In perhaps the most expensive real estate deal in Mumbai’s suburb Borivali, a 4 BHK luxury apartment was sold for ₹14 crore with the per sq ft rate amounting to ₹56,000 per sq ft(Mehul R Thakkar/HT)

In perhaps the most expensive real estate deal in Mumbai’s suburb Borivali, a 4 BHK luxury apartment was sold for ₹14 crore with the per sq ft rate amounting to ₹56,000 per sq ft, according to the property registration documents accessed by IndexTap.com

This is historically the highest rate at which a property has been sold in Borivali and the price is at par with other locations like Andheri, Vile Parle, Dadar and Mahim of Mumbai, real estate experts told HT.com

The deal sets a new benchmark for the Borivali property market.

The 4 BHK apartment spread across 2,497 sq ft is located in a Grade A residential building named Aquaria Grande constructed by the Wadhwa Group. The apartment was purchased by a Mumbai Metropolitan Region (MMR)- based businessman Hemant Patil.

The apartment comes with two parking spaces and is located on the 27th floor, according to the documents. The transaction registered on June 21, 2024 involved a stamp duty of ₹84 lakh, the documents added.

The highest per sq ft rate for Borivali until now was for apartments in Oberoi Sky City where an apartment was sold for ₹48,800 per sq ft by Oberoi Realty, according to data accessed by IndexTap.com

"This deal in Aquaria Grande at 56,000 per sq ft is the highest traded price till date in Borivali west, clearly indicating the appetite for luxury homes even in the furthest northern suburb of Mumbai," said Abhishek Kiran Gupta, CEO and co-founder, IndexpTap.com

The average price of apartments in Borivali range from ₹25,000 to ₹40,000 per sq ft with most projects trading at ₹30,000 per sq ft, local brokers said.

A query sent to buyer Hemant Patil and seller Rabindu Shah did not get any response.

PROPERTY RATES IN VILE PARLE, JUHU, DADAR AND MAHIM

According to developers who have several under-construction projects in Borivali, the prices of a few properties are almost at par with apartments in Juhu, Vile Parle, Dadar and Mahim.

"There is a healthy demand for well-planned gated complexes that are equipped with amenities and foster a sense of community, as is the case with properties such as Oberoi Sky City and Wadhwa Aquaria Grande. In our project named Paradigm Anantara in Borivali, we are commanding in excess of ₹32,000 per sq ft. Our higher floors, which comprise premium 4 BHK residences will be launched with a per square foot price tag of ₹40,000 by next year," said Parth Mehta, CMD, Paradigm Realty.

"The rising demand from within the business community as well as the higher spending power of homebuyers in this area are the most prominent reasons for properties in Borivali commanding a good premium in the suburban market. This market is willing to pay more for a high-quality, well-structured and designed product that offers ample fresh air and daylight, a good ceiling height, and excellent amenities," Mehta added.

Currently, areas such as Pali Hill in Bandra and Worli are the most expensive locations in Mumbai where several luxury apartments are priced more than ₹1.50 lakh and ₹1.60 lakh per sq ft, according to brokers.

In one such transaction, Ashley Nagpal, promoter of Ebco Pvt Ltd, a furniture fittings and accessories firm, and his wife Bianca Nagpal had purchased a 7,139 sq ft apartment in Mumbai's Worli area for ₹115 crore in August this year, according to the documents accessed by Zapkey. The apartment in Worli located on the 60th floor of Oberoi Three Sixty West project of Oberoi Realty was sold for ₹1.60 lakh per sq ft, according to the documents.

THANE REAL ESTATE MARKET PRICES CATCHING UP WITH BORIVALI

According to real estate developers, premium and luxury projects in other micro-markets such as Mira Road and Thane are commanding prices that are almost at par with Borivali. A premium apartment in a Grade A residential building is trading at ₹27,000 to ₹30,000 per sq ft in Thane, which is at par with prices in Borivali.

"An under-construction building in Dadar commands a price of ₹50,000 per sq ft which is the prevailing rate of a premium building in Borivali. I am not saying Dadar is a luxury market and it should command a higher price but it primarily has to do with the address. Projects with amenities by big real estate brands are able to pull off good rates even in far-off suburbs of Mumbai," said Ritesh Mehta, Senior Director, and Head (North and West), of residential services and developer initiative, JLL India.