This is perhaps the highest rate at which a property has been sold in Borivali up to now.
A luxury 4 BHK flat in Mumbai’s Borivali was sold for 14 crore, with a per sq ft rate of 56,000, according to 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 comparable to other locations like Andheri, Vile Parle, Dadar, and Mahim of Mumbai.
The transaction establishes a new benchmark for the Borivali property market.
The Wadhwa Group’s Aquaria Grande Grade A residential building houses the 4 BHK flat, which spans 2,497 square feet. The flat was purchased by Hemant Patil, a businessman from the Mumbai Metropolitan Region (MMR).
The apartment has two parking spaces and is on the 27th floor, according to the documents. The transaction, registered on June 21, 2024, involved a stamp duty of ₹84 lakh, according to documents.
According to IndexTap.com data, Oberoi Realty sold an apartment in Oberoi Sky City for 48,800 per sq ft, the highest per sq ft rate in Borivali to date.
“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, of IndexpTap.com.
According to local brokers, the average price of apartments in Borivali ranges from ₹25,000 to ₹40,000 per sq ft, with most projects priced at ₹30,000.
A query sent to buyer Hemant Patil and seller Rabindu Shah received no response.
According to developers with several projects under construction in Borivali, the prices of a few properties are nearly comparable to those in Juhu, Vile Parle, Dadar, and Mahim.
“There is a strong demand for well-planned gated complexes that provide amenities and foster a sense of community, such as Oberoi Sky City and Wadhwa Aquaria Grande. Our project, Paradigm Anantara in Borivali, commands over ₹32,000 per sq ft. Paradigm Realty’s CMD, Parth Mehta, announced that premium 4 BHK residences on higher floors will be priced at ₹40,000 per square foot by next year.
“The rising demand from the business community, as well as the higher spending power of homebuyers in this area, are the most prominent reasons for Borivali properties commanding a high premium in the suburban market. This market is willing to pay a premium for a high-quality, well-structured, and designed product with plenty of fresh air and daylight, a good ceiling height, and excellent amenities,” Mehta added.
