Swanky skyscrapers, sea-facing properties, improved connectivity to Mumbai's de-facto CBD Bandra Kurla Complex (BKC)… Worli literally has it all in a city where transit infrastructure holds all the aces for real estate success. Worli's favourable location, sea-facing ethos and seamless connectivity to the major commercial establishments of South-Central Mumbai and the Western Suburb are true winners.
With so many upsides in its basket, the name Worli draws instant attention from luxury home buyers – not only in the financial capital, but in the rest of India, as well. Not surprisingly, Worli's residential property market has attracted several developers keen to capitalize on its upmarket charm and locational advantages in the high-profile southern part of the city.
With its unique blend of posh office complexes and high-end housing availability, Worli has emerged as one of the hottest residential areas in recent years and is now the premium residential destination of choice for super-rich Industrialists and business people, sports personalities and celebrities.
Worli's proximity to the sea shore and ease of connectivity to the Western Suburb via the Bandra-Worli Sea link are key factors contributing to its enduring success, ensuring sustained end-user and investor demand - and therefore interest from developers. This is remarkable, especially given the fact that other prime residential micro-markets of South Mumbai struggle with non-availability of sufficient land parcels close to the sea shore.
Apart from the improved physical and social infrastructure, Worli's high potential also derives significantly from the presence of several Grade A office spaces and retail development around it. The availability of land parcels near the sea shore and its high profile of the Worli micro-market has attracted several developers for their portfolio expansion.
In terms of under construction supply, Worli has recorded the highest residential units supply in South-Central Mumbai in last five years, followed by Parel, Lower Parel and Prabhadevi. Projects accounting for approximately 3,594 units are at different stages of construction in Worli, providing buyers a fairly wide range of options with regards to construction stage preference, and the consummate price arbitrage.
Currently, residential properties in Worli are selling at INR 32,000-45,000/sq.ft. Needless to say, buyers focused on Worli's premium living ethos are willing to bear an extra premium for sea-facing properties and lavish amenities.
Among the recent projects, 'Omkar 1973' by Omkar Realtor is currently commanding high demand due to its location advantage, panoramic sea view and lavish amenities. The project is located on off Dr. Annie Besant Road and enjoys seamless connectivity to the major commercial hub of the city. The project is already picked by the well-known industrials, bankers and sport celebrities due to Worli's distinct 'downtown' image.
Currently one of the best bets for end-users as well as investors in Worli, this project is being exclusively marketed by ANAROCK Property Consultants and Brickex (a division of Piramal Fund Management).
Worli's generous share of prominent luxury skyscraper projects over the last couple of years has completely transformed the micro-market's skyline. Apart from constant real estate development, the area is also seeing rapid infrastructure improvement - especially in terms of Metro connectivity via Line 3 connecting Colaba-Bandra-Seepz and the proposed Coastal Road which will provide further connectivity to major micro-markets of Western Suburbs.
All in all, Worli is well positioned to ramp up its allure and viability as a highly popular luxury housing destination in South-Central Mumbai even further.
Prashant Thakur, Head - ANAROCK Property Consultants