The new waterfront destination has a development potential of over Rs 1 Lakh crore, says a study.
MUMBAI, Oct 15 (The CONNECT) – Mumbai is soon set to become a ‘Waterfront Capital’ of India. A new waterfront belt emerging alongside Bandra – Kurla Complex, a bustling business district and a luxury residential cluster of Mumbai.
Termed as ‘Bandra Bay’ by the real estate developers’ fraternity, this new waterfront destination has a development potential of over Rs 1 Lakh crore with various ultra-luxury real estate projects being planned along the emerging Bandra waterfront, according to an exclusive report titled: ‘Why Bandra Bay is Mumbai’s Most Iconic Waterfront Investment,’ jointly developed and launched by Lighthouse Luxury and CRE Matrix.
Positioned as India’s most sought – after luxury waterfront development, the ‘Bandra Bay’ area will see a massive development of nearly 8 million sq. ft. of premium residential and retail projects, estimated the report.
The Report was unveiled by Ashish Shelar, Maharashtra’s Minister for Information Technology and Cultural Affairs, at an event held in Mumbai today.
Lighthouse Luxury, a part of Lighthouse Proptech, which is a premium ultra-luxury real estate listing platform and CRE Matrix jointly, launched an analytical report evaluating the potential of an upcoming waterfront of Mumbai’s Bandra to turn into a global ultra-luxury residential and mixed use development destination at par with Singapore’s Marina Bay or Palm Jumeirah of Dubai.
Sanjeev Jaiswal, Vice President & CEO – MHADA; Milind Borikar, Vice Chairman – MHADA; Dr. Niranjan Hiranandani, Chairman, Hiranandani Group; Vijay Thakkar, Chairman, DLH; Shyamal Mody, Partner, Elements Realty; Ayush Madhusudan Agrawal, Director, Inspira Realty; Mahesh Patel, Director, Gurukrupa Realcon; and Virendra Vora, Managing Director, Excel Group were prominent among those who attended the event..
The report was jointly presented by Sumesh Mishra, Founder, Lighthouse Proptech and Abhishek Kiran Gupta, CEO, CRE Matrix.
‘Bandra Bay’ represented over 140 acres of master-planned luxury waterfront redevelopment is set to transform Bandra Reclamation into Mumbai’s most exclusive bay-side destination offering investors and end-users an unmatched blend of luxury, connectivity, and long-term value creation; observed the Report.
The report has identified nine high-impacting growth drivers behind Bandra Bay’s emergence as the city’s next luxury epicenter — including its strategic location, generational value, iconic sea-facing architecture, elite exclusivity, international amenities, global demand, and sustainability-led design.
According to the analysis, Mumbai’s premium waterfront homes command a 15–20% price premium, and Bandra Bay, with its limited supply and elite positioning, is poised to outperform the market. The area’s luxury sales trends already have surpassed Juhu and Worli, other luxury residential hotspots of Mumbai, with BKC registering a 3.6% CAGR—well above the Mumbai average of 2.2%.
The Report further states that Bandra Bay’s evolution has been fueled by an unprecedented scale of infrastructure investment — over Rs 2,62,889 crore since 2002 — covering 649 km of transport infrastructure including the Coastal Road, Sea Link, Metro (Yellow and Aqua Lines), Atal Setu Bridge, Western and Eastern Expressways, Mumbai International Airport, and the upcoming Bullet Train.
This multi-modal network positioned ‘Bandra Bay’ as a seamlessly connected urban hub—linking the Bandra-Worli Sea Link, BKC, South Mumbai, and the Chhatrapati Shivaji Maharaj International Airport at Sahar in minutes. Proximity to major commercial zones, upscale social infrastructure, and luxury retail corridors ensures holistic lifestyle integration — from workspaces and homes to leisure and wellness.
Due to its connectivity advantage and being just 10-minutes from Bandra Bay, the Grade A offices in Bandra – Kurla Complex’s office stock is set to add 7 million sq. ft. over the next five years. With this, the region will witness shortfall in luxury housing units, fueling the demand for luxury residences in the proximity to work places, which will further propel housing prices as demand will exceed the supply, the report assesses. The report further says that about 8,000 CXOs would require luxury residences by 2030.
In terms of pricing, the sea-facing and waterfront residences generally claim a premium of 15 to 20%. With this rationale, the upcoming waterfront belt shall claim the price range of Rs 1.2 lakh per sq. ft. with a further scope for price appreciation; similarly following the trend in Worli where the prices are 46% above than that of Bandra West. About 11 developers including Adani Realty, Hiranandani Communities, Oberoi Realty, Godrej Properties, L&T Realty, The Wadhwa Group are already part of Bandra Bay and many more are planning massive mix-used developments around it.
Shelar said, this region is poised to redefine Mumbai’s urban narrative and the Bandra – Kurla catchment could be well transformed into a world-class township integrating infrastructure, culture, and innovation.
Mumbai, as a city of international stature, is becoming the landmark of global living, working, and leisure, he said. Mumbai’s potential reflects the Government’s commitment to strategic planning and the belief that it will set a new benchmark for urban excellence, Shelar added.
Sanjeev Jaiswal, Vice President & CEO – MHADA, stated, the Bandra Bay development is a blueprint for inclusive urban renewal, integrating wider roads, open spaces, and future-ready connectivity. The upcoming tunnel to the Bullet Train station and direct waterway links will further anchor ‘Bandra Bay’ as a sustainable, world-class township, he said.
Dr. Niranjan Hiranandani, Chairman, Hiranandani Group, opined that curated architecture, sweeping bay views, and modern amenities, Bandra Bay embodies the evolution of urban sophistication.
