Mumbai’s real estate market has witnessed transactions priced at more than ₹100 crore, which work out to be as high as ₹1.50 lakh per sq ft, if not more. With such skyrocketing prices, expectations of several high-net-worth individuals (HNI) who purchase these luxury apartments have also increased. This segment of buyers is willing to pay a premium for privacy that these boutique, low-rise, limited-edition homes offer over high-rise gated communities with several amenities.
According to experts, these luxury boutique buildings are mostly located in central Mumbai, in areas such as Worli, Lower Parel, and Prabhadevi, as well as the western suburbs of Khar and Bandra.
Paradigm Realty is constructing two boutique standalone projects in Mumbai’s Bandra. In Bandra Carter Road, the company is developing a project with just 22 apartments, ranging from 1,850 sq ft to 2,400 sq ft, priced between ₹17 crore and ₹24 crore.
In its other project in Pali Hill, the company is developing just five apartments, each measuring 8,600 sq ft and costing ₹70 crore.
Another real estate developer, Ashar Group, is developing a building on the land where Bollywood legend Dilip Kumar’s bungalow once stood. There will be only 15 luxury apartments, and the price per sq ft will be around ₹1.50 lakh per sq ft.
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Why do wealthy buyers prefer buildings with fewer apartments?
According to developers, the main reason is privacy. A peaceful environment is something that homebuyers of luxury apartments prefer over a high-rise building with all amenities thrown in.
“Luxury homebuyers in Mumbai increasingly gravitate toward standalone boutique projects due to their exclusivity, privacy, and personalised living experience. Unlike larger gated communities, these developments house fewer families, fostering a serene and close-knit environment that appeals to the refined preferences of discerning buyers,” said Ayushi Ashar, Director of Ashar Group.
“Individualism will also be respected more at boutique projects because all homeowners have had a similar trajectory in rising to the stalwarts they are. Additionally, boutique projects are often strategically located in prime neighbourhoods, enhancing their appeal by offering superior connectivity and access to lifestyle hubs. This trend underscores the evolving priorities of luxury homebuyers seeking more than just a residence—a distinctive address,” Ashar added.
Real estate developers believe that, at times, homebuyers of luxury apartments do not want to be involved with other members, and there may be differences in lifestyle and value systems, considering socio-economic backgrounds.
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“In cities such as Mumbai, many upcoming projects are based on redeveloping existing structures and neighbourhoods. The confluence of existing members with incoming buyers brings deep-rooted differences stemming from disparities in socio-economic backgrounds, lifestyles, and value systems,” said Parthh K Mehta, CMD, Paradigm Realty.
While some buyers – especially young, urban couples – appreciate the sense of community that larger gated societies have to offer, as well as the social infrastructure that is often built into such establishments, an emerging second category of buyers prefers the privacy and exclusivity of limited-edition homes that epitomise individuality and personal identity.
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“These buyers are willing to pay more and invest in luxury apartments priced in the periphery of ₹20 crore to ₹80 crore to take advantage of their limited-edition nature,” Mehta added.
