The luxury residential market has been on an upswing post the pandemic, with its overall sales share growing to 14% in the first half of 2022. Most of the luxury residential market is dominated by South Mumbai which is known for its uber-luxury residences and top-notch localities. However, of over 60 localities the region has, Colaba, Parel, Worli, Lower Parel, and Tardeo have emerged as the top localities preferred by the residents due to various factors that are boosting the housing popularity in these pockets. The zone has witnessed up to a 15 percent hike in the average home prices in the last year.
Out of the most premium residential areas in South Mumbai, Tardeo is one of the most lavish and expensive areas. It has always been on top when it comes to the Affluent & Elite residents in the city surrounded by greenery. Altamount Road in Tardeo is one of those costliest homes to extraordinary business tycoons in the city for which it is called a Billionaire’s street. Be it the Ambani’s (Antilia) or Jindal’s (Highest Cost Apartment), many more industrialists stay here in this posh locality of South Mumbai. It is one of the most costly places in Mumbai due to the lack of residential options in the area. Luxury properties here start from an average price tag of ₹56,200 per sq ft. In the last two years, the rents in this micro market to have gone up by 15%. The monthly rent of a luxury home spread across 2,000 sq. ft in Mumbai’s Tardeo area is at ₹3.1 lakh, as per a report by real estate consultant Anarock.
Commenting on its premium quotient, Mr. Jitendra Shah, Managing Director, Rockford Group said, “For most of the city’s ‘old wealth’ and even a lot of nouveau riche, there are no substitutes for a South Mumbai address. Tardeo is one such highly ambitious part of the region to live and also work in for several reasons. A paradise in itself, Tardeo houses the most luxurious and expensive residential homes in India that you can purchase or rent. The location continues to see good demand for luxury projects and attracts ultra-high net worth individual buyers. The luxury housing market here has performed exceedingly well influenced by the global lifestyles and rising consumer demand for bigger homes with exclusive amenities. The residential market has witnessed an increased demand from homebuyers in the last few quarters which has resulted in almost a 10 percent YoY hike in price.”
Tardeo is well-connected to the commercial hubs of Nariman Point and Cuffe Parade and is a very prominent residential and commercial location in South Mumbai. The locality is aided by public transport at all times and an established social infrastructure. It enjoys excellent connectivity and is largely self-sufficient with high-grade educational and healthcare institutions as well as hotels and fine dining restaurants available.
South Mumbai’s popularity among homebuyers is primarily because of the connectivity and the amenities it offers. The upcoming Mumbai Metro Line 3, also known as the Colaba-Bandra-SEEPZ corridor, and the Mumbai Trans Harbour Link Project (MTHL) are expected to augment the connectivity further and propel the housing demand in the zone.