4 BHK in Borivali Breaks Sales Record; Sets a New Benchmark For The Suburbs of Mumbai

Mumbai: The ever ANOTHER MILESTONE TO(DEFAULTER) HYPERLOCAL!! 4 BHK luxury flat in Borivali sells for a whopping ₹14 crore – the most expensive residential sale EVER in locality This transaction, which was registered on June 21, 2024, is at ₹56,000 per square foot and forms a new benchmark for Borivali and takes away the glory from elite parts of Mumbai such as Andheri, Vile Parle, Dadar and Mahim. 

Aquaria Grande - Luxury Living

Aquaria Grande is a Grade A residential project by the Wadhwa Group, one of Mumbai's largest developers with an incredible track record for quality construction and strategic developments. Coming in at an impressive 2,497 sq. Its 27th-floor perch provides staggering views of ft. In addition to the luxury of interior, the apartment is also conveniently two parking slots which is an imperative in the bustling city of Mumbai. 

Mumbai Metropolitan Region (MMR) Based Businessman Hemant Patil Decided To Buy It Property documents, sourced from IndexTap. com shows that the deal attracted a stamp duty of ₹84 lakh (!!) which goes on to reinforce how big this real estate transaction is. 

The Most Promising Borivali In Mumbai, changing The Standards Of Living And These Luxurious Apartments With The Best In Size And Touch (2 Bhk) Are Truly An Enriching Standard.

Traditionally, Borivali has been an important residential locality where homebuyers found some respite from the noise and chaos of the city without losing out on amenities. But, with this recent deal, the locality has entered the league of topmost expensive locations of Mumbai. Property consultants said that ₹56,000 per sq. ft price at which the Aquaria Grande apartment was sold is highest in Worli area in recent times. ft., the previous highest rate was ₹48,800 per sq. The offer has surfaced around 30-40% higher than the last known highest price achieved (in value terms), which is Rs43,000 per sq. ft., recorded at another luxury residential development in Borivali called Oberoi Sky City, said a person familiar with the Mumbai property market who did not wish to be identified. 

Abhishek Kiran Gupta, CEO & Co-Founder IndexTap Com, said of the Aquaria Grande deal: "The deal at Aquaria Grande for Rs 56,000 per sq. The price traded at to date in Borivali West @ Rs. ft. This demonstrates the surge in demand for luxury homes which is now not confined to Mumbai and its suburbs but spreading all the way till the farthest northern suburbs of Mumbai. 

A Move to a Quality Lifestyle

While the average price of residential properties in Borivali range from Rs. 25,000 to 40,000 per sq. The market is slowly shifting towards premium living, considering the higher demand for ready to move homes below 90 sq. ft., local brokers also noted. The price at which properties in Borivali are coming up today is a level commonly seen in the likes of Juhu, Vile Parle and Dadar. 

Parth Mehta, CMD of Paradigm Realty which is building multiple projects in Borivali said, “There has been a growing demand for well-planned gated communities with modern conveniences in Borivali. Our Paradigm Anantara project is selling at over ₹32,000 per sq. ft. Our 4 BHK premium residences with a saleable area of about 4000 sq ft will be launched at ₹40,000 per sq. ft.”

This trend is mainly due to the increased purchasing power of homebuyers, especially from Borivali that largely comes from business community. Buyers are now opting to invest in residential complexes that promise comfort and exclusivity, focusing on high-quality living spaces with superior amount of natural light, fresh air and luxuries. 

Comparision with Other Mumbai Locations

Borivali has traditionally been considered to be a relatively more affordable suburban market, compared to pime pockets in the city or even other MMR zones however, this sale just goes on to show that areas like Borivali are becoming attractive locations for high-end homebuyers. The deal’s per sq. Competitive rates of ₹56,000 per sq. ft. floatValueThe cost of ₹56,000 per sq. ft rivals charges which such central pockets in Mumbai likeogh includeAndheri,Vile Parleand evenDadarwhere premium prices routinely lure up to TELUGU 50,000 each square foot. ft. or more. 

Ritesh Mehta, senior director and head of residential services at JLL India, said: “Even in suburbs like Borivali, projects by big real estate developers and providing a range of amenities are able to command robust rates.” In Dadar, we are witnessing prices of ₹50,000 per sq. ft. of premium buildings, that are Ahmad Shah Bukhari marg at par with the brand new developments in Borivali.” 

But it is still a different ball game in premium pockets of Mumbai—such as Pali Hill in Bandra and Worli —with rates surpassing ₹1.50 lakh per sq. ft. For instance, in August 2024, a 7,139 sq. The 7,000 sq. ft. apartment in Oberoi Three Sixty West, Worli garnered ₹1.60 lakh per sq.ReLU; rsynth Crore Read More ft.

The Appeal of Borivali

What then, is fuelling this growth of property prices in Borivali? Experts in regional real estate offer a few reasons:

– Well-Designed Township: Aquaria Grande and Oberoi Sky City are in a way one of the many projects that offer modern-day home buyers top of the shelf amenities, safety and community feel.   

- Close to Essential Services: Proximity to some of the important locations in Mumbai is another reason why Borivali tops the list, along with a decent number of renowned schools, hospitals, malls and even business districts. 

- Premium Location: Earlier merely called a far-flung suburb, Borivali is becoming the locale for luxury residential living that comes with an amalgamation of luxury and peace of suburban lifestyle. 

Parth Mehta of Paradigm Realty, said, “It is ready to pay premium for a high quality, well-designed product offering enough fresh air, daylight, height etc. That demand is only expected to grow in the years ahead. 

Summary: A Benchmark for the Realty Sunshine At Borivali

The unique transaction at Aquaria Grande is perhaps a reflection of the changed outlook on Borivali as a real estate market. Borivali is no more a suburban hub, now its also becoming one of the high lifestyle luxury address in Mumbai With demand increasing for well-planned, high-quality residential developments, property prices are rising a notch higher, making Borivali one of the suburbs that is being closely observed by investors and homebuyers alike. 

With the demand of luxury homes increasing day-by-day, Borivali would soon be competing with even few centralized locations within Mumbai both in terms of demand and price. This record sale, for now, stands as a tribute to the ever-growing magnet of the area and what it could very well become as an elite real estate destination.