Maharashtra has consecutively for two years in a row attracted the highest Foreign Direct Investments in India. This will significantly impact the real estate sector in the state, which is also one of the highest contributors to the country’s GDP. Mumbai, the capital of Maharashtra and the financial capital of the country, is set to benefit greatly from these investments, especially in its vibrant real estate market. Rapid urbanisation and increasing disposable incomes, coupled with a desire for a superior lifestyle, are a few of the factors responsible for the surge in luxury housing in the MMR real estate landscape. In the first half of 2024, Mumbai’s luxury real estate witnessed a 16% year-on-year increase in the total units sold.
Home-buyers are increasingly viewing home-ownership as a status symbol and a reflection of one’s distinct style. Thus, luxury units prioritise lavish interiors, intricate design, robust digital security, and community living to meet consumer demand. Health and wellness is another discerning factor that defines luxury housing by offering services like spas, gyms, private swimming pools, concierge services, and smart technology-enabled homes that provide an enhanced living experience through unparalleled convenience, comfort and safety.
Luxury properties with scenic views of Mumbai’s sprawling skylines or the majestic Arabian Sea are highly coveted by home-buyers. As per a recent survey, properties with views of the sea were highly preferred by 52% of holiday home buyers, 70% of retirees, and 82% of working professionals. Furthermore, in the market for luxury real estate, 38% of respondents chose luxury apartments with a sea view, and 34% specifically sought such homes because of the beautiful vistas they offered. The city’s distinctive geography enables select areas to provide such properties, thus boosting their exclusivity quotient, which plays an essential role in determining their monetary value. Limited availability, higher yields, and the prestige of owning a property along the city of dreams’ coastline are the key reasons behind these properties’ consistent price appreciation. Developers in the city are adopting a smart-design approach to ensure these properties utilise space optimally, owing to Mumbai’s dense landscape, helping them blend harmoniously with the surrounding locality to provide lasting views and privacy. South Mumbai, Juhu, Bandra, and Versova are a few of the micro-markets in Mumbai that offer residents the opportunity to relish the tranquillity of beach-side living without compromising the benefits of living in a metropolis.
Residing in properties with scenic views offers health benefits such as a reduction in thermal discomfort and improved emotional well-being, which can enhance cognitive performance. Being in natural settings has been linked to innovative problem-solving, as these views are visually pleasing and foster creativity. Moreover, having access to natural light and scenery can enhance the quality of sleep by assisting in the regulation of circadian cycles, which promotes holistic well-being.
Given Mumbai’s history and complexity, many luxury projects are designed with the surroundings in mind. In areas being redeveloped, including former slum pockets, luxury homes are being built with modern amenities, green spaces, better facilities, and improved living conditions for residents. These homes are designed to coexist with the city’s transformation, so that the existing community’s needs are met while the area becomes more developed. Scenic luxury homes represent a niche market, but Mumbai’s real estate is diverse enough to cater to different buyer segments. From luxury homes with stunning views to affordable housing, the city has something for first-time buyers, growing families, and affluent investors.
