The surge in demand, led by the popular Worli area, reflects an evolving preference for spacious luxury homes
Mumbai, often referred to as the “City of Dreams,” is known for its bustling streets, diverse culture, and rapidly growing real estate market. In this thriving metropolis, one particular category of properties has been capturing the attention of homebuyers and investors alike – sea-facing apartments and high-rises with spectacular sea views. The increasing demand for these sea-view properties in Mumbai can be attributed to a combination of factors, each contributing to their desirability. Let’s delve deeper into these factors to understand what makes these properties such sought-after choices for homebuyers.
Enhanced Livability by the Sea
Mumbai’s summertime can be unbearably hot due to its tropical climate. However, residences situated by the sea offer an exceptional advantage in terms of livability. Their proximity to the ocean provides cooler temperatures and rejuvenating sea breezes, effectively delivering a natural form of air conditioning to the occupants. The temperature disparity between properties facing the sea and those that do not have prompted prospective homeowners to prioritize these residences, enhancing their overall comfort and quality of life.
Escape from Urban Chaos
The serenity of the sea is often associated with a soothing effect on the mind and the ability to calm the mind and instill happiness. Amid the bustling urban life in Mumbai, the sea offers a much-needed refuge and contributes to relaxation by bringing individuals closer to nature. Consequently, as urbanization continues to expand, there is an increasing desire to reside in sea-facing properties.
Exclusivity and the Psychological Appeal
Beyond the tangible benefits of stunning views and cooler temperatures, these residences bestow upon their occupants a distinctive sense of exclusivity, as they are exclusively available to those who can comfortably invest in their premium cost. The feeling of being a part of an exclusive property resonates deeply with those who value privacy, prestige, social value, and a distinct sense of community.
These factors solidify the position of sea-view properties as a symbol of success and prosperity and are therefore in huge demand. Homebuyers recognize that a sea-view property offers a unique blend of natural beauty and urban charm. Thus, the buyer is open to paying a sea-view premium in order to enjoy the breathtaking views from the comforts of their house. The willingness to invest in what can be described as Mumbai’s “water premium” reflects a growing appreciation for the aesthetic appeal of living by the sea. This makes these properties a coveted asset in the city’s real estate market.
Mumbai’s expansive coastline, owing to its geographical positioning, offers a vast inventory of properties graced with breathtaking sea-facing views to meet the high demand for such residences. Prominent neighborhoods like Malabar Hills, Cuffe Parade, Worli, Bandra, Juhu, and Versova are particularly sought after for sea-facing properties. Notably, in South Mumbai, areas such as Malabar Hills, Cuffe Parade, and Worli stand out as premium choices due to their upscale location, affluent neighborhood, well-established social infrastructure, proximity to corporate hubs, and a plethora of high-end hotels and restaurants.
These locations also provide an ample supply of premium and luxury properties that instill a heightened sense of achievement in their residents, thereby driving an increased demand. In fact, the year has seen an unprecedented surge in demand for luxury homes, resulting in record sales. Luxury property sales this year showed significant growth compared to last year. Worli played a pivotal role in these sales as it witnessed a high absorption in luxury residential units while the average unit value also increased significantly. Thus, Worli has emerged as one of the preferred places for luxury residential housing.
The growing allure of Worli can be attributed not only to its proximity to the sea but also to a host of top-tier amenities provided by developers to elevate the resident’s living experience. These coveted properties often feature a poolside cabana, adventure area, and state-of-the-art gymnasium, among others. Various grade-A developers also include beautifully landscaped gardens, providing a serene oasis amidst the urban hustle and bustle. These premium amenities, along with the stunning ocean views, transform sea-facing apartments in Worli into exclusive havens of comfort and opulence.
Overall, Mumbai’s sea-view properties have risen to prominence, offering more than just a view. The surge in demand, led by the popular Worli area, reflects an evolving preference for spacious luxury homes. Stunning views coupled with exclusivity and strong appreciation potential underscore the significance of these properties in Mumbai’s real estate market. As the city continues to evolve, sea-view properties will remain at the forefront of demand for the residential real estate landscape — offering a lifestyle that is second to none.
(This article is authored by K. T. Jithendran, MD & CEO at Birla Estates Pvt. Ltd.)
