollywood stars, sportsmen, and politicians. Mannat, Shah Rukh Khan's Lands End house, is one of Bandra's most renowned tourist destinations. Galaxy Towers, Salman Khan's mansion, is also only around a mile away.
The average price of a residence in Bandra is ₹42,691 per square foot.
Lokhandwala Complex Now Comes In Posh Areas of Mumbai
Lokhandwala Complex is an upscale Mumbai neighbourhood located near Andheri West. Siraj Lokhandwala bought the region in 1968 when it was still just a large swamp.
Many realtors attempted to talk him out of it at the time, claiming that people wouldn't want to live so far from the city core. Lokhandwala Complex now has become one of Mumbai's most coveted suburbs.
Lokhandwala Complex, which is home to numerous movie stars, directors, and singers, is full of luxurious retail malls, gourmet restaurants, and trendy cafés.
There are also a number of well-kept parks and walking tracks. The average price of a residence in Lokhandwala Complex is ₹32,230 per square foot.
Lower Parel: Offers Cosmopolitan High-rise Living
Lower Parel was once home to a large number of factories. The region has been turned into an important business centre as a result of increasing urban development and the shutdown of the factories.
It now has a plethora of major media companies, marketing companies, and commercial institutions. As a result, it has become one of Mumbai's top luxurious locations.
Lower Parel is home to several business tycoons, entrepreneurs, and other senior-level professionals. There are several restaurants, cafés, and bars in the neighbourhood.
Kamala Mills is among Lower Parel's most vibrant areas. Lower Parel is the ideal location for those seeking a cosmopolitan area with high-rises, companies, and bustling nightlife.
The average price of a residence in Lower Parel is ₹29,800 per square foot.
Powai: Experience Living in Luxurious Villas and Condos
Hiranandani Gardens, in Powai, is an affluent township with 42 residential structures and 23 business towers. Luxurious villas, condos, cottages, and commercial buildings may be found here.
What used to be a desolate, inhospitable region has been converted into one of Mumbai's most well-kept and affluent neighbourhoods. It is also Mumbai's entrepreneurial center.
Hiranandani, as it is known, is a self-contained area with educational institutions, gardens, retail malls, clubhouses, swimming pools, and healthcare facilities. Hiranandani is also home to a number of wealth management and corporate finance businesses, in addition to startup companies.
The average price of a residence in Powai is ₹29,097 per square foot.
Colaba: Home to Richest Society in Mumbai
Colaba is the place in Mumbai where the past and the present collide with each other. Apart from being one of Mumbai's most pricey localities, it is also the epicenter of the city's heritage and literature.
There are several art galleries, theaters, museums, and impeccable examples of colonial architecture to be found here. In addition, classic cafés such as Leopold Cafe and Cafe Mondegar can be found in Colaba.
Ratan Tata, the entrepreneur, and Ravi Shastri, the cricketer, are both inhabitants of Colaba. The Gateway of India, the Taj Mahal Palace, and the Colaba Causeway are just a few of Colaba's most renowned tourist sites.
Colaba is the place to go if you're searching for a wealthy Mumbai neighbourhood with a sense of history and sentimentality.
The average price of a residence in Colaba is ₹37,354 per square foot.
Versova: Opulent Mumbai Suburb
Versova, approximately 10 kilometers from Bandra, is another opulent Mumbai suburb. It is well known for its long stretches of coastline and the stunning Versova Fort.
Versova, which was formerly the land of the Kolis (Mumbai's fisherman population), has seen significant growth in recent years.
It is home to Bollywood celebrities like Priyanka Chopra, Manisha Koirala, Randeep Hooda, Arshad Warsi, and others. Many great eateries and bars may also be found in the neighbourhood.
The average price of a residence in Versova is ₹22,738 per sq. ft.
Recent Big-Ticket Home Deals in Mumbai That Made Headlines:
- Ajay Devgn buys a palatial bungalow in Juhu worth ₹60 Crore.
- Arjun Kapoor buys a sea-facing extravagant 4 BHK apartment worth ₹20 crores.
- Sunny Leone buys a luxurious duplex apartment in Andheri for ₹16 core.
- Billionaire investor and founder of D-Mart, Radhakishan Damani buys a luxe bungalow in south Mumbai’s Malabar Hill locale for worth ₹1,001 crores.
Why Such Skyrocket Prices in Mumbai?
Almost every week, there is news of a big-ticket real estate investment in Mumbai. It does rounds on the Internet when a business tycoon or Bollywood celebrity buys an apartment or building for a very high sum. Mumbai is consistently ranked one of the most expensive places to buy property.
Price is defined by the relationship of demand and supply, as most of us are aware. The greater the cost, the lesser the supply. Likewise, when demand increases, so does the cost.
So, what are the causes that are reducing property supply and raising demand in Mumbai?
Government Policy: Another aspect is government policy. Circle rates, set by the government, determine not just the minimum stamp duty but also the starting price. Mumbai's prices have gone up by upto 20% in past years, which is significantly higher than the rest of the nation.
Rent Control: Rent regulation has an impact on real estate supply since a significant proportion of renters, particularly in the city's best locations, may live on monthly rates of less than 500 rupees. Because landowners are not allowed to raise this rent due to government price controls, the burden on non-rent-controlled properties to generate taxes is considerably greater.
Inward Migration: For years, Mumbai has undoubtedly been India's business hub. Mumbai has opportunities for everyone, from white-collar occupations to basic labour sustaining the wealthy's lives. However, this inflow of migrants puts strain on the city to provide housing. Investment Buyers: A type of purchaser branded as "investment buyers" – individuals who have no intention of living in Mumbai but want to purchase real estate there in the hopes of profiting later – is also creating too much demand. These purchasers, who are mostly non-resident Indians or individuals with significant sums of unregulated money, add to the already massive demand.
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Frequently Asked Questions (FAQ's)
Is Andheri an affluent neighbourhood?
Andheri is a semi-affluent neighbourhood where housing costs are rising due to great demand, yet housing options are limited.
Is Juhu an affluent neighbourhood?
Yes, Juhu is one of Mumbai's affluent neighbourhoods. The majority of the actors reside in Juhu. And because these stars make a lot of money, they want to live a lavish lifestyle, which renders everything pricey owing to skyrocketing demand.
Which are Mumbai's affluent neighbourhoods?
Malabar Hill, Powai and Tardeo, are some of the upscale neighbourhoods in Mumbai.
Why is housing so costly in Mumbai?
The demand for properties in Mumbai is massive which makes the real estate prices exorbitant and makes Mumbai city the most expensive area in India.
Is Thane an affluent neighbourhood?
Thane is unquestionably one of the most expensive places in the Greater Mumbai Region. It has a number of luxury communities, such as Hiranandani, as well as shopping complexes, like Viviana Mall.