Mumbai is on the cusp of a historic urban transformation as the city’s Bandra waterfront emerges as India’s most iconic luxury real estate destination. Dubbed ‘Bandra Bay’ by the developer fraternity, this upcoming waterfront belt near Bandra–Kurla Complex (BKC) is expected to unlock over ₹1 lakh crore in development potential, according to an exclusive report jointly released by Lighthouse Luxury and CRE Matrix.

The report, “Why Bandra Bay is Mumbai’s Most Iconic Waterfront Investment,” was unveiled by Ashish Shelar, Minister for Information Technology and Cultural Affairs, Government of Maharashtra, at an event in Mumbai.

The landmark analysis positions ‘Bandra Bay’ as India’s answer to Dubai’s Palm Jumeirah and Singapore’s Marina Bay, with 8 million sq. ft. of premium residential and retail development in the pipeline.

140 Acres of Luxury: Mumbai’s Own Palm Jumeirah Moment

The ‘Bandra Bay’ master plan spans over 140 acres, set to transform Bandra Reclamation into Mumbai’s most exclusive bay-side luxury destination.

The report identifies nine key growth drivers behind the rise of Bandra Bay — including strategic location, elite exclusivity, iconic architecture, global demand, sustainability-led design, and unmatched connectivity.

According to CRE Matrix data, Mumbai’s premium waterfront homes already command a 15–20% price premium. Bandra Bay, with its limited curated supply and ultra-luxury positioning, is expected to outperform existing luxury hubs like Juhu and Worli. The BKC submarket has already recorded a 3.6% CAGR in luxury housing sales, compared to the Mumbai average of 2.2%.

Connectivity: The Backbone of Bandra Bay’s Transformation

The report highlights that Bandra Bay’s evolution is built on unprecedented infrastructure investment — ₹2,62,889 crore since 2002, spanning 649 km of projects like the Coastal Road, Sea Link, Metro (Yellow & Aqua Lines), Atal Setu, expressways, and proximity to Mumbai International Airport and the upcoming Bullet Train.

This multi-modal connectivity positions Bandra Bay as a central, well-linked urban hub — offering quick access to BKC, South Mumbai, and key commercial corridors. The BKC office district, just 10 minutes away, is projected to add 7 million sq. ft. of Grade A office space in five years, driving demand for nearby luxury housing. The report estimates that around 8,000 CXOs will require luxury homes by 2030, further tightening supply.

Rising Price Premiums and Developer Interest

Waterfront homes in Mumbai typically command a 15–20% price premium. The upcoming Bandra Bay stretch is projected to hit price levels of ₹1.2 lakh per sq. ft., with potential for significant appreciation — much like Worli, where prices are 46% higher than Bandra West.

Major developers are already onboard, including Adani Realty, Hiranandani Communities, Oberoi Realty, Godrej Properties, L&T Realty, and The Wadhwa Group, among others, signalling large-scale mixed-use developments.

Voices from the Ground: Leaders Speak

Ashish Shelar, Minister for Information Technology and Cultural Affairs, Government of Maharashtra:

“This region of Bandra is poised to redefine Mumbai’s urban narrative. The Bandra–Kurla catchment could be transformed into a world-class township integrating infrastructure, culture, and innovation. Mumbai, as a city of international stature, is becoming the landmark of global living, working, and leisure.”

Sanjeev Jaiswal, Vice President & CEO – MHADA:

“The Bandra Bay development represents a leap forward in Mumbai’s urban evolution. Planned under the Cluster Development framework, it’s more than a real estate initiative. It is a blueprint for inclusive urban renewal, integrating wider roads, open spaces, and future-ready connectivity. The upcoming tunnel to the Bullet Train station and direct waterway links will further anchor ‘Bandra Bay’ as a sustainable, world-class township.”

Dr. Niranjan Hiranandani, Chairman, Hiranandani Group:

“Bandra Bay redefines luxury living at the confluence of Mumbai’s key corridors. With curated architecture, sweeping bay views, and modern amenities, this region will become Mumbai’s next icon for premium living — where time, mobility, and lifestyle converge.”

