High Demand for Sea Facing Flats in Mumbai
Sea Facing Flats in Mumbai are one of the most sought after desire of home buyers. Most of the Home buyers with High Budgets or NRI relocating from overseas prefer to have a home which is sea facing in Mumbai. In Mumbai, a lot of locations are surrounded 360 with buildings and to get a clean and open view is a delicacy and a blessing. The wish list of most home buyers in Mumbai remains that they want a Sea facing or a Sea view flat and the next best would be open and green views. A location like Bandra – Khar – Santacruz the inner roads either side of linking road have buildings next to each other, behind and in front so the question of view does not arise, but families who have been living there only want to be there due to their sheer convenience and being a native of that location they have their infrastructure clearly set up.
Mumbai as an island city is surrounded by 3 sides by water and the chances of having the Western Arabian Sea or Eastern Arabian Sea view is fairly good from any high rise in Mumbai in the Western Side and in the Souther Side. As you come to suburbs the island city gives to way to the inner land and away from the sea. Sea facing flats are available in Mumbai in Cuffe Parade, Marine Drive, Colaba, Walkeshwar, NepeanseaRoad, Breach Candy, Mahalaxmi, Worli, Prabhadevi, Dadar, Mahim, Bandra West, Khar West, Santacruz West, Juhu, Andheri West. There is distant creek view from Goregaon West, Malad West, Kandivali West and Borivali West. Sea Facing flats surely command a premium and properties located in South Mumbai – Juhu, Carter Road Bandra, Bandstand Bandra, Worli Sea Face, Versova are always much sought after. Most of the High Net Worth individuals with budget starting upward of 10 Cr at least wish for having a 3/4 bedroom apartment with 2000 sqft carpet area and sea facing or sea view with a terrace or balcony.
Mumbai’s skyline started emerging in 1920’s when the marine drive started appearing and then in late 60’s the Nariman Point, Cuffe Parade with towers developed by the Maker, Mittal, Bajaj Group etc and then the buildings like Air India and Oberoi Towers and Express Towers started coming up in mid 70’s.
Mumbai City being the Financial Capital of India and an expensive city in terms of real estate has had its own share of legal entanglements starting from 37 I, Old DCR, CRZ, CRZ1, New DCR and many other local rules which makes the construction process slow, tedious and very complicated with draconian laws. The BMC, SRA, MMRDA, MHADA each of them have their own rules and regulations and most of the times these authorities work independently so there is no single body which controls the holistic real estate development in the city.
In 2021, a lot of buildings are termed as CESS buildings, which need to be demolished and reconstructed, but it’s not simple, a lot of CESS buildings are nearly 60 – 100 years plus old and they are in old South Mumbai location and there are numerous problems with the title, ownership, succession and the financial issue of who is going to redevelop and how the developer will make money.
In all this, the land banks are shrinking and to develop fresh new sea facing flats in the Western Suburbs or South Mumbai is a challenge and hence they are extremely expensive and they will remain so for a long time.