Mumbai: From a lowly Koli village to the toniest residential precinct in the city, Worli has come a long way. It is the newest luxury address for Mumbai’s rich and celebrities and has overtaken areas like Nepean Sea Road, Malabar Hill, Walkeshwar, Colaba and Cuffe Parade where Mumbai’s blue blooded live for the sheer size of the residences and the unhindered view of the sea that it offers. Worli is among the few precincts in the city where development is allowed on the sea front.
It is not just cricketers like Rohit Sharma, Yuvraj Singh and Virat Kohli, Bollywood actors like Abhishek Bachchan and Akshay Kumar who have bought homes here but also business tycoons like Babasaheb Kalyani, chairman of Bharat Forge, Nandan Nilekani and Narayana Murthy of Infosys, Ajay Piramal of the Piramal Group, Siddharth Yog, Chairman of Xander Group and Anil Agarwal of the Vedanta Group are all neighbours here.
The bigger spender so far has been cricketer Yuvraj Singh who bought a flat in Omkar 1973 for Rs 64 crore, followed by the D Y Patil family at Rs 49.1 crore and actor Abhishek Bachchan in 360 West for Rs 41.4 crore. Former UID and Infosys chairman Nandan Nilekani and Kalyani Group’s Baba Kalyani were at the lower end of the bracket with Rs 22.5 crore (Samudra Mahal) and Rs 21.3 crore (Omkar 1973), respectively.
“These big-ticket transactions are indicative of the social status of buyers and the budgets they are allocating towards making investment or even end-use purchases in Worli,” said Ashutosh Limaye, national director research at Jones Lang Lasalle (JLL), a real estate consulting firm. The transactions reported by JLL have been in the range of Rs 21-49 crore.
“Worli enjoys easy accessibility to the central and secondary business districts as also BKC, which is Mumbai’s de-facto CBD now. The precinct also has commercial and retail developments in and around it, apart from very good social infrastructure and connectivity,” added Limaye.
A research note released by JLL said that supply of housing units in Worli is much higher than other prime areas of South Mumbai which are facing a lack of land parcels. While new units entering the market through redevelopment but is again limited. “Worli has, in fact, come to the rescue of South Mumbai’s residential market, which was lagging behind in fulfilling the demand for luxury residential apartments earlier,” the note said.
The release of mill lands and redevelopment opportunities, including Slum Redevelopment Authority (SRA) projects, have been two major fillips for Worli. As a lot of textile mills and slums get redeveloped into swanky luxury skyscrapers, the average base capital values that Worli commands have gone beyond INR 42,000 per sq ft. The typical ticket sizes seen in Worli range between INR 12.50 crore and INR 25 crore, depending on a project’s configuration, accessibility, amenities and features.
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Top Property buyers in Worli
Year Property Name Location Price Personality Name
2015 Ahuja Towers Worli 30 Rohit Sharma (Cricketer)
2015 60 West Worli 41.14 AbhishekBachchan (Actor)
2016 Omkar 1973 Worli 34 ViratKohli (Cricketer)
2015 360 West Worli 28 Akshay Kumar (Actor)
2013 Omkar 1973 Worli 64 Yuvraj Singh (Cricketer)
2014 Omkar 1973 Worli 49.1 D.Y. Patil Family
2014 Omkar 1973 Worli 21.3 Baba Kalyani (Chairman, Bharat Forge)
2009 Omkar 1973 Worli 49.1 RizwanKoita (CEO CitiusTech)
2014 SamudraMahal Worli 22.5 NandanNilekani (Infosys Co-founder)
2014 Samudra Mahal Worli 40.5 SiddharthYog (Chairman, Xander Group)