Sumesh Mishra, Founder, Lighthouse Proptech:

“At Lighthouse Luxury, we are proud to have coined the term ‘Bandra Bay’ and reimagined this coastline as a global destination. Bandra Bay is not just a location — it is a movement. It will be the most desired address in India, attracting ultra HNIs, NRIs, and global investors seeking a truly iconic lifestyle.”

Abhishek Kiran Gupta, CEO, CRE Matrix:

“Our data shows that Bandra Bay will emerge as Mumbai’s most valuable waterfront asset. Limited curated supply, elite demand, and unparalleled infrastructure synergy will drive sustained capital appreciation. Bandra Bay stands as the symbol of India’s real estate evolution.”

Bandra Bay: The Next Chapter in Mumbai’s Luxury Evolution

With its strategic location, robust infrastructure, and unmatched luxury positioning, Bandra Bay is poised to become the most aspirational address in India, rivaling global waterfront capitals. It represents not just a real estate story but Mumbai’s emergence as a global city, where finance, culture, and coastal grandeur converge.

Also Read: Bandra luxury flat sold to Toppr Promoter for ₹41 Crore

The post 🏙️ ‘Bandra Bay’ Set to Make Mumbai the ‘Waterfront Capital’ of India with ₹1 Lakh+ Crore Development Potential appeared first on Square Feat India.

Mumbai’s ultra-luxury housing market continues its historic run, with ₹10 crore and above residential units registering record half-yearly sales of ₹14,750 crore in H1 CY2025, according to a new report by India Sotheby’s International Realty and a real estate research firm.

This marks the highest-ever six-month sales figure for Mumbai’s top-end homes, driven by robust demand from high-net-worth individuals, increased investor confidence, and a growing appetite for larger, high-spec homes in prime locations.

The 12-month period from H2 CY2024 to H1 CY2025 saw combined sales of ₹28,750 crore from 1,335 units—the highest ever number of luxury homes sold in a year-long window.

Mumbai Luxury Real Estate Market Overview

Top Performing Luxury Micro-markets

Growth Segments & Buyer Profile

• Core Segment: ₹10–20 Cr homes made up 60–75% of total sales
• Surging Segment: ₹20–40 Cr homes saw a 138% growth vs. H1 CY2022
• Ultra-Luxury: ₹40 Cr+ homes tripled from 17 units in H1 CY2022 to 53 units in H2 CY2024
• Buyer Demographic:
  • Age 45–65: Largest share
  • Age 65+: Now 15% of buyers
  • 24% buyers migrated from beyond South Mumbai

Noteworthy Transactions (H2 CY2024–H1 CY2025)

Upcoming Projects to Watch

Expert Quotes

“Mumbai’s luxury real estate market is at a pivotal moment. Record sales in H1 2025 signal sustained appetite for ultra-premium homes, especially in established micro-markets.”
— Sudershan Sharma, Executive Director, India Sotheby’s International Realty

Industry Insight

With India now boasting 185 billionaires—as per the UBS Billionaire Ambitions Report 2024—and their combined wealth soaring 263% over the last decade to US$905.6 billion, the luxury housing boom in Mumbai mirrors this upward wealth trajectory. However, experts signal a cautiously optimistic outlook for H2 2025, given global economic uncertainties.

Also Read: Century Real Estate Reports Strong Growth Amid Rising Demand for Luxury Properties in Bengaluru

The post Mumbai’s ₹10 Cr+ Luxury Homes Clock Record Sales of ₹14,750 Cr in H1 2025 appeared first on Square Feat India.

By Varun Singh

Star India Private Limited, the company that brings you latest sports and entertainment has renewed its lease in Mumbai building.

The building in which they have their offices is named Urmi Estate and is located very close to Lower Parel station. Lower Parel recently has emerged as the new Central Business District, which has seen several offices springing up in the region.

Lower Parel once was synonymous with the mill culture of Mumbai, the area has several mills and chawls housing mill workers and their families. Now these mills and the chawls have made way for swanky apartments and office building.

According to documents provided by CRE Matrix, a real estate data analytics firm the renewal was signed on October 3, 2022. A security deposit of Rs 93.48 crore has been paid for the renewal. Star has renewed the rental deal with M/S Keshav & Co.

The details include, Office Premises 27th to 36th Floor, 37th Floor, Sports floor 6,7,23,24 and 26th floor in Urmi Estate Building Tower A.

