Kolkata, the City of Joy, is known for its iconic buildings, high-end commercial stores, old British architecture, and rich cultural heritage. However, if you wish for a lifestyle that provides the ultimate luxury, even the posh locales of the city’s Park Street area might not match your expectations.
Buying a property in Mumbai like those from Rustomjee’s real estate projects is a much better option if you gauge its premium real estate properties and vibrant locales in all the above aspects. So, let’s take a closer look at what contributes to Mumbai’s increasing appeal among Kolkata’s elite as a hub for luxury living and a business epicentre.
Why Mumbai is Attracting Kolkata’s Elite
Popularly known as the business and financial capital of India, Mumbai is one of the wealthiest cities and contributes considerably towards the country’s economy.
Mumbai: The Business and Financial Capital
Recent data reveals that the city has a Gross Domestic Product (GDP) of US$ 368 billion, which is higher than that of any other major city in India.
- Availability of Ample Opportunities: Mumbai is also a gateway to a world of opportunities for job seekers, entrepreneurs, and families striving for financial growth. The city is located on India’s west coast, which makes trade a lot easier and has prompted many leading national and international organisations to shift base there.
In recent years, Mumbai has also witnessed the successful rise of entrepreneurs across different fields. These trends have also triggered an influx of individuals from other states who are looking to buy a home in the city.
- Proximity to Well-Known Business Organisations: Mumbai houses some leading financial regulatory organisations, such as the Reserve Bank of India (RBI), the National Stock Exchange (NSE), and the Bombay Stock Exchange (BSE). This has laid the foundation for the city’s dominance as a financial hub, attracting insurance firms, banks, and stockbrokers.
Lifestyle Upgrades in Mumbai’s Luxury Properties
Kolkata is given the title of the country’s cultural capital by many since it holds significant remnants from the bygone British era. These include numerous buildings built by the British in their predominant architectural style and significant modes of communication, such as the Howrah Bridge.
Though the city has seen the development of modern infrastructure to some extent in the last two decades, Mumbai lies ahead of it with a vibrant lifestyle and bustling city life. Mumbai also has a much greater number of premium real estate properties like Rustomjee’s projects, along with lavish cafes, restaurants, gaming centres, and other recreational facilities.
- Luxurious Living in Mumbai: Mumbai offers a host of amenities of global standard, including world-class airports, international schools and universities, and all the facilities needed for a luxurious lifestyle.
- Availability of World-Class Amenities: Ranging from swimming pools, fitness centres, and landscaped gardens, gated communities like Rustomjee’s Pali Hill project offer all that’s needed for you to enjoy the ultimate luxury and peace of mind.
Key Locales in Mumbai for Kolkata’s Elite
Residents of Kolkata looking for premium homes in Mumbai can find the best properties in the following regions of the city.
- Pali Hill: Vibrant culture and elite social circles
Pali Hill is home to some of the most distinguished film stars and business personalities. It is also characterised by a beautiful blend of heritage and modernity. Inhabited by the Portuguese in the 1700s, Pali Hill now has highly sought-after residences, such as Rustomjee Parishram, that are furnished with all modern necessities.
- Worli: Sea-facing apartments and business proximity
Worli is among the most striking locales in the city, well-known for its proximity to the coastline and modern architecture. Driving past the Sea Face at Worli will lead you to witness stunning skyscrapers that are part of Mumbai’s leading residential projects.
- Lower Parel: Luxury skyscrapers and work-life balance
Known for being a shopper’s paradise, Lower Parel also has a range of upscale residential properties that can readily appeal to your interest. Adding on to this is its efficient connectivity to the rest of the city and commercial spaces that house leading corporate organisations offering the much-desired work-life balance.
- Malabar Hill: Traditional luxury and heritage charm
Malabar Hill offers a unique charm, interspersed with Jain temples and picturesque gardens and parks, while also offering several modern, elegant residential properties. It even provides residents with the privilege of enjoying the panoramic sights of the Arabian Sea to their heart’s content.
