Mumbai luxury homes match lower Manhattan prices

[MUMBAI] The prices of premium apartments in Mumbai are now on a par with some parts of New York, according to a new report, underscoring the rapid rise of wealth and property prices in the country’s financial capital.

Apartments in Mumbai’s high-end Worli area are priced at as much as US$1,109 per square foot, equal to realty pricing in New York’s Lower Manhattan, the report by Indian real estate consultant Anarock Group and wealth management firm 360 One Wealth said.  

The prices indicate how more of Indian wealth is now getting invested locally and driving up prices in desirable enclaves such as Worli, which is now home to 40 per cent of India’s ‘ultra-luxury apartment’ market valued at more than 400 million rupees (S$576,074), according to Anarock Chairman Anuj Puri. 

The area has seen over 20 residential deals priced above 1 billion rupees over the last three years, the report said. 

The district currently has around 4 to 5 million square feet of premium residential real estate and retail space under construction, with the residential projects estimated to be worth at least 190 billion rupees, the report says. Since 2023, land deals worth 76 billion rupees have closed in and around Worli, bringing in estimated revenues of 360 billion rupees. BLOOMBERG