Drastic Shift in Mumbai’s Luxury Housing Preference
Although the luxury housing scenario in Delhi, Kolkata, and Chennai remain the same, Mumbai has seen a major shift in this segment over the last few years. While the Central Business District (CBD) has shifted to BKC (Bandra Kurla Complex), practically speaking, the most sought-after parts of the city aren’t witnessing any major developments in terms of sales, relative appreciation, and leasing over the last 5-7 years.
The attractive locations in Mumbai, such as Marine Drive, Cuffe Parade, and Pedder Road are experiencing a slowdown in demand as well as price appreciation for the past 5 to 7 years. After the CBD shifted, the demand for luxury housing has increased in places like Jacob Circle and Mahalaxmi. With more security and parking concerns with respect to standalone buildings, more people are selling their independent houses and moving to luxury complexes in these new localities.
With the presence of large number of corporate employees in Mumbai wishing to stay closer to their workplaces, the Bandra-Khar-Santacruz belt and the BKC have become favourite options. Whereas, others are moving towards Worli to get faster accessibility to Sea Link and BKC.
People also have a desire to stay closer to the Metro stations, highways, and airports for convenience. This has resulted in a huge increase in demand for premium properties in this market. Moreover, those who don’t want, or cannot afford, to pay a huge difference between the selling price of their existing property and the cost price of the new property, BKC offers them the advantage of a luxury living experience at not too expensive rates.
Source: moneycontrol.com
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