The real estate sector in Mumbai has broken all records and has emerged as the most expensive market in the industry in India. Flats that were available for a few lakhs a few years ago are now priced beyond a crore rupees. This rally in prices for budget flats is easy to understand – basically due to rising demand. However, the situation is no different for luxury properties. In fact, the demand for luxury flats is rising at an even faster rate.
As per a report from Knight Frank (one of the world’s leading independent real estate consultancies), Mumbai was among the 3rd fastest-growing real estate markets in the Asia Pacific (APAC). In Q3 2024, the city recorded an 11.5% year-on-year (YoY) growth in luxury real estate prices.
The luxury real estate market is expected to grow from $38.02 billion in 2024 to $101.92 billion in 2029, which means the market is growing at a compound annual growth rate (CAGR) of approximately 22%. That’s more than the returns Nifty has offered!! 😲
This shows the increasing demand for luxury real estate in Mumbai.
Malad West is a suburb of Mumbai that houses many commercial centers like Mindspace and Infinity IT Park. It also has shopping malls like Infiniti and Inorbit. The suburb doesn’t fall short on recreational activities, as Malad West boasts many beaches like Aksa and Marve Beach.
Below are some factors to consider before buying luxury flats in Malad West.
Prime Location and Connectivity
Due to its strategic location, Malad enjoys proximity to Andheri and Goregaon – the business hubs. Not only does Malad have business enclaves like Mindspace, but the residents of the suburb can also benefit from numerous offices located in Andheri and Goregaon.
There are numerous connectivity options in Malad West, including rail services and buses. The recently constructed metro line 2A further boosts connectivity. Hence, working professionals living in a 2 or 3 BHK flat can easily commute to their destinations.
Malad West also shares close proximity to the Western Express Highway and Chhatrapati Shivaji International Airport, which further enhances the connectivity of the area.
Researching the Local Real Estate Market
Due to the many residential projects offered by various developers in Malad West, there isn’t a fixed price for available flats. Prices will vary depending on the reputation of the developer, the amenities offered, the location, etc.
It is essential to choose a developer with a good reputation and decades of experience in construction. A luxurious 2 BHK in a good locality in Malad West, from a reputed developer, will cost between Rs 2 crore and Rs 2.5 crore, while a 3 BHK will cost at least Rs 3 crore.
Uber Luxurious Amenities
When purchasing a luxurious flat, whether it’s a 2 or 3 BHK, it involves investing crores of rupees. It is your right to expect world-class amenities.
Amenities like a swimming pool, clubhouse, spa, fitness center, and both indoor and outdoor games are must-haves if you’re buying a luxury flat in Malad West.
These amenities will contribute to capital appreciation, increasing the resale value of your property. As the demand for luxury properties grows year after year, choosing a 2 or 3 BHK flat with such amenities is crucial, as failing to do so may make selling the property difficult.
Project Density
This term refers to how many people live in an apartment complex. Though there is no strict rule, ideally, a building offering luxurious apartments should have no more than 60 flats. If there are more, it might not be considered ‘luxury.’ The reason is that fewer residents allow for a better living environment.
If there are more people in a project, the amenities will be shared by more people, which can negatively impact the ambiance, exclusivity, and comfort of these amenities.
Robust Security Systems
When buying a luxurious 2 or 3 BHK apartment for crores of rupees, it is crucial to select a society where security is a primary focus. The security of a building is essential and should not be compromised.
The building should offer robust security systems like CCTV cameras, a high-tech automated alarm system, an access-controlled system to monitor visitor entry, and 24/7 availability of guards.
Additionally, some societies have implemented solutions that require permission from residents via a mobile app to allow visitors to meet them.
FAQs
What amenities should I expect in a luxury flat in Malad West?
Luxury flats come with many high-end amenities like a rooftop deck, swimming pools, gyms, landscape gardens, children’s play areas, spas, amphitheaters, etc., offering a luxurious and enthralling experience to the residents.
Does the reputation of the builder matter?
The reputation of the builder is crucial when buying a luxury flat. Reputed builders ensure top-notch construction, timely project delivery, and possession as promised. Their past projects act as proof of their credibility.
What documents should I verify before buying a luxury flat?
Documents like the Occupancy Certificate, Completion Certificate, and approvals from local authorities are some of the many documents that need to be verified before purchasing any luxury flat, whether it’s a 2 or 3 BHK in Malad West.
How can I ensure the flat offers privacy?
To ensure maximum privacy, it’s advisable to look for buildings that offer a maximum of two apartments on each floor. This ensures that residents enjoy both privacy and a luxurious living experience.
What kind of security features should a luxury flat have?
A luxury flat should offer 24/7 CCTV surveillance, security personnel, video door phones, and permission approval via a mobile app. Availability of such robust security measures ensures the safety, security, and well-being of all residents.