₹8.5 crore for a 5 BHK apartment in Mumbai’s Borivali sparks social media reactions

While many expressed disbelief, real estate experts say the surge aligns with post-pandemic market trends, with per sq ft rates in Borivali now reaching up to ₹56,000. Notably, in 2024, the suburb saw one of its most expensive deals, a 4 BHK luxury apartment sold for ₹14 crore at ₹56,000 per sq ft.

Borivali in the western suburbs of Mumbai is approximately a 2-hour drive from South Mumbai, depending on traffic conditions.

According to a listing on 99acres.com, a 5 BHK apartment located within a 1-km radius of Borivali railway station was listed for resale at ₹8.52 crore.

Reacting to the listing, users recalled a time 20 years back when 2 BHK apartments in Borivali were priced between ₹15–20 lakh, and 5 BHK units weren’t even part of the market supply.

“Borivali sells 5 BHK apartments for ₹8 crore++ can’t believe.. 20+ years ago, during my childhood: 2 BHK was available for ₹15-20 lakh in Borivali and 5 BHK didn’t exist certainly,” said an X user.

While some users expressed shock at the current price tag, others said the rise was expected. “ ₹1.5 crore with 10% inflation for a BHK over 20+ years… ₹8 crore for a 5 BHK today isn’t surprising,” one user commented.

Another X user cited growth in the stock market over 25 years and said “with the Indian growth story and stock market performance, this much is expected.”

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Borivali’s most expensive deal: 4 BHK apartment sold for ₹14 crore

It should be noted that in 2024, Borivali recorded one of its priciest deals when a 4 BHK luxury apartment sold for ₹14 crore, clocking in at ₹56,000 per sq ft, according to property registration data accessed by IndexTap.com.

According to the documents, the 4 BHK apartment, which is 2,497 sq ft, is located in a Grade A residential building named Aquaria Grande constructed by the Wadhwa Group.

Also Read: ₹14 crore at ₹56,000 per sq ft”>Top real estate deal in Mumbai’s suburbs: 4 BHK apartment in Borivali sells for ₹14 crore at ₹56,000 per sq ft

This deal was perhaps the highest rate at which a property has been sold in Borivali and the price is at par with other locations like Andheri, Vile Parle, Dadar and Mahim of Mumbai, real estate experts had told HT.com

Move to Dubai if you have ₹8 crore, says X user amid Borivali price buzz

Amid the buzz over Borivali’s ₹8.5 crore apartment listing, one X user suggested that those with such a budget should consider relocating to Dubai instead.

“If you have ₹8 crore, it’s better to move to Dubai. Start a company in a free zone, get a 2-year resident visa, earn tax-free income, and invest ₹4.5 crore in property to qualify for a golden visa. Plus, home loan rates there are down to 3.5%,” the user wrote.

What real estate experts say about Borivali’s soaring real estate prices

According to local brokers, the average price of apartments in Borivali ranges between ₹25,000 and ₹40,000 per sq ft, with most projects trading around ₹30,000 per sq ft.

“Residential apartments in Borivali are typically fetching ₹30,000 to ₹35,000 per sq ft across most projects,” said Dhiren Joshi, a real estate consultant based in the area. “In some luxury projects, prices have touched ₹40,000 to ₹45,000 per sq ft, and the highest so far has been ₹56,000 per sq ft,” he said.

While Borivali is seeing rapid appreciation, it still remains more affordable compared to Mumbai’s most expensive pockets like Pali Hill in Bandra and Worli, where luxury apartment prices range from over ₹1 lakh to as high as ₹2.84 lakh per sq ft, according to brokers.

According to Wikipedia, Borivali gets its name from the abundance of ‘bor’ bushes that once thrived in the area. These bushes bear a sweet fruit known as ‘ber’ in English, or berries. 

The name is believed to be derived from the Marathi words bori-vali, meaning “place of berries.” Historically, the region was known for these berry-laden shrubs, which played a key role in shaping its identity and name.

Borivali-Goregaon belt witnesses ₹40,083 crore in home sales in FY25, driven by redevelopment and demand surge

The Borivali-Goregaon corridor recorded home sales worth ₹40,083 crore in FY 2024–25, marking a 39% year-on-year growth. The surge has been largely driven by a wave of redevelopment projects and strong end-user and investor demand, said media reports, cementing Borivali’s status as a key real estate hotspot in Mumbai.

Also Read: Mumbai’s housing affordability is at a 15-year high, but homeownership still remains out of reach for most buyers

Improved connectivity has further boosted the area’s appeal. With the operational Metro Line 2A, seamless access via the Western Express Highway, and the upcoming Mumbai-Ahmedabad bullet train hub, commuting has become significantly easier, making Borivali a preferred choice for homebuyers, reports said.