Mumbai’s Luxury Real Estate Market Booms with Rs 164 Crore Acquisition of Santacruz West Bungalow
In one of Mumbai’s most significant standalone land acquisitions this year, a subsidiary of luxury developer ZYJ Builders and Developers has purchased the Dwarka Bungalow in Santacruz West for Rs 164 crore, according to property registration documents accessed by data analytics firm Zapkey. The deal reflects the continued appetite for high-value, centrally located real estate amid the city’s ongoing luxury housing boom.
The Dwarka Bungalow, situated on Linking Road, spans approximately 1,266.7 sq m (around 13,629 sq ft) and comprises a ground-plus-one structure, a garage, and ancillary sheds. ZYJ Estates LLP, represented by partner Zafar Yunus Zaveri, completed the purchase on November 17, 2025, paying a stamp duty of Rs 9.8 crore. Zaveri, linked to Yunus Jhaveri Architects, is associated with ZYJ’s portfolio of high-end residential projects, including the ongoing Sequoia development on 16th Road, Santacruz West. Market analysts suggest the property will likely be redeveloped into a premium residential complex consistent with ZYJ’s luxury offerings. “Given the location and scale, redevelopment into high-value apartments seems probable, aligning with the developer’s existing portfolio strategy,” said Sandeep Reddy, co-partner at Zapkey.
The acquisition also underscores a broader trend in Mumbai’s luxury real estate market, where standalone bungalows and prime land parcels are increasingly being repurposed for multi-unit high-end housing. Earlier this year, the Laxmi Niwas bungalow on Nepean Sea Road changed hands for Rs 276 crore, while prominent investors, including Uday Kotak’s family, acquired multiple units in sea-facing complexes to secure both privacy and investment value.
Industry experts note that such deals are indicative of Mumbai’s sustained demand for centrally located, premium properties despite broader macroeconomic pressures. “Developers are strategically consolidating land in areas with strong connectivity and lifestyle appeal. These acquisitions allow them to deliver high-margin residential projects while catering to the city’s luxury segment,” said a senior real estate analyst. The transaction also raises discussions around urban density and sustainable redevelopment. Redeveloping single-plot estates like Dwarka Bungalow can accommodate more residents on the same footprint, potentially reducing urban sprawl. However, ensuring that these projects incorporate green building practices, energy-efficient designs, and community-oriented spaces remains essential for creating sustainable urban environments.
ZYJ Estates has yet to provide public comments on the future development of the property. Analysts will monitor whether the project prioritises modern amenities alongside sustainable design, reflecting the city’s growing emphasis on inclusive, eco-conscious urban growth. As Mumbai’s luxury real estate segment evolves, such high-value land acquisitions highlight both market resilience and the ongoing challenge of balancing development with environmental and social considerations.