Ground Floor Lobby, Meeting room & Studio area on the ground floor, Mail Room S. R. M. And terrace on 8th floor, in Urmi Iconic Building

Star will also have an access to 650 parking lots in the building, of which 500 are four wheeler and 150 are two wheeler parking.

The renewal details includes total chargeable area which is 4.46 lakh sq ft, The lease period is for 108 months, lock in period is 84 months for the licensee and entire lease period for licensor. The rent escalation is 4.5% at the end of every 12 months.

Also Read: Nykaa E-Retail Rents offices for Rs 69 lakh per month

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JP Morgan has picked up over 1.16 million sq ft office space at Nirlon Knowledge Park, Goregaon with a 10-year lease. The deal has been signed between JP Morgan Services India Pvt ltd and Nirlon Ltd.

The rental is ₹145 per sq ft a month, with the clause of rental escalation of 15% every 3 years. When calculated the first year rent would be over ₹201.85 crore, and with the escalation the total rent for entire tenure of 10 years will cross ₹2,000 crore.

The chargeable area is close to 1.16 million sq ft. The 10 year lease period starts from December 15, 2021 and ends on December 14, 2031.

JP Morgan will get to use 1,130 car parks and there’s a 5 years lock in period too.

The leave and license has an extension option of two extension terms of 5 years each.

A security refundable dropout of ₹151.39 crore has been paid too. According to documents a Stamp duty of ₹425.65 crore has been paid for the registration of this leave and license agreement.

According to documents provided by Propstack a firm that accumulates data via public documents, the paperwork related to the deal was carried out in January 2022, but the registration took place only in June this year.

The leased out property is entire block B-9, which is a ground plus 23 floors, entire block B-10, which is ground plus 9 floors and a part in block B-11. The areas include basements in these blocks and other areas like storage etc.

This has become one of the biggest realty leave and license deal signed this year. A detailed email sent to JP Morgan and Nirlon ltd seeking their comment got us no response.

Recently, Citicorp Services India renewed its lease of 1.6 lakh sq ft office space at Nirlon Knowledge Park in Goregaon too for a period of five years. This office space is spread over six floors with a lock-in period till September 2024. Citicorp Services will be paying a rental of nearly Rs 137 crore across the total tenure which is of 60 months. The per month rent stands at Rs 2.28 crore. The lease tenure starts on September 15, 2022 and ends on September 14, 2027. The lock-in period is from September 15, 2022 to September 14, 2024. Whereas the notice period is of 6 months.

In June this year 2.39 lakh sq ft of land area was leased out for a whopping Rs 3.57 crore per month for a period of 258 months. Amazon Data Services India Pvt Ltd rented the land parcel in Powai owned by Larsen and Toubro Ltd.

Yes Bank on August 24, 2022 signed a rental deal to lease 44,000 sq ft area in Mumbai’s Goregaon for Rs 53.19 lakh per month, for a period of 60 months. The rental period starts from September 22, 2022 and ends five years later on September 22, 2027.

In July 2020 during the Pandemic Morgan Stanley had concluded negotiations and reached a deal to lease up to 1.1 million sq ft office space for 9.5 years from Oberoi Realty in Commerz III, Goregaon. This year too according to reports Morgan Stanley leased an additional 3.35 lakh sq ft. The total rent is nearly Rs 2,000 crore for the entire tenure of 9.5 years.

In July 2020 Godrej Fund Management leased 2 lakh sq ft office space to A.P. Moller – Maersk’s business units in Mumbai. The space is located in Godrej Two, Vikhroli. The lease amount was Rs 13.09 crore.

“Goregaon East seems to be fast developing as a financial mini-hub after BKC, with likes of JP Morgan, Deutsche Bank, KPMG, PWC, Morgan Stanley, We foresee a significant rise in large commercial office deals being signed up, thanks to steady economic recovery, gradual return to work-from-office policy, strong job market,” said Abhishek Kiran Gupta, CEO, CRE Matrix.

Also Read: Delhi: Aakash Education’s Aakash Chaudhry pays ₹137 crore for a bungalow Mumbai: Citicorp pays ₹137 crore rent for 5 years for an office space

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By Varun Singh

Mumbai is the financial capital of the country and hence, the realty prices over here are also sky high. Mumbai’s real estate is always the talking point in the country.

