Mumbai real estate: This is perhaps the highest rate at which a property has been sold in Borivali until. Now In perhaps the most expensive real estate deal in Mumbai’s suburb Borivali.
They sold a 4 BHK luxury apartment for ₹14 crore at a rate of ₹56,000 per sq ft.According to the property registration documents accessed by IndexTap.com
Real estate experts told HT.com that this is the highest rate at which a property has historically sold in Borivali. With the price matching areas like Andheri, Vile Parle, Dadar, and Mahim in Mumbai.
The deal sets a new benchmark for the Borivali property market.
The 4 BHK apartment spread across 2,497 sq ft is located in a Grade. A residential building named Aquaria Grande constructed by the Wadhwa Group. A Mumbai Metropolitan Region (MMR)-based businessman, Hemant Patil, purchased the apartment.
The residence is equipped with two designated parking facilities and is situated on the 27th level. As indicated in the official documentation. The transaction registered on June 21, 2024 involved a stamp duty of ₹84 lakh, the documents added.
The highest per sq ft rate for Borivali until now was for apartments in Oberoi Sky City. According to data accessed by IndexTap.com, Oberoi Realty sold an apartment for ₹48,800 per sq ft.
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 said Abhishek Kiran Gupta. CEO and co-founder, IndexpTap.com
Average price of apartments in Borivali range from ₹25,000 to ₹40,000 per sq ft with most projects trading at ₹30,000 per sq ft, local brokers said.
A query sent to buyer Hemant Patil and seller Rabindu Shah did not get any response.
Property rates in Vile Parle, Juhu, Dadar and Mahim
According to developers who have several under construction projects in Borivali, prices of a few properties are almost at par with apartments in Juhu, Vile Parle, Dadar and Mahim.
Well-planned gated complexes equipped with amenities and fostering a sense of community are in high demand. 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.
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 added.
At present, regions such as Pali Hill in Bandra and Worli represent the most affluent locations within Mumbai. Where numerous opulent residential units are valued in excess of ₹1.50 lakh and ₹1.60 lakh per square foot. As reported by real estate brokers.
In one such transaction, Ashley Nagpal, promoter of Ebco Pvt Ltd, a furniture fittings and accessories firm. And his wife Bianca Nagpal had purchased a 7,139 sq ft apartment in Mumbai’s Worli area for ₹115 crore in August this year.
According to the documents accessed by Zapkey. According to the documents, the buyer purchased the apartment on the 60th floor of Oberoi Realty’s Oberoi Three Sixty West project in Worli for ₹1.60 lakh per sq ft.
Thane real estate market prices catching up with Borivali
According to real estate developers. Premium and luxury projects in other micro-markets such as Mira Road and Thane are commanding prices that are almost at par with Borivali. A premium apartment in Grade. A residential building is trading at ₹27,000 to ₹30,000 per sq ft in Thane. which is at par with prices in Borivali.
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. Said Ritesh Mehta, Senior Director, and Head (North and West), residential services and developer initiative, JLL India.
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