Mumbai, the financial capital of India, is popular for its bustling streets, state-of-the-art infrastructure, and ample career opportunities. In the midst of such a vibrant city life, the real estate market has emerged as one of the most expensive ones all over the world. Needless to say, the posh areas in Mumbai ensure the highest living standards. In some of these affluent localities, top celebrities, business tycoons, and entrepreneurs have found sought-after abodes. Beyond this, these posh localities in Mumbai feature modern high-rises and historical colonial-era mansions! If you want to take a glimpse into Mumbai’s elite areas, here are a few posh neighbourhoods you should consider.
List of the Most Posh Localities in Mumbai
In the last leg of 2024, the reports suggest that 1,040 luxury units were sold and this is the highest ever recorded. The secondary market of upscale residential areas noticed sales of over Rs. 3,500 crore – this is also a jump from the same period in 2023. Most buyers are senior professionals, legal and medical professionals, and Bollywood celebrities. So, here we give you a complete list of the top 10 posh areas in Mumbai!
1. Malabar Hill
Average Property Price for a 2BHK: Rs. 8.24 Cr – 9.10 Cr
Average Rent for a 2BHK: Rs. 112-186 per sqft
One of the most posh areas in South Mumbai, Malabar Hill is an elite residential locality. The area is the address to affluent personalities such as the CM of Maharashtra. The neighbourhood is spread across a hill, offering a swooning view of Marine Drive. With the Gulmoha tree-lined streets, it is bliss to take a walk in the fast-paced city. Of course, the connectivity to prime roads such as Peddar Road, Malabar Hill Road, and Marine Drive adds more convenience to the locality.
You can also find Hanging Garden, Johnson and Johnson Garden, and Amarson Garden add tranquillity to the neighbourhood. The average property price is Rs. 51,480 per sqft, and the Breach Candy Hospital and the Bombay International School are located in this area.
2. Tardeo
Average Property Price for a 2BHK: Rs. 6.04 Cr – 6.67 Cr
Average Rent for a 2BHK: Rs. 97 – 170 per sqft
Tardeo is a prominent road in SoBo (South Bombay) as it links essential regional commercial locations. Mukesh Ambani’s Antilia, valued at $2 billion, is located in Tardeo. It is the most expensive private building in India and the second-most expensive in the world! Besides Antilia, Tardeo houses several commercial complexes, including healthcare and educational institutions. Being one of the posh areas in Mumbai, Tardeo has an established connection between Bellasis Road and Peddar Road. In addition, Mumbai Central Rail Link is situated in this area.
Moreover, Jaslok Hospital, Apollo Spectra Hospital, and Wockhardt Hospital are located in the area. The average property price is Rs. 47,786 per sqft and the living costs range between Rs. 25,000 and Rs. 40,000, considering the blend of old and new apartments in central areas.
3. Colaba
Average Property Price for a 2BHK: Rs. 6.03 Cr – 6.67 Cr
Average Rent for a 2BHK: Rs. 89-142 per sqft
Another posh area in Mumbai, Colaba is a peninsula among four. It is a unique locality that is well-known for being the art and culture hub of the city. From colonial buildings to museums to theatres, Colaba boasts rich nostalgia. Plus, Colaba hosts the Kalagoda Arts Festival, which is popular for its cultural scene and art exhibitions. The Colaba Causeway Market also adds beauty to this posh area in Mumbai.
To add convenience, Kalajot Hospital and Saifee Hospital are located in the area. And Colaba connects to the Mumbai Metro Line 3, Currey Road Station, and Lower Parel Railway Station. If you are looking for properties for your family, you will be delighted to know that BD Somani School, Army Public School, and Kendriya Vidyalaya.