There mostly is a presumption that, Mumbai sells a lot of home, and that could be one reason why many presume that at least in Mumbai Metropolitan Region (MMR) it would be the top home selling city.

However, that’s not true it isn’t Mumbai that sells the most homes, instead it is a different city and this city has been selling more homes than Mumbai for the last three consecutive years.

The year 2021 saw the highest residential registrations in MMR in recent times at about 242,000 units, a 53% increase from 2020 and a 20% increase even over 2019 says a research report, conducted jointly by CREDAI MCHI, Colliers and CRE Matrix.

So which city sold the most homes, the best way to look at sales is analyzing the registration figures and this data clearly shows that Mumbai is far behind in sales when compared to this city.

So not keeping much of it as a surprise, Thane sold the maximum number of homes in MMR.

Thane in the year 2021 saw 1.02 lakh property registrations, which is way higher than 77,137 home sales that Mumbai city and Mumbai suburban witnessed.

Government collections swell on spurring sales, despite rate cuts and discounts

In MMR, the trigger in home sales in 2021 led to 81% higher stamp duty collections YOY, almost touching 2019 levels. The Brihanmumbai Municipal Corporation (BMC) also saw a massive upsurge in premium collections as it crossed INR 11,000 crore before the end of December 2021. The average collection over the past 10 years have been in the range of INR 3500- 4000 crore, which shot up manifold.

At the same time, in FY 2020-21, property tax collections hit a 10 year-high with collections of INR 5,135 crore meeting 98% of the projected. Property tax is the second biggest source of revenue for the municipal corporation of Greater Mumbai after Goods and Services Tax (GST). 

Affordable and lower-mid segment sales see a fillip; registrations up 22% from 2019

Cut in stamp duty gave fillip to affordable and mid segment (<INR1 cr). Property registrations in these segments rose 22% in 2021, over 2019. Sales in this segment accounted for 39% of the total sales during 2021. Majority of the sales were seen in Thane, with western suburbs a distant second.

Luxury makes a comeback, led by Central Mumbai

Demand in luxury segment bounced back after several years. Sales in the luxury segment (>INR3 cr) almost doubled in 2021, compared to 2019. Luxury sales accounted for the highest share in three years, at 28% of the sales in 2021. Majority of the sales were in Central Mumbai, followed by Western Suburbs. 

While reduction in stamp duty, reduction in premiums and levies and assistance to migrant workers has helped real estate market of MMR gain its lost ground, it is important to provide continued assistance until uncertainty led by pandemic looms over. Implementing some more recommendations mentioned above like continuation in providing concessions and ease in clearances by government will provide the much-needed thrust to the sector and help it remain buoyant.

Also Read:Contrary To Reports Developers Witness Increase In Migrant Labourers At Sites: MCHI

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By Varun Singh

CREDAI MCHI, in association with its Knowledge Partner CRE Matrix, today jointly unveiled the second edition of its research titled ‘MMR Housing Typology Report’, tracing the most pertinent homebuying trends of MMR residential real estate transactions since January 2017 – till date.

The research report shares a thorough and insightful micro-market analysis by dividing MMR into 8 key housing markets: CBD Mumbai, Central Mumbai, Central Suburbs, Western Suburbs, Eastern Suburbs, Thane, Raigad and Palghar.

With Mumbai one of the costliest property market in India with larger ticket sizes than anywhere else in the country, smaller houses (<2/2.5 BHK) in MMR remain consistently in demand – a trend that has continued for years.In Jan-Feb 2021 too, Rs 20,736 crores worth of houses were registered under the category, amounting to approximately 60% of the total value of properties sold in the same timeframe.

The key findings of the ‘MMR Housing Typology Report’:

– Central Business District (CBD)has witnessed a y-o-y growth (2020 as compared to 2019) in sales in terms of both number and value of units sold, despite year 2020 being a truncated year due to COVID-19. In Jan – Feb 2021, the >=4BHK category had the highest impact and share in terms of value of properties sold, with an average ticket size of Rs 13 crore.