Read Also: Exploring Mumbai: The Most Desirable Neighbourhoods for Luxury Homes
Investment and Lifestyle Benefits of Moving
According to the latest data, rates of the most sought-after homes in Mumbai have increased by a significant 11.5% annually. Kolkata has emerged as one of the highly desired places for real estate investments but is still behind Mumbai in terms of property rates.
The market for premium luxury homes in Mumbai has seen remarkable appreciation in recent years. According to the Hindustan Times, the market witnessed an increase in sales by as much as 38% between January and September 2024.
Connectivity and Infrastructure
Mumbai’s residents can reap the benefits of one of the country’s finest International airports, with non-stop flights scheduled to 120 locations across over 40 countries. No matter whether you’re travelling overseas for work or travel purposes, you don’t need to worry about connectivity.
The city also boasts a highly efficient transport network connecting the city seamlessly, with superior-grade road-over bridges, metro stations, flyovers, and bridges. Furthermore, Mumbai’s diverse infrastructure, consisting of world-class commercial spaces, healthcare facilities, and educational institutions, helps elevate the value of real estate properties.
Social and Cultural Advantages
Mumbai is a cosmopolitan city in the truest sense, with communities of Punjabis, Parsis, Sindhis, and Biharis coexisting harmoniously.
Thus, shifting to Mumbai from Kolkata lets you experience this cosmopolitan culture and lifestyle closely. What’s more, the city warmly embraces Indian festivities from different corners of the country, including Christmas, Ganesh Chaturthi, Diwali, Gudi Padwa, and Onam.
Mumbai’s social circles comprising eminent individuals also provide the opportunity to engage in valuable networking.
Migratory Trends from Kolkata to Mumbai
Park Street is among Kolkata’s few elite locales that offer modernised infrastructure, easy access to all social amenities, and outlets of well-known brands. However, the limited availability of modernised real estate properties leaves many residents disappointed.
This is why searching for premium homes in Mumbai is a frequently chosen alternative among Park Street’s elite home buyers. Additionally, the availability of world-class amenities in the city helps fulfill a premium homeowner’s aspirations for a global lifestyle.
Residents can also get access to improved business and career opportunities.
Future Trends in Kolkata-Mumbai Real Estate
In the past few years, the development of premium housing projects in Mumbai, like the Rustomjee Parishram, has made luxury real estate vital to the city’s landscape. With growing demand from elite potential buyers and limited land availability, the properties offer a range of modern amenities to cater to the needs of the affluent.
As for Kolkata, though the city has been experiencing a boom in real estate projects in recent years, it is still far behind Mumbai in terms of the development of luxury homes.
Read Also: How to Evaluate the True Value of a Premium Real Estate Investment
Conclusion
Rustomjee Parishram presents Kolkata’s elite with one such opportunity to acquire high-end residential properties. Offering spacious homes uniquely designed for a personalised experience, our gated communities can provide a comfortable, secure, and delightful home complete with all amenities. Contact us today to know more.
FAQs
- Why are Kolkata’s affluent residents choosing Mumbai for luxury living?
Mumbai’s real estate landscape offers a higher level of luxury and comfort than Kolkata’s properties, along with world-class facilities and better opportunities for financial and professional growth.
- What makes Mumbai’s Pali Hill or Worli attractive to high-net-worth individuals?
The seashore near Worli adds to its scenic appeal, while Pali Hill’s vibrant social life is likely to attract anyone looking to buy a premium home in Mumbai.
- How does Mumbai’s real estate market compare to Kolkata’s?
Mumbai’s real estate market has seen substantial growth in the recent past, while Kolkata’s properties have experienced comparatively lesser growth.
- Are there better investment returns in Mumbai’s properties?
Yes, owing to the right rate of growth in property values for Mumbai, you are likely to get better returns by investing in a property in this city.
- What are the lifestyle differences between Park Street and Mumbai’s luxury hubs?
While the lifestyle in Park Street is likely to be influenced by Kolkata’s old-world charm and rich heritage, Mumbai offers a much more modern and luxurious lifestyle for elite home buyers.
