Bring­ing in a Sea Change

Mum­bai’s old build­ings are giv­ing way to swankier tow­ers with a view

India Today - - REAL ESTATE - by M. G. Arun

When Surabhi Pa­tel, 42, an im­age con­sul­tant, de­cided to buy a home in Mum­bai for her fam­ily of three, she in­sisted on one thing— the place should not be more than a 30- minute drive from her work­place. She did not have to hunt for too long. Worli, in cen­tral Mum­bai, had sev­eral high- rises, and with a Rs 5 crore- bud­get, op­tions were plenty. A year into the new home on the 24th floor of the new build­ing, Pa­tel is a happy per­son. “We have a fan­tas­tic view of the Ara­bian Sea from my bal­cony,” she says.

Worli is a pre­mium hous­ing ad­dress in the city, where tra­di­tional lux­ury hous­ing hotspots stretch from south Mum­bai to Ban­dra. Lux­ury homes here range from Rs 26,000 to Rs 60,000 per sq ft, de­pend­ing on the de­vel­oper and what they of­fer— cen­tral AC, gold leaf­ing on walls, im­ported mod­u­lar kitchens, home au­to­ma­tion, de­signer plumb­ing and bath fit­tings. Some of the mar­quee build­ings in­clude The Park in Worli, and World One, also in Worli, which of­fers de­signs by Ar­mani/ Casa in the yet- to- be launched Oberoi de­vel­op­ment.

Ex­perts say the lux­ury hous­ing seg­ment in Mum­bai holds enor­mous po­ten­tial for the fu­ture. If one dis­counts the creak­ing in­fra­struc­ture of Mum­bai, lux­ury homes here of­fer the ad­van­tage of be­ing close to of­fice com­plexes, shop­ping malls, night clubs, top hos­pi­tals and schools. “Also, most build­ings in south Mum­bai are over 40 years old, and be­yond a cer­tain point, you can’t ex­tend the life of an old build­ing,” says Mu­das­sir Zaidi, national di­rec­tor- res­i­den­tial, Knight Frank In­dia, a prop­erty con­sul­tant. “In such a sit­u­a­tion, a ma­jor­ity of the old build­ings will be re­placed by newer ones, thereby in­fus­ing fresh stock in the mar­ket.” How­ever, the pace of such de­vel­op­ments will de­pend on the macroe­co­nomic sce­nario, he cau­tions.

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