– Central Mumbai region hashistorically witnessed majority ofsales (in value terms) coming from larger typologies. In Jan – Feb 2021too, >=4BHK category had the highest share in the value of units sold. In fact, the Rs 1,863 crore spent on 184 units in Central Mumbai is the highest amount observed across all of MMR.

– Central Suburbs is typology agnostic – as all types have contributed at least 15% in value terms in 2020. The highest contributor in terms of value of properties sold, though, was the 3/3.5 BHK category, at an average ticket size of Rs 3.6 crores. Eastern Suburbs, on the other hand, 2 – 3 BHK category had the highest impact (~60%) on value of properties sold, with an average ticket size of Rs 1.7 crore.Across Western Suburbs, <=2.5 BHK is the most popular category, contributing to over 84% of unit sales in 2020, a trend also witnessed in Jan-Feb 2021.

– Historically, while majority of sales in Thane have come from the 1/1.5 BHK segment, with an average ticket size of Rs. 30 lacs, but the 2/2.5 BHK category has emerged as the highest impact typology – contributing an avg. of 22% to units sold but 27% to total value sold.Moreover, the average unit price of 2/2.5 BHK typology in Thane has increased by 6% on a 3-Year CAGR basis to Rs. 54 Lakhs in 2020. Led by an increase in real estate development and enhancing infrastructure, we foresee a change in Thane’s buyer preferences in the future.

– In Raigad, the affordable segment market has witnessed almost 66% units being sold in Studio / 1 / 1.5 BHK segmentwith an average ticket size of Rs 27 lacs.

– Palghar has witnessed majority of sales happening in smaller typologies of 1/2 BHK segments, contributing 94% in number of units sold and 84% in total value sold in 2020. Going-forward, with Mumbai-Ahmedabad bullet train route passing through this region, it is likely to see an improvement in overall development and an increase in demand for larger typologies as well.

“We are extremely proud and delighted to unveil the second edition of CREDAI MCHI – CRE Matrix research report titled ‘MMR Housing Typology Report’. This report gives consumers an insight on housing typologies and trendsand also provides the developer fraternity a definitive course of strategic direction for future projects. With a new dawn of MMR real estate upon us, we look forward to partnering with industry stakeholders by facilitating an informed and knowledgeable real estate environment and making a decisive difference to enable Real Estate to lead the next chapter of growth for Mumbai and Maharashtra’s economy.”

CREDAI MCHI President, Deepak Goradia

Also Read: MMR Sold 4% More Homes in Jan-Sep 2020 Than It Did In Same Period OF 2018

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By Varun Singh

According to CRE Matrix, a real estate research and deep data analytics company, of the active real estate projects in the city of Mumbai, 33,251 housing units have received Occupation Certificate.

The Mumbai housing fact sheet, shows that of these flats, 24,345 housing units have been sold, while 8,906 housing units remain unsold.

Of the total ready to move in units, 24 per cent of 1BHK, 29 per cent of 2 BHK, and 35 per cent of studio units are unsold.

A further dissection of figures reveal that, 85 per cent of the units launched in Mumbai are 1 and 2 BHK.

Also 70 per cent of the units booked in Mumbai are also 1 and 2 BHK.

Of the total units launched by several developers, 50 per cent units launched are 2 BHK. While the figure stands at 35 per cent for 1 BHK.

While 42 per cent of 2 BHK are booked, 28 per cent of the 1 BHK have been booked too.

In the quarter 4 of 2019, the total units launched in Mumbai stood at 3,314, whereas the booked units are 4,552.

The figures for fourth quarter 2018 was launched units were 5,491, whereas booked units were 1,788.

In Mumbai, 52 per cent of housing units sold were in the average ticket size of Rs 50 lakh to Rs 2 crore.

In the fourth quarter of 2019, 735 units sold were priced between Rs 50 lakh to 1 crore, whereas 1,913 units sold were priced between Rs 1-2 crore.

Only 112 apartments sold were priced up to Rs 50 lakh, whereas 1,243 apartments sold were priced between Rs 2-3 crore.

1,655 apartments sold were between 3-5 crore and 1,425 apartments sold were priced above Rs 5 crore.

Every quarter on an average, Mumbai sells approximately Rs 5,000 crore worth of primary residential units.

Also Read: Registration offices start in Mumbai, 487 registrations on Day 1

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