4. Cuffe Parade
Average Property Price for a 2BHK: Rs. 7.44 Cr – 8.23 Cr
Average Rent for a 2BHK: Rs. 115 – 180 per sqft
Cuffe Parade, one of the posh residential areas in Mumbai, is located at the southern end – Nariman Point. The area was built on the western shore after reclaiming 75,000 square metres and is among the affluent areas. Nowadays, the seaside neighbourhood has been soaring in real estate prices and is conveniently located next to Colaba Causeway Market. Moreover, the Taj President Hotel, World Trade Centre, and Maker Tower are in close proximity to Cuffe Parade.
Close to Fort, Cuffe Parade hosts some popular parks such as CPRA Greens, Sea View Park, and Cuffe Parade Park. In addition, there are a few notable hospitals like Apollo Speciality Hospital, Dr. Sayyed Hospital, and St. Stephens Hospital. Owing to its location situated on the southern side, the average property price is Rs. 48,750 per sqft.
5. Bandra West
Average Property Price for a 2BHK: Rs. 6.79 Cr – 7.50 Cr
Average Rent for a 2BHK: Rs. 88 – 146 per sqft
One of the widely-known poshest areas in Mumbai, Bandra West is home to many celebrities like Salman Khan and Shah Rukh Khan. So, if you would like a glimpse of SRK’s Mannat, Salman’s Galaxy, or Kekee Manzil, the House of Art, this is where you should go! This average property price per square foot is around Rs. 43,608.
With the breathtaking sea view, Bandra West is dotted with nightclubs and fine-dining restaurants. And you will spot villas and heritage houses alongside modern flats, catering to a wide range of property owners. The region has top-tier educational institutions like Rizvi College of Engineering, Arya Vidya Mandir High School, and St. Theresa’s High School.
6. Malabar Hill
Average Property Price for a 2BHK: Rs. 8.24 Cr – 9.10 Cr
Average Rent for a 2BHK: Rs. 112 – 186 per sqft
Malabar Hill in South Mumbai has a separate fanbase for its alluring views of the Nariman Point skyline, Girgaon Chowpatty Beach, and the Arabian Sea. You will find luxurious penthouses and condominiums, priced up to Rs. 300 crore. Beyond the residential properties, the area is the address of many affluent personalities like the CM of Maharashtra.
The average property price is Rs. 51,480 per sqft, and the cost of living is around Rs. 60,000. With well-connected major roads such as Malabar Hill Road and Marine Drive, Malabar Hill is one of the most coveted posh areas in Mumbai. Also, prestigious educational institutions such as St. Peters School and the American School of Bombay.
Now, you know all about the posh areas in Mumbai, you can decide where to live and how much your living costs might be. With the glam factor of the city, the infrastructure, and luxury amenities, the elite areas ensure an impeccable standard of living. It is important to note that the average property price in Mumbai is usually around Rs. 18,000 per sqft and the most expensive residential areas are priced at 6 times more. In case you are new to the city, you can get all your furniture on rent in Mumbai – just head over to Rentomojo!
Frequently Asked Questions
1. Where is the richest place to live in Mumbai?
Colaba and Malabar Hill are often considered the poshest areas in Mumbai. These areas are known for their historic architecture, stunning sea views, and high-end shopping and dining options.
2. Where do billionaires live in Mumbai?
Many Mumbai billionaires reside in the exclusive neighbourhoods of Malabar Hill and Altamount Road, often referred to as India’s Billionaires’ Row. These areas are known for their luxurious residences, high security, and stunning sea views.
3. Why is Bandra West so expensive?
Bandra West is expensive due to its prime location, excellent connectivity, high-quality infrastructure, and the presence of many affluent residents, including Bollywood celebrities. Additionally, the limited availability of land in this area contributes to its high property prices.
4. Is Andheri West costly?
The average price of a 2 BHK multistorey apartment in Andheri West is ₹2.53 Cr, with a median price of ₹2.45 Cr. Popular areas to buy a 2 BHK flat in Andheri West include Lokhandwala Complex Andheri West, Versova, etc.
5. What is a comfortable salary to live in Mumbai?
A comfortable salary to live in Mumbai typically ranges from Rs 40,000 to Rs 60,000 per month, depending on your lifestyle and the neighbourhood you choose to live in.
