Mumbai's Luxury Real Estate Prices Match New York's Lower Manhattan: A Market Comparison

Premium apartments in Mumbai have reached price points comparable to certain areas of New York, according to a recent report highlighting the swift increase in wealth and property values in India's financial hub.

Luxury residences in Mumbai's upscale Worli district are now commanding prices up to 100,000 rupees ($1,109) per square foot, equivalent to real estate prices in New York's Lower Manhattan. This finding comes from a joint report by Anarock Group, an Indian real estate consultancy, and 360 One Wealth, a wealth management firm.

These price trends reflect how increasing Indian wealth is being invested domestically, driving up valuations in sought-after neighborhoods like Worli. According to Anarock Chairman Anuj Puri, Worli now represents 40% of India's 'ultra-luxury apartment' market for properties valued above 40 crore rupees.

The report indicates that over the past three years, the area has witnessed more than 20 residential transactions exceeding 100 crore rupees each.

Currently, approximately 40 to 50 lakh square feet of premium residential real estate and retail space is under development in the district. The residential projects alone are estimated to be worth at least 19,000 crore rupees. Since 2023, land deals valued at 7,600 crore rupees have been completed in and around Worli, expected to generate revenues of approximately 36,000 crore rupees.