The outlandish 27-storey residence of the billionaire tycoon Mukesh Ambani, the world’s most expensive house, is a landmark in an upmarket leafy neighbourhood of south Mumbai.
This district of the city has long attracted wealthy Indians. But scarcity of land and property in established prime residential areas of the country are leading to the rise of new luxury residential hotspots across India’s cities.
“Traditionally, the southern neighbourhoods of India’s primary cities have always been the poshest and most desirable locations for wealthy home buyers,” says Ashwinder Raj Singh, the chief executive of residential services at the property consultancy JLL India.
“Historically, these localities have housed the who’s who of the city. This phenomenon still continues. However, over time, other areas are competing with these legacy locations and attracting the younger nouveau riche. Several cities are seeing this happening. Extremely limited new supply of residences in prime neighbourhoods is the most influencing reason for wealthy residents looking for other areas in which to buy luxury homes.”
Prices are not holding back those who can afford upmarket luxurious residences in Mumbai, says Mr Singh.
A number of areas, including Bandra and Juhu in the suburbs of the city, have emerged as “the new posh localities”, he says.
The World One tower, for example, which will house Armani-designed residences, is being built in the centre of south Mumbai, in Lower Parel – an area once dominated by textile mills.
The district has an array of “world-class” condos on offer, with prices ranging between 25,000 rupees (Dh1,440) and 40,000 rupees a square foot, according to JLL.
“South central Mumbai, once unflatteringly known as the mill district, has finally shed this image and now has quite a few trophy luxury projects under construction,” says Mr Singh. “The land parcels that mills previously occupied have given way to luxury skyscrapers that are changing the skyline.”
* Rebecca Bundhun
