Worli property market: An overview

[ecis2016.org] Worli, located in the Southern part of Mumbai has emerged as one of the prime residential areas in recent years. It is considered to be the new premium residential destination for the super rich and celebrities with them either moving in or investing in this locality.

Worli being one of the seven Islands that constituted the city of Mumbai has seen major

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transformation over the years. From being a Fishing village in yester years, today it is not only a

sought after posh residential area but also a major commercial hub. To name a few major

companies that are located in this area are GSK Pharma, TATA, Novartis, HDFC Bank, Yes

Bank, Siemens, CEAT and also Aditya Birla Group having its head office in Worli.

Unlike few localities in Mumbai city, Worli enjoys a good access to the sea shore. Demands for

Real Estates in Worli have gone up due the low supply of housing units in other prime areas of

South Mumbai. The development of the top apartments in Worli overlooking the sea came as a

rescue to the residential market of South Mumbai which was lagging in satisfying the demand

for luxury residential apartments. The sea facing apartments in Worli has attracted big ticketing

transactions in recent times. Furthermore, the construction of the Bridge- Bandra–Worli Sea

Link that connects the western suburb Bandra with Worli has impacted the prices of the real

estate in Worli. It provides better connectivity to the center of the city and is believed to reduce

the travel time from 60-90 minutes to 20-30 minutes during peak time.

Worli has become Mumbai’s new billionaire playground. Cricketers Virat Kohli, Rohit Sharma,

and Yuvraj Singh, film actors Abhishek Bachchan and Akshay Kumar, and business tycoons Baba

Kalyani (chairman of Bharat Forge), Rizwan Koita (CEO of Citius Tech), Nandan Nilekani,

Narayana Murthy, Ajay Piramal, Siddharth Yog (chairman of Xander Group) and Anil Agarwal

(Sterlite Group) have their Property in Worli. There are several well known builders in Worli

including Lodha Developers, Ajmera, Sanghvi Group of Companies and Kamla Group have

launched luxury projects such as Lodha New Cuffe Parade, Lodha Codename Metropolis, Lodha

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Evoq Lodha Sky Gardens, Ajmera i-Land, Ajmera Treon, Ajmera Zeon, Spectra Royale, Sanghvi

Heights and Kamala Estelle etc.

Connectivity with nearby Worli localities:

 The major train stations connecting nearby Worli localities are Chinchpokli on the

Central line, Mumbai Mahalakshmi and Elphinstone Railway Station on the Western

line.

 It is approximately 18 kms away from Chhatrapati Shivaji International Airport via

Bandra-Worli Sea Link

 There are bus stops on the major roads i.e. GM Bhosle Marg, Annie Besant road and

Bandra-Worli Sea link road.

 Bandra-Worli Sea link Bridge connecting Worli with the Western Suburbs of Mumbai.

Employment hubs near Worli:

 Worli is approximately 30 minutes away from the commercial hub Bandra-Kurla-

Complex (BKC). The Eastern freeway has improved the road connectivity of CBD with

south Mumbai. Moreover, the railway connectivity to Mumbai CST is very accessible.

 It is also a prime location for residential property seekers as well as retail outlets and

commercial establishments for its proximity to IT/ITeS hub in Prabhadevi area.

Schools in Worli and other social amenities:

Worli provides a strong social infrastructure to the residents. Reputed schools in Worli include

the Sacred Heart High School and the Greenlawns School. Leading hospitals in Worli include

the ESIS hospital, Worli Hospital and Peoples Mobile Hospital. Popular malls in Worli include

the Atria- the Millennium Mall and High Street Phoenix Mall to name a few. Popular tourist

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attractions in Worli include Mumbai-Worli Sea Face and the famous mosque the Haji Ali

Dargah.

Physical infrastructure in Worli:

 The Bandra-Worli Sea Link is planned to be expanded with another Sealink to Lala Rajpat

Rai Road that will link the Western Suburbs to Nariman Point in Mumbai's main business

district.

 Mumbai Metropolitan Region Development Authority (MMRDA) have plan to develop

109 hectares of land of Wadala as a new commercial hub like BKC (Bandra-Kurla

Complex) and further infrastructure plan such as Sewri-Nhava Sheva trans-harbor link

and monorail project.

Price trends in Worli:

 Price Appreciation- around 14% in the last one year

 Current property rates- INR Rs 100000 – 35000 per Sq-ft

Reasons to invest in Worli:

Considering the price trends in Worli and the rising demand of the luxury apartments, the

locality should prove to be a good investment. Flats in Worli are like living close to the nature

with the waves flashing to ones doorstep yet it has all amenities that make a locality truly

cosmopolitan. There is excellent appreciation of property rates for the sea facing view with

retail hubs and companies setting up here. Big ticket projects like Lodha New Cuffe Parade are

coming up here. The area offers excellent connectivity and social infrastructure and this is

leading to the rapid growth of the locality.

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