Borivali, Mumbai's far-flung northern suburb, is now buzzing with large residential deals

Recent home prices in Borivali are rivalling that of fellow western suburbs such as Andheri and Goregaon

A host of large transactions and the arrival of prominent developers have transformed Borivali, a far-northern suburb in Mumbai's civic area, into one of the city's most significant housing markets, with home prices rivalling those of pricier western suburbs like Andheri.

Observers said with Borivali being a major hub of commerce and offering a relatively better quality of life, locals are upgrading their homes, while newer entrants to Mumbai are choosing the suburb to stay in.

Over the past year, observers have regularly reported home purchases above Rs 30,000 per square foot (psf), which is now the average home price rate in the suburb.

In October, a four-bedroom apartment at the Wadhwa Group's Aquaria Grande project in Borivali (West) sold for over Rs 14 crore, translating to Rs 56,000 per square foot—higher than in suburbs like Andheri and comparable to some areas in Mumbai's island city.

Sensing the opportunity, marquee developers have also lined up in the neighbourhood to launch greenfield and redevelopment projects, most notably Oberoi Realty, with its Sky City project in Borivali (East) that also includes a 1.5 million square feet-sized shopping mall.

At the Sky City's residential component, apartments have been regularly sold at Rs 30,000 to Rs 40,000 psf, depending on the floor on which the homes are situated in. Film actor Abhishek Bachchan has purchased six apartments in this project for more than Rs 15 crore, at around Rs 31,000 psf.

"If we look at the home prices from 20 years ago, they were around Rs 2,000 psf in 2002-2003, while they were around Rs 10,000 in Andheri. Now, home prices in Andheri have reached around Rs 40,000 psf, but in Borivali, it has jumped more than ten times to Rs 30,000 psf. Besides, a few marquee properties, like the Aquaria Grande and the Oberoi Sky City, have caused prices to increase as well," said Abhishek Kiran Gupta, founder and chief executive officer of IndexTap, a real estate data analytics firm.

Easing commute

Industry experts added that while the crowded suburban railway was the main mode to commute to and from Borivali, the addition of two Mumbai Metro lines - one each in Borivali East and West - has turned the area into an attractive proposition for working professionals looking to buy a home, especially those who work in the newer office districts of Andheri and Goregaon.

"Borivali is becoming a pivotal area in terms of infrastructure and connectivity. The metro lines are already providing connectivity to areas such as Andheri, SEEPZ, and others, where offices are located. In the future, another metro line will connect the Borivali-Dahisar area to Mira Road, and the coastal road is also slated to be extended. Besides, while Bandra and Andheri are sought-after addresses to be at, projects in the Borivali-Dahisar belt provide the kind of amenities that families would want, as they are larger in size," said Samantak Das, chief economist and head of research at property consultancy JLL India.

Besides professionals, a large number of traders and businessmen also reside in the area and nearby suburbs, working in segments such as jewellery and apparels, who would be looking to upgrade to a larger home with better amenities within their surroundings, rather than heading to other suburbs, Das added.