This new luxury destination in Mumbai

Mumbai: Worli has become the new luxury destination for ultra-high-net-worth individuals and celebrities, signalling its emergence as a prime residential destination with several big-ticket realty transactions taking place in the area, said a JLL India report released on Tuesday.

Cricketers Rohit Sharma, Yuvraj Singh and Virat Kohli, film actors Abhishek Bachchan and Akshay Kumar, and business tycoons Baba Kalyani (chairman of Bharat Forge), Rizwan Koita (CEO of CitiusTech), Nandan Nilekani, Narayana Murthy, Ajay Piramal, Siddharth Yog (chairman of Xander Group) and Anil Agarwal (Sterlite Group) have either invested in or moved to Worli.

“This precinct has created an independent identity rivalling the traditionally popular prime south Mumbai residential clusters,” the report said.

Ashutosh Limaye, national director, research, JLL India said: “These few bigticket transactions are indicative to the social status of buyers and the budgets they are allocating towards making investment or even enduse purchases in Worli.”

The JLL report said Worli enjoyed easy accessibility to the central and secondary business districts as also Bandra-Kurla Complex. It said: “The precinct also has commercial and retail developments in and around it, apart from very good social infrastructure and connectivity.”

The release of mill lands and redevelopment opportunities, including Slum Redevelopment Authority (SRA) projects, have been two major fillips for Worli. As a lot of textile mills and slums get redeveloped into swanky luxury skyscrapers, the average base capital values that Worli commands have gone beyond Rs 42,000 per sq ft.

The typical ticket sizes seen in Worli range between Rs 12.50 crore and Rs 25 crore, depending on a project’s configuration, accessibility, amenities and features.

There have been apartment transactions in the range of Rs 40 crore as well. “Mesmerising sea views fetch a very high premium over the non-sea view properties in Worli,” the report said.

Limaye said Worli has come to the rescue of the south Mumbai residential market, which had been lagging behind in fulfilling the demand for luxury residential flats.