Bandra Bay: Mumbai's New Waterfront Luxury Micro-Market
Bandra Bay, poised to become the next luxury hotspot in Mumbai, is set to witness a flurry of high-end residential tower launches from top developers in the coming months. The waterfront location, situated close to the business district of Bandra-Kurla Complex (BKC) and suburban Bandra, is emerging as a premium address expected to attract high-net-worth individuals and non-resident Indians (NRIs) alike.
City developer Hiranandani Communities is set to unveil a luxury high-rise project this month, while Adani Properties will launch the first phase of a 20-acre mixed-use development in the area this quarter. Niranjan Hiranandani, chairman of Hiranandani Communities, stated, “Bandra Bay represents one of Mumbai’s most compelling emerging luxury waterfront micro-markets. Its strategic location at Bandra Reclamation offers uninterrupted views of the Arabian Sea, proximity to BKC, and connectivity via the Bandra-Worli Sea Link, coastal road network, and Western Express Highway.”
Hiranandani is launching a 5 lakh sq ft project named Bay Heights, a single residential tower with 2.5, 3, and 4 bedroom residences starting at ₹12 crore and going beyond ₹15 crore. The project is a redevelopment venture with the Maharashtra Housing and Area Development Authority (Mhada). Hiranandani added, “What makes Bandra Bay truly distinctive is that it combines the aspirational legacy of Bandra with the openness of bay front living, a rare offering in a land-constrained city like Mumbai.”
Adani Properties will also launch its largest luxury project in the area, featuring sea-facing apartments that will be sold by invitation only in the initial phase. The second phase of the project, spanning 13-14 acres, will include residences, retail, a hotel, and office space, according to a person familiar with the company's plans. Other developers, including L&T Realty Ltd, Valor Estate Ltd, Oberoi Realty Ltd, Wadhwa Group, and Godrej Properties Ltd, have similar redevelopment projects lined up at Bandra Bay.
Bandra Bay, as a new moniker to describe the area lining the waterfront, was used in an October report by real estate data analytics firm CRE Matrix and Lighthouse Luxury. Nearly 8 million sq ft of residential and retail projects are being planned in the location. Suburban Bandra is currently the most expensive among the suburbs but is densely developed with high-end projects that are small in size.
Property consultants believe Bandra Bay has the potential to rival Worli, currently Mumbai’s hottest luxury location, in terms of pricing and demand, as well as its proximity to BKC. Property prices in Worli, particularly in high-quality projects, sell for ₹1 lakh per sq ft and above. Abhishek Kiran Gupta, CEO of CRE Matrix, told Mint, “The various projects in the pipeline in Bandra Bay that will be developed over the next decade or so will see the area catching up to Worli. Bandra Reclamation was always there, but once Bandra Bay in the locality is developed, it will be a unique luxury real estate location.”
For instance, L&T Realty and Valor Estate Ltd have an upcoming 20-acre project tentatively named Riverwalk at the Bandra Bay area, which will be a mixed-use development with luxury residences, office space, retail, and a hotel operated by Advent Hotels International. The project is estimated to have a gross development value of ₹11,000 crore and is expected to be launched by 2028. A Valor Estate spokesperson did not respond to Mint's queries.
