South Mumbai's Hughes Road, situated between premium neighborhoods, has emerged as a prime luxury hotspot, offering a 10-15% price advantage over nearby areas. With property values in surrounding micro-markets ranging from Rs 1.2 lakh to Rs 1.6 lakh per sq. ft., Hughes Road provides an attractive entry point for investors and homebuyers.
The area has shown strong growth, with property prices rising from Rs 85,000 - Rs 90,000 per sq. ft. pre-COVID to Rs 95,000 - Rs 1.10 lakh per sq. ft. today, signaling a robust post-pandemic recovery. Market analysts predict a further 25-30% appreciation in the next 3-5 years, making Hughes Road a high-potential investment destination.
This projected appreciation is driven by several factors, including limited redevelopment opportunities due to heritage structures, which constrain supply.
Currently ranked 6th in Mumbai's luxury real estate market based on buyer interest and inquiries, Hughes Road is quickly gaining popularity among buyers seeking a blend of heritage charm, luxury living, and growth potential. The top five areas ahead are Altamount Road/Carmichael Road, Malabar Hill, Nepeansea Road, Breach Candy, and Worli Seaface.
Ritesh Mehta, Senior Director and Head (North and West), Residential Services and Developer Initiative, India, JLL, said, "Strategically located, Hughes Road offers unparalleled connectivity to Mumbai's commercial and cultural centres. The upcoming SEEPZ-Colaba Metro Line and Mumbai Coastal Road are set to enhance further accessibility to key business districts like Lower Parel, Nariman Point, and BKC. The COVID-19 pandemic initially impacted the real estate market in Hughes Road, with prices dropping by 10-15% and remaining stagnant. However, the market has rebounded to pre-pandemic levels, driven by renewed interest from Tier 1 developers and renowned luxury brands."
“South Mumbai's luxury market is experiencing limited qualified supply, with absorption rising 5-6% year-on-year and prices appreciating 10-12% annually over the next decade. With its strong fundamentals and improving infrastructure, Hughes Road is well-positioned to play a significant role in this evolution, continuing to attract high-end buyers and investors,” he added.
