The Mumbai real estate market, known for its opulent properties, saw the launch of nearly 150 property units daily, on average, in the first half of 2023, against the average launch rate of 100 units in the pre-Covid era, according to data of the Maharashtra Real Estate Regulatory Authority.
Among Mumbai’s many tony areas, Bandra West, particularly the Pali Hill area, with a captivating fusion of high-end residences, Bollywood glamour, and a touch of old-world charm, has become the focal point of the real estate scene.
In 2023, 39 homes were sold in Pali Hill in the price bracket of Rs 15 crore to Rs 55 crore. The total agreement value of homes sold in the year touched over Rs 500 crore. This marked a significant increase on the 172 homes sold in the previous six years.
A notable trend is the shifting preference for larger homes, with 3-bedroom apartments leading the market, with 17 units sold during the year. The demand for 4-bedroom units followed closely, with 13 units sold.
The surge in demand for high-end properties signifies a strategic shift in lifestyle aspirations, with discerning buyers prioritising the exclusivity and prestige associated with Pali Hill’s address.
Ayushi Ashar, Director, Ashar Group and Member of the Managing Committee of MCHI-CREDAI, said Pali Hill as a market remains a prominent centre for high-end property investment, consistently attracting investors in search of stability and growth prospects.
The trend is driven by discerning customers who prioritise spaces featuring distinctive residences with tailored amenities, shaping a comprehensive lifestyle for themselves and their family members, she said.
Ashar Group itself has launched ‘The Legend by Ashar’, its second luxury project in Pali Hill, which is being developed on the land on which legendary Bollywood actor late Dilip Kumar’s bungalow once stood, she added.