SoBo still got its mojo intact
December 9, 2019
Mumbai
No matter how much the property market dwindles, South Mumbai is still the most expensive place to buy a home in Mumbai, and probably in the whole country.
Credits : content.magicbricks.com
In its report, Anarock Property Consultants mentions that Tardeo is the most expensive luxury location in the city with a price tag of Rs 56,000 per sqft.
This is soon followed by Worli at Rs 41,000 per sqft and Mahalaxmi at Rs 40, 000 per ft, thus reiterating that Mumbai still remains as one of the most expensive cities to buy a home in, outranked only by Hong Kong for the longest time.
A contractor who has worked with premium gated housing communities, Nikhil Mishra says, "Living in South Mumbai is probably a dream of every Mumbaikar, no matter which corner of the city you live in. When you come to Mumbai, you can't help but wish that you too could afford a house here and rightly so. Right now, even with the downturn in the industry, the income we receive from one client in South Mumbai is equal to what we get from around 10 to 15 in the suburbs." He further adds that South Mumbai still carries the tag of class. "Having a house in South Mumbai is still a status symbol. It means class and old money," he says. Put this together and the fact that the area is still considered one of the best to live in for its connectivity alone, is a big plus.
The connections
South Mumbai resident and avid foodie, David W says, "I think I will never be able to adjust anywhere else only because South Mumbai gives us cuisine options like no other. There are all kinds of restaurants for everyone, which is why they say that no one ever goes hungry in Mumbai. The food is affordable and there is a variety for you to choose from."
Nachiket K, who consumes books by the dozen, feels that it is an ideal place to derive knowledge from because of the old set-up of libraries. "The libraries here such as Asiatic, Harikisson and bookstalls where people take pride in finding the kind of books that you probably won't find anywhere else in the city is the biggest plus for me. Although I stay in Thane, I work in Mumbai and I feel it is the hub of good old knowledge, which also includes theatre and art," he says.
For Richard Raje who came to the city with his mother in the early 2000s for the first time, the double-decker bus ride from Mumbai Central to Chowpatty was sheer bliss. "I had just shifted to Mumbai and everyone told my mom to take us to Chowpatty, so we hopped on to a double decker bus and managed to sit right in front. As a kid, that experience of Mumbai cemented my love for the city. Suddenly leaving my small town in Maharashtra and coming to Mumbai did not seem such a bad idea; my mother is no more but I still treasure that memory of that bus ride I had with her," he shares.
What sets SoBo apart?
Anarock Property Consultants' media relations Head Arun Chitnis reaffirms the value of having a South Mumbai address. "For most of the city's 'old wealth' and even a lot of nouveau riche, there are no substitutes for a South Mumbai address. But a lot depends on exact location. A South Mumbai address still conveys the final statement on social arrival.
South Mumbai is a highly aspirational part of the city to live and also work in for several reasons. It holds considerable cultural importance due to its many heritage sites, the highly-prized seaface ethos, and is home to not only many of Mumbai's, but also the country's rich and famous. Nariman Point was the quintessential CBD of the city until BKC and its more modern office buildings came along. The scope of new developments in South Mumbai is extremely restricted, and this scarcity gives rise to skyrocketing prices. Old-world charm, colonial era buildings, highend retail outlets and fine dining restaurants make South Mumbai the most valued residential destination today."
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Source: content.magicbricks.com