South Mumbai lies at the southern corner of Salsette Island comprising city’s main business localities. It is the richest urban precinct in India. South Mumbai is located in between Arabian Sea on west and the Mumbai harbour on east. Many leading Indian and multi-national companies like the Reserve Bank of India, Bombay Stock Exchange are headquartered here. Its primary business districts are Fort, Worli, Nariman Point, Ballard Estate and Lower Parel. Chhatrapati Shivaji Terminus (CST) and Churchgate serve as headquarters and starting point for the Central and Western Railway lines respectively.
The area houses a significant proportion of prime upmarket residential neighbourhoods of Mumbai including: Peddar Road, Nepean Sea Road, [Kemps Corner], Altamont Road, Carmichael Road, Breach Candy and Walkeshwar Road, forming a sort of golden quadrilateral and includes some of the most expensive residential areas in the world, such as the Hanging Gardens, Kemps Corner, Cuffe Parade and Malabar Hill.
There has been a surge of landmark real estate projects which have come in and around Lower Parel, Mahalaxmi, Prabhadevi, Lalbaug, Parel, Curry Road, Dadar, Matunga and Worli, hence, consolidating South Mumbai as one of the most prestigious and costliest places to live in India.
Many distinctive sporting clubs have been an integral part of South Mumbai landscape like the Willingdon Sports Club, the Turf Club at Mahalaxmi Racecourse, the Bombay Gymkhana, the Breach Candy Club, the N.S.C.I and the Malabar Hill Club (Formerly W.I.A.A Club).
Byculla as a destination is showing a lot of developer interest. It is one of the upcoming locations in Mumbai. The attractiveness of Byculla as a destination is underlined by the fact that major developers of repute have their projects in pipeline at that location. Those names include Peninsula Land, Godrej Properties, Marathon, among others.
Although land reclamation has allowed the southernmost tip of the district to double in size since the 1970s, the business districts face an acute shortage of real estate. As a result, the real-estate prices are among the top ten world-wide. As a ratio to average per capita income, real-estate prices in the business districts remain the most expensive in the world.
The various factors affecting the prices can be summarised as below.
• Bandra – Worli Sea link.
• The proposed Colaba-Bandra-Seepz Metro.
• Significant commercial presence in Lower Parel and Worli is fuelling the residential property prices in South Mumbai.
• Presence of large mill land parcels that offer excellent open space with high end amenities.
Dadar, Prabhdevi, Parel, Worli, Lower Parel, Mahalaxmi, Wadala, Sewri, Sion, Byculla constitute South Mumbai. The average price in the area ranges between Rs 25,000 per sq ft. in Byculla to Rs 90,000 per sq ft. in Prabhadevi.