Mumbai's Worli property prices zoom 30%, registers over Rs 4,000 cr of ultra-luxury deals

Mumbai's Worli has emerged as one of the most sought-after luxury residential and commercial hubs in recent years. The prices of the property have shot up by 30 percent in the past two years (2023 and 2024).

According to property consultant Anarock data, the average price per square foot in Worli has surged to Rs 75,000 due to its location as it provides access to key business districts. Worli's connectivity is reinforced by Bandra-Kurla Complex (BKC), Mumbai Coastal Road, Lower Parel, and Nariman Point. Additionally, its connectivity with major infrastructure projects such as Bandra-Worli Sea Link, Mumbai Metro Line-3, Eastern and Western Express Highways, etc is another crucial factor behind the surge in property rates in Worli.

Anarock data highlighted that 30 deals above Rs 40 crore worth Rs 4,862 crore were signed in 2023 and 2024 in Worli. The average price per property ranges between Rs 6 and Rs 12 crore.

Originally an industrial stronghold, Worli housed numerous textile mills and working-class chawls. However, the closure of these mills in the 1990s and 2000s spurred the development of premium residential towers, skyscrapers, ultra-luxury residences with high-end amenities, and luxurious commercial spaces.

Anuj Puri, Chairman of ANAROCK Group said "Construction of the Bandra-Worli Sea Link has solidified Worli's reputation as a premier address, making the area attractive to corporate professionals and wealthy homebuyers".

Several real estate behemoths have infused capital to build luxury projects such as Lodha The World Towers, Birla Niyaara, Oberoi Three Sixty West, and Raheja Imperia at Mumbai's Worli, attracting celebrities, business tycoons, and NRIs.

'Key land deals in Worli'

Recently, four significant land deals were signed in Worli to boost the luxury residential and large-scale development. For instance, Kansai Nerolac Paints sold 4 acres of land parcel to Runwal Realty at Rs 726 crore for a luxury residential project in 2023. Goisu Realty, a subsidiary of Sumitomo Realty, purchased 22 acres of land from Bombay Dyeing worth Rs 5,200 crore for large-scale development. Century Textiles acquired 10 acres of land worth Rs 1,100 crore from Nusli Wadia in Worli in September 2024 and Maharashtra Housing and Development Authority (MHADA) sold 3.2 acres of land to Oberoi Realty for an undisclosed amount for a redevelopment project this year.

'Commercial realty market'

Not just the residential property price spike, Worli's commercial real estate sector has also skyrocketed by 18 percent between 2018 and 2024.

The average rental value stands at Rs 170-280 per sq ft per month. Worli has become a preferred business destination, driven by projects such as One Lodha Place, Lodha Supremus, and Altimus, Anarock report added.