The Big Shift
Traditionally the most expensive areas have been at the southern end of the city around Colaba, Malabar Hill and Peddar Road. Now, because of space constraints here, unexpected areas are emerging as upmarket property locations. "The older areas are completely congested," says Agarwal. "It just doesn't have the kind of luxury infrastructure or space that people now are demanding. I get at least three clients a month, looking to shift out of a cramped home or area in the traditional affluent areas of Napean Sea Road, into one of the fancier Lower Parel or Worli luxury enclaves."
Most of the luxury development is concentrated in the stretch of land between Worli and Lower Parel, once the hub of the textile industry "Ten years ago, with the sale of mill land, there was suddenly enough land to construction luxury spacious complexes. People in the south of Mumbai have begun realising that the new luxury developments in Lower Parel, Worli, Wadala and beyond offer them not just large spaces, but also a lot of luxury amenities which they had no access to."
Moving to Worli from Colaba is Randhir Awasthy, a Chartered Accountant and Financial analyst. He is in the process of buying himself a home in Bombay Realty's Island City Centre. "We used to call Malabar Hill and Peddar Road the golden postcode of Mumbai. However, when we look at the new luxury enclaves coming up, we realise what we are missing." It helps that while the homes they own in traditional affluent areas sell for more, the prices at Lower Parel and Worli or Wadala are much lower.
"In traditional areas of south Mumbai, you never knew if there were any fights over the land on which the building stood, or if there were any tenancy issues. But in the new luxury complexes of Lower Parel or Worli, you know you are buying into a legal complex," says Agarwal.
"The youth is looking for a lifestyle living that augurs well with their achievements, reflecting their personalities. Worli, especially is emerging as the new South Mumbai," says Devang Varma, director, Omkar Realtors & Developers.
Source:- Hindustan Times
