Mumbai’s Bandra Bay is poised for a transformative real estate boom, with luxury housing and premium retail developments valued at over Rs 1 lakh crore expected in the coming years, according to a report.
The joint report by Lighthouse Luxury and data analytics firm CRE Matrix — titled “Why Bandra Bay is Mumbai`s Most Iconic Waterfront Investment” — highlights plans for nearly 8 million square feet of high-end residential and retail space along the Bandra Bay stretch.
“Mumbai is on track to become the ‘Waterfront Capital’ of India,” the report claims, pointing to the emergence of a luxury waterfront corridor adjoining the Bandra-Kurla Complex (BKC) — the city`s thriving business and upscale residential district, according to the PTI.
The report describes Bandra Bay as the city’s most ambitious and prestigious waterfront redevelopment, likening its potential to world-class destinations such as Dubai Marina, Palm Jumeirah, and Singapore’s Marina Bay.
It argues that the area presents investors with a rare opportunity to acquire a piece of India’s most exclusive real estate.
Sumesh Mishra, Founder of Lighthouse Proptech, stated, “Bandra Bay is set to become India’s most sought-after address, appealing to ultra-high-net-worth individuals (UHNIs), non-resident Indians (NRIs), and global investors looking for a lifestyle of iconic distinction.”
At least 11 major developers — including Adani Realty, Hiranandani Communities, Oberoi Realty, Godrej Properties, L&T Realty, and The Wadhwa Group — are already engaged in large-scale, mixed-use projects in the area, with others expected to follow suit, according to the PTI.
Abhishek Kiran Gupta, CEO of CRE Matrix, added, “Our data indicates that Bandra Bay will become Mumbai’s most valuable waterfront asset. A limited, curated supply combined with elite demand and cutting-edge infrastructure will ensure sustained capital appreciation,” the news agency reported.
Meanwhile, realty firm Century Real Estate has reported more than two times increase in its sales bookings to Rs 1,062 crore during the July-September period of this fiscal on strong demand for its residential projects.
The Bengaluru-based developer had sold properties worth Rs 452 crore in the year-ago period.
During the first six months of this fiscal, the company`s sales bookings rose to Rs 1,305 crore from Rs 907 crore in the corresponding period of the preceding year.
Mahesh Prabhu, CEO of Century Real Estate, said the July-September period has been a defining quarter, marked by record-breaking sales across our portfolio.
(with PTI inputs)
