Mumbai's Linking Road Among World's Expensive Retail Locations
According to a report by a real estate advisory, Khan Market in Delhi has been ranked as the most expensive retail location in India securing 24th position in global rankings. Mumbai's Linking Road secured 20th position in the data collated for Asia-Pacific region along with Delhi's Khan Market and Gurugram's DLF Galleria and at 11th and 19th position, respectively.
Delhi and Mumbai have always been an attraction for global retailers. The booming retail markets in both these national and financial capital of India are comparable to those in Beijing, Singapore and Hong Kong in the Asia-Pacific region, as they have a strong presence of high-end global and domestic brands.
PropGuide brings you insights on the property market of Linking Road, Mumbai:
About Linking Road
Linking Road is one of the first arterial road connecting Bandra via SV Road till the suburbs of Santacruz and Juhu. A paradise for street shopping lovers, the area has been a major shopping district populated with several local stores as well as luxury outlets of international brands. With presence of cafes and bars, the area is also popular for its thriving night life. The stretch is close to Bandra West and surrounded by important realty destinations like Bandra-Kurla Complex (BKC) , Santacruz, Juhu and Vile Parle.
The development of Bandra-Kurla Complex (BKC) has created a strong demand for residential apartments in Bandra West. Exuding a cosmopolitan image, the locality has a well-established social infrastructure. Presence of over 100 hospitals, 128 bank branches and trendy restaurants and eateries caters to the daily needs of the residents. There are also several convent schools in the vicinity. Leading corporate houses who have opened their headquarters and operational offices are easily reachable from the location.
A strong road network provides connectivity to various parts of Mumbai with public transportation provided by BEST buses. The Bandra railway station, located 1.2 km away on the Western line of Suburban Railway, can be accessed via Hill Road.
Residential development in the neighbourhood
The corridor is flanked by upmarket residential localities such as Santacruz West, Pali Hill, Juhu, Wadala and Khar with huge availability of luxurious 3BHK, 4BHK and 5BHK properties. Bandra and Pali Hill are famously recognised for being home to several Bollywood actors, while Juhu is another expensive location.
Bandra-Kurla Complex (BKC) which is easily accessible from Linking Road is one of India's most important business hubs and new planned developments are likely to make the location expensive in future. Construction works are in full swing with ready-to-move-in as well as under-construction options available for the investors. Bandra East which is close to BKC is seeing a steady rise in rental demand as it is a haven for several expats and working professionals. Many redevelopment projects are also coming up in the vicinity. Linking road is also experiencing traffic congestion and gets crowded during weekends. It draws the crowd from the neighbouring streets like Pali Naka which is also famous for its entertainment options.
Property prices in Bandra West
The average capital value of a residential property is Rs 44,000 per sqft with prices of 2BHK homes starting at Rs 5 crore while 3BHK homes are available at an average price of Rs 7 crore. Luxury villas of 5BHK layouts are also available and priced at Rs 25 crore. There are over 200 projects launched in the locality with over 150 of them in a ready-to-move-in stage. Rental prices for properties start at Rs 20,000 per month for an area of 300 sqft. Prices in BKC have dropped over the years, from over Rs 41,000 per sqft in 2013 to Rs 33,000 per sqft at present.
Also read: Delhi's Khan Market Is World's 24th Most-Expensive Retail Hotspot