In what may be the priciest real estate deal in Mumbai’s Borivali suburb, a 4 BHK luxury apartment was sold for Rs 14 crore, setting a per square foot price of Rs 56,000, according to property registration documents accessed by IndexTap.com. This transaction marks the highest rate ever for a property in Borivali, rivaling the prices seen in other prominent Mumbai neighborhoods such as Andheri, Vile Parle, Dadar, and Mahim, as per experts cited by Hindustan Times.
The sale represents a milestone for Borivali’s real estate market. The 4 BHK apartment, spread across 2,497 sq ft, is located in a Grade A residential complex called Aquaria Grande, constructed by the Wadhwa Group. The property was purchased by Hemant Patil, a businessman based in the Mumbai Metropolitan Region (MMR). The apartment, which also includes two parking spaces, is situated on the 27th floor. The transaction, registered on June 21, 2024, involved a stamp duty of ₹84 lakh.
Until now, the highest per square foot rate in Borivali was for apartments in Oberoi Sky City, where an apartment sold at ₹48,800 per sq ft, according to IndexTap.com.
Abhishek Kiran Gupta, CEO and co-founder of IndexTap.com, said, “This deal in Aquaria Grande at ₹56,000 per sq ft is the highest traded price till date in Borivali west, clearly indicating the appetite for luxury homes even in the furthest northern suburb of Mumbai.”
Local brokers stated that the average price for apartments in Borivali ranges from Rs 25,000 to Rs 40,000 per sq ft, with most projects trading around Rs 30,000 per sq ft. A query sent to the buyer Hemant Patil and the seller Rabindu Shah did not receive any response.
Property Rates in Other Areas
According to developers with ongoing projects in Borivali, property prices there are reaching levels comparable to Juhu, Vile Parle, Dadar, and Mahim. “There is a healthy demand for well-planned gated complexes that are equipped with amenities and foster a sense of community, as is the case with properties such as Oberoi Sky City and Wadhwa Aquaria Grande. In our project named Paradigm Anantara in Borivali, we are commanding in excess of ₹32,000 per sq ft. Our higher floors, which comprise premium 4 BHK residences, will be launched with a per square foot price tag of ₹40,000 by next year,” said Parth Mehta, CMD, Paradigm Realty.
“The rising demand from within the business community as well as the higher spending power of homebuyers in this area are the most prominent reasons for properties in Borivali commanding a good premium in the suburban market. This market is willing to pay more for a high-quality, well-structured and designed product that offers ample fresh air and daylight, a good ceiling height, and excellent amenities,” Mehta added.
Currently, areas such as Pali Hill in Bandra and Worli are the most expensive real estate locations in Mumbai, with several luxury apartments priced over Rs 1.50 lakh to Rs 1.60 lakh per sq ft, brokers indicated. In one high-profile transaction, Ashley Nagpal, promoter of Ebco Pvt Ltd, and his wife Bianca Nagpal purchased a 7,139 sq ft apartment in Mumbai’s Worli area for Rs 115 crore in August 2024, according to documents accessed by Zapkey. The apartment, located on the 60th floor of Oberoi Three Sixty West project, was sold for Rs 1.60 lakh per sq ft.
Thane’s Real Estate Prices Catching Up
Real estate developers note that prices in Thane and Mira Road are nearing those of Borivali. A premium apartment in a Grade A residential building in Thane now trades at between ₹27,000 and ₹30,000 per sq ft, comparable to Borivali’s rates.
Ritesh Mehta, Senior Director, and Head (North and West), residential services and developer initiative, JLL India, said, “An under-construction building in Dadar commands a price of ₹50,000 per sq ft, which is the prevailing rate of a premium building in Borivali. I am not saying Dadar is a luxury market and it should command a higher price, but it primarily has to do with the address. Projects with amenities by big real estate brands are able to pull off good rates even in far-off suburbs of Mumbai.”
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