Mumbai, India’s very own concrete jungle, happens to be a city where owning a space of our own is treated as the ultimate luxury. Add in a sea-view and you’ll be considered among the ultra-rich category. According to statistics from the last two years, the sea-facing properties in the city command a price ranging from 20 per cent to 50 per cent over non-view units in the same locality. Whereas, in areas like Worli and Malabar Hill , this gap can also widen up to 100 per cent for unobstructed, permanent vistas.
According to Krish Kothari, founder of KKD Studio, an ultra-luxury residential and commercial architecture firm based out of Mumbai, “In Mumbai, where space is luxury, the Arabian Sea happens to be the most coveted amenity.” He notes that a sea view elevates a property’s final cachet. In ultra-luxury segments, this translates to staggering premiums of Rs 50,000 to Rs 1,00,000 per square foot. “We are seeing this exact demand firsthand with Rs 200 crore sea-facing apartments we are currently working on,” adds Kothari.
In Mumbai’s real estate market, the distinction between a sea-facing and sea-view residence might seem a little confusing. A sea-facing home is the ultimate front-row seat to the Arabian Sea, and is typically located on a frontline plot, where the water begins right from where the property ends. These properties are often considered a lifetime trophy because there’s no land left for future construction. So no one is going to steal your thunder or your vista.
On the contrary, a sea-view often comes with a partial or angled silhouette of the ocean from a building that could be located further inland. While still premium, these apartments lack the “blue-chip” security of their sea-facing counterparts, as a taller building rising in the foreground could eventually transform a panoramic view of the ocean into a view of a concrete wall.
According to Kothri, “For those backed with ultra-high-net-worth, the premium is a calculated investment.” Even inside the same building, prices go up as you go higher. For every floor that rises above the neighbouring buildings to reveal the sea, developers often add an extra Rs 500- Rs 1,000 per square foot. But why do you ask? The price jump happens because the plots situated right on the edge of the coast are extremely rare, because there’s no chance of a new building being developed, and they block your view. Thus, because of this, these sea-facing homes usually grow in value 1.5 times faster than buildings that are just a few blocks inland. Kothari notes that today’s buyers recognise the difference between a temporary sea-view and a permanent sea-facing home.
He adds, “With coastal regulations restricting future constructions, a lifetime view of the horizon remains the ultimate status symbol in Mumbai.”
Ultimately, owning a sea-view in Mumbai is a finite resource in a city that never stops building. While the premiums ranging from 30 per cent to over 100 per cent may seem staggering, these are assets that cannot be replicated. For discerning buyers, the property becomes a recession-proof trophy that will remain the city’s ultimate status symbol for generations to come.