BusinessWire India
Mumbai (Maharashtra) [India], February 6: Akin to the ultra-luxury towers dotting the southern tip of Central Park in Manhattan, Mumbai is also witnessing the emergence of its very own Billionaires' Row at Worli Seaface. Much like the famed New York neighbourhood, Worli Seaface - with some of the most super premium and high-value residences in the city, has gained a reputation as the address that spells success.
Industry data indicates that Worli is among the top micro-markets in the metropolis; Worli alone contributes more than 20 per cent of the overall Mumbai luxury real estate market, with projects along the sea-face promenade commanding the highest premium. From industrialists and corporate captains, to Bollywood artists and sports stars, Mumbai's Billionaires' Row is the go-to destination for the financial capital's who's who. A string of recent transactions ranging from Rs. 50-crore to Rs. 150-crore for ultra-luxury residences at Worli Seaface are a testimony to the allure of the area.
Preferred Address
The perfect blend of exclusivity, infrastructural development, strategic location and architectural innovation make Worli Seaface the desired address that it is. While Worli Seaface, with its unrestricted views of the sea, the open skyline and the race-course, has always been a premium location, the recent infrastructure projects have further augmented its connectivity as well as exclusivity.
The area already enjoys close proximity to South Mumbai and direct access to BKC - and beyond - through the Bandra-Worli Sea-Link. Even as the just-inaugurated Atal Setu Sea Link has eased connectivity to the mainland, the upcoming coastal road project will further improve access to the western suburbs. The excellent social infrastructure and access to facilities add to its attraction. Every commercial and recreational hub is literally minutes away, and yet the Billionaires' Row is a relatively traffic-free cocoon of luxury.
Select Residences
As much as Worli Seaface is a much-desired destination for the truly discerning, quality options are hard to come by on the promenade with limited number of buildings. What makes it even more difficult to secure a luxury residence at Worli Seaface is the high prevalence of long-term ownership and very low incidence of resale. For instance, not one of the original occupants of the all-duplex Nishika Terraces has sold a unit in the past 20 years since the landmark building has come up. This limits the choice to the select number of new projects coming up along the Worli Seaface, with the options getting further narrowed when it comes to acquiring a truly world-class luxury home.
Reputed developers enjoy great response in this seller's market. For instance, Avighna Group's two residential projects - Nishika Elysium, an 18-storey luxury tower with only twelve 5-Bed private residences, and Avighna Marquee, a 30-storey project with 34 lavish apartments of 3 and 4-bed configurations, are witnessing strong demand from buyers. Even as the developer with a reputation for completing world-class projects at record pace is executing the twin projects at a scorching pace, the luxury units that will redefine the Billionaires' Row are already being snapped up by astute buyers.
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