The Maximum City, Mumbai, is located on the Konkan coast and has a deep natural harbour. Surrounded by lakes, creeks, and bays, the Island City offers a lot of scenic beauty, courtesy of being surrounded by the Arabian sea. The Maharashtra capital is the epicentre of all sorts of financial and economic activities, making it the most significant contributor to the GDP, contributing an estimated 6.16%.
Therefore, it’s not hard to believe why Mumbai ranks among the top 10 populated cities in the world, given the millions of jobs it has generated over the years. Given the wide gap between the demand and supply chain, owning a piece of land in the Populous City costs a fortune. However, this hasn’t stopped top real estate developers who continue to change the city's landscape, offering modern architecture with the latest technology and amenities, the primary reason being the evolution of the middle class, with the segment expected to grow up to 5% by 2027.
Nevertheless, the demand for sea-facing flats in Mumbai always remains upwards, with many aspiring towards it, accumulating their lifetime savings. Unfortunately, it remains in the destiny of only a few. Here are some reasons why every common man wishes to own a house by the sea.
- Easy on the eye and a sense of calm: Walking by the beach or having a cup of tea in your balcony facing the ocean has positive signs on your body and mind. In the era of smart gadgets, finding such pleasures is very rare.
- Upmarket neighbourhood: Not many can derive the joy of owning a sea-facing flat, which means a builder would ideally want to build them in areas that will cater to such a segment. Some of Mumbai's most affluent neighbourhoods include Nariman Point, Marine Drive, Nepean-sea Road, Worli, Bandstand, and Juhu.
- Connectivity: Most of the sea-facing flats are in South Mumbai, which is a hub for finance and economic activities, as well as recreation with the city’s best restaurants, bars, and clubs.
- Social status: It won’t be wrong to say for many, this is a mere status symbol and a sense of pride, given the capital and correct timing it takes to own one.
Speaking of sea-facing flats in Mumbai, let’s look at some of the premium localities offering them.
1. Worli
One of the four peninsulas of Mumbai, Worli is one of the most luxurious residences in the city, home to some of the most well-known celebrities, industrialists, and sports players. The Bandra-Worli sea link has given the affluent neighbourhood another dimension. Worli's average price per sq ft currently stands at around ₹15,714.
2. Marine Drive
Constructed by Pallonji Mistry along the coast of the natural bay, the 3km magnanimous stretch offers a breathtaking view of the Arabian sea. Nicknamed the Queen’s Necklace, the city’s top hotels, premium residential buildings, and sports clubs exist in and around the area. The average price per sq foot in this upscale neighbourhood is an estimated ₹44,903.
3. Bandstand
Known to be a popular hangout spot for all age groups and offering a jogging track for fitness enthusiasts, Bandstand is a 1.2 km walkway. Some nearby attractions include Bandra Fort, Bandra-Worli Sea Link, Mount Mary Church, and Walk of the Stars, which make owning a house in this locality a dream of many. This area's average price per sq foot is an estimated ₹44,000.
4. Nariman Point
Known as the downtown area of Mumbai, Nariman point is home to some of the most prominent business headquarters in the country. It is a significant tourist attraction, given its scenic view, proximity to marine drive, and luxury 5-star hotels. The average price per sq ft in the above-mentioned South Mumbai locality is a mammoth ₹83,000+.
5. Cuffe Parade
Cuffe Parade is a locality in South Mumbai known for its luxury, sea-facing flats and apartments. It is home to several high-end buildings, such as Maker Tower, World Crest, and Lodha Altamount. The average price per sq ft in SOBO locality is an estimated ₹54,750.
Conclusion
There is a high demand for sea-facing flats in Mumbai. The financial capital is a coastal city with limited land availability, which has increased property prices, particularly for sea-facing properties. Many people are willing to pay a premium to enjoy a sea view from their homes.
Developers have also focused on developing luxury sea-facing properties in the Maharashtra capital to cater to the growing demand in recent years. These properties often come with high-end amenities and facilities to attract affluent buyers.
However, it is worth noting that the demand for sea-facing flats in Mumbai can fluctuate depending on factors such as economic conditions, changes in government policies, and other external factors. Therefore, conducting thorough research and analysis is essential before making investment decisions.
