In an astonishing move for the Mumbai real estate market, a 4 BHK luxury apartment in Borivali has been sold for a staggering ₹14 crore, marking a historic price point in the suburb. According to property registration documents accessed by CRE Matrix, the sale reflects a remarkable per square foot rate of ₹56,000, setting a new benchmark for properties in this area.

Rivaling Mumbai’s Prime Locations

This sale not only highlights the escalating property values in Borivali but also places it on par with some of Mumbai’s most prestigious neighborhoods, such as Andheri, Vile Parle, Dadar, and Mahim. Real estate experts assert that this transaction is a clear indication of the rising demand for luxury homes, even in the northern outskirts of Mumbai.

The Luxurious Details of Aquaria Grande

The 4 BHK apartment spans an impressive 2,497 square feet and is situated on the 27th floor of the esteemed Aquaria Grande, a Grade A residential development by the Wadhwa Group. The property comes with two parking spaces and was registered with a stamp duty of ₹84 lakh on June 21, 2024.

Previously, the highest rate recorded in Borivali was ₹48,800 per square foot for an apartment in Oberoi Sky City, showcasing the remarkable leap in property values with this latest deal.

Expert Insights on Market Trends

“This deal in Aquaria Grande at ₹56,000 per square foot is the highest traded price to date in Borivali West, clearly indicating the appetite for luxury homes even in the furthest northern suburb of Mumbai,” remarked Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix. The average price for apartments in Borivali typically ranges from ₹25,000 to ₹40,000 per square foot, with most projects trading around ₹30,000.

The Rise of Premium Developments

Developers in Borivali are noting a surge in interest for well-planned gated complexes that prioritize community living and modern amenities. Parth Mehta, CMD of Paradigm Realty, shared insights into the changing landscape, stating, “Our project Paradigm Anantara is commanding prices above ₹32,000 per square foot. Higher floors featuring premium 4 BHK residences are projected to launch at ₹40,000 per square foot next year.”

Comparative Market Analysis

As premium and luxury projects in areas like Thane and Mira Road begin to align with Borivali’s pricing, the suburb’s appeal is undeniable. While areas such as Pali Hill in Bandra and Worli still lead in luxury pricing—reaching over ₹1.50 lakh per square foot—Borivali’s rise illustrates a shift in the real estate dynamics of Mumbai.

In a notable transaction, Ashley Nagpal, a prominent businessman, acquired a lavish 7,139 square foot apartment in Worli for ₹115 crore, reinforcing the competitive landscape of Mumbai’s luxury market.

A Suburb on the Rise

The recent sale of this luxury apartment underscores a significant transformation in Borivali’s real estate market, with buyers increasingly willing to invest in high-quality developments. As demand grows, Borivali is set to become a formidable player in Mumbai’s luxury housing sector. As per a report by Hindustan Times, the landscape of suburban real estate is evolving, attracting affluent buyers and redefining luxury living in the city.