The recent real estate transactions where top developers have picked up sea-facing bungalows with the purpose of redeveloping them into luxury apartment projects clearly shows that acquisition of land parcels in South Mumbai is part of their growth plans and their strategy is to develop these into boutique residences to cater to the ever growing demand for luxury homes.
Since Mumbai is a landlocked city, there are limited areas where upmarket residential stock can come up. It is on account of this reason that South Mumbai has emerged as a major destination for realtors to shop around for land parcels with redevelopment potential in the luxury space and experts say that this trend is expected to sustain as luxury housing demand is unlikely to fade away soon.
BGH Properties, a company of the Aditya Birla Group, had bought a bungalow in a posh area of Mumbai called Sunny Ville for Rs 220 crore, documents accessed by Zapkey.com showed. The ground-plus-two property on half an acre of land acquired by BGH Properties is located on the upmarket Carmichael Road, or what is now called ML Dahanukar Marg. The total built-up area is 18,494.05 sq ft and the area of the covered garages is 190 sq ft each. The date of registration was April 10, 2023, the document showed.
In another deal, Birla Estates Private Limited, the real estate arm of the Aditya Birla Group housed under Century Textiles, on April 24 announced the acquisition of a premium land parcel for a luxury residential project in the Walkeshwar area of Malabar Hill. The company said the super-luxury residences at Walkeshwar holds a revenue potential of over Rs 600 crore.