Mumbai Real Estate: Understanding the Premium for Sea-Facing and Sea-View Apartments
Real estate developers in Mumbai often charge a premium for apartments with a sea view or a sea-facing orientation. Learn the differences and what buyers should consider.
Mumbai Real EstateLuxury ApartmentsSea ViewSeafacingPremiumReal EstateDec 04, 2024
In the bustling real estate market of Mumbai, luxury apartments with a sea view or a sea-facing orientation command a premium. These properties are highly sought after, and their value is often factored into the price. However, the difference between a sea view and a sea-facing apartment is crucial for buyers to understand.
What’s the Difference?Marine Drive, a picturesque promenade in Mumbai, is a classic example of sea-facing apartments. These buildings are directly adjacent to the sea and offer an uninterrupted view of the ocean. On the other hand, sea-view apartments, like those around Churchgate station, are located further from the sea. They are often taller structures that provide a view of the sea, but this view can be temporary and may be obstructed by future construction.
The Value of the ViewThe value of the view is a significant factor in the cost of luxury apartments. Buyers are often willing to pay extra to own a home with a coveted sea view. However, the premium for a sea-facing apartment is much higher and more justified. According to Sharan Babani, promoter of Satguru Builders, sea-facing apartments can command a premium of ₹50,000 to ₹1 lakh per square foot, depending on the age of the building.
Case Study Rekha JhunjhunwalaRekha Jhunjhunwala, the widow of billionaire stock investor Rakesh Jhunjhunwala, recently made headlines for purchasing almost all the units in a south Mumbai residential building to prevent any obstruction to the view of the Arabian Sea from her Malabar Hill home. She reportedly bought 19 of the 24 apartments for ₹118 crore, showcasing the high value placed on an unobstructed sea view.
Locations of Sea-View and Sea-Facing ApartmentsSea-view and sea-facing apartments are scattered along the west coast of Mumbai. Popular areas include Marine Drive, Malabar Hills, Walkeshwar, Colaba, Cuffe Parade, Peddar Road, Worli, Dadar, Mahim, Bandra, Juhu, Vile Parle, Andheri, Malad, Kandivali, and Goregaon.
Green View and Forest View ApartmentsApart from sea views, several luxury apartments in Mumbai also offer a green view or a forest view. These units face gardens or forests, often located close to the Sanjay Gandhi National Park (SGNP) in the suburbs. Areas with these views include Dahisar, Borivali, Kandivali, Malad, Goregaon, Bhandup, and Mulund.
Market DynamicsAccording to the Maharashtra government’s data, Mumbai registers around 10,000 properties annually, with luxury properties accounting for 7% of the market. These high-end apartments, priced at ₹5 crore and above, are becoming a new status symbol and a top investment choice for the wealthy.
ConclusionFor buyers like Tarun, understanding the difference between sea-facing and sea-view apartments is crucial. While a sea view can be a great feature, a sea-facing apartment offers a more permanent and valuable asset. Buyers should weigh the costs and benefits carefully to make an informed decision.
Frequently Asked Questions
What is the difference between a sea-facing and a sea-view apartment?
A sea-facing apartment is directly adjacent to the sea and offers an uninterrupted view of the ocean. A sea-view apartment is located further from the sea and provides a view, but this view can be temporary and may be obstructed by future construction.
How much premium do sea-facing apartments command compared to regular apartments?
Sea-facing apartments can command a premium of ₹50,000 to ₹1 lakh per square foot, depending on the age of the building.
Why did Rekha Jhunjhunwala purchase multiple units in a residential building?
Rekha Jhunjhunwala purchased almost all the units in a south Mumbai residential building to prevent any obstruction to the view of the Arabian Sea from her Malabar Hill home, ensuring her prime sea view remains unobstructed.
What are some areas in Mumbai where sea-view and sea-facing apartments are located?
Popular areas for these apartments include Marine Drive, Malabar Hills, Walkeshwar, Colaba, Cuffe Parade, Peddar Road, Worli, Dadar, Mahim, Bandra, Juhu, Vile Parle, Andheri, Malad, Kandivali, and Goregaon.
What are green view and forest view apartments?
Green view and forest view apartments are luxury units that face gardens or forests. They are often located close to the Sanjay Gandhi National Park (SGNP) in the suburbs of Mumbai, such as Dahisar, Borivali, Kandivali, Malad, Goregaon, Bhandup, and Mulund.
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