Versova real estate market is now one of Mumbai’s most sought-after locations, offering property near the beach and within the city. Located in the western suburbs of Mumbai, Versova has a beautiful coastline and a local market feel, making it a hub for buyers and investors.
Developments like Rustomjee Ocean Vista enhance its appeal, combining seaside living with city access and making Versova a strategic investment in Mumbai’s property market. In this blog post, we’ll explore the factors driving Versova’s popularity, the key developments in the area, and why it’s becoming a prime destination for property investments.
Current Real Estate Market Trends
Property Price Trends in 2024
- The residential real estate market expects a rise in new launches, projecting that the number will reach between 2,80,000 and 2,90,000 units.
- The new launches have pointed to an upward trend in the sector, not only in the present but also in the future.
- India’s residential property market was at its highest in the financial year 2023, with home sales worth Rs. 3.47 lakh crore, a significant 48 % year-on-year increase.
- Housing sales across the top 8 cities in India also increased in FY 2023, particularly in the mid and premium luxury segments, overcoming obstacles like a hike in mortgage rates and property prices.
Expected Market Growth Due to Infrastructure Development
- The real estate sector in India is expected to contribute about 15% to the country’s GDP in 2025, as estimated by the former Housing and Urban Affairs Minister Hardeep Singh Puri.
- It also indicates a good prospect for the real estate market, estimated to be worth $1 trillion in India by 2030.
- The future of the Indian real estate market appears to be bright, as the market is projected to touch $1 trillion by 2030.
- The real estate industry is the country’s second biggest source of employment after the agriculture sector, constituting a strong pillar of the Indian economy.
- This brings an international dimension to the real estate market’s growth, and non-resident Indian (NRI) investment is expected to increase in the short and long run.
- Over the years, the Indian real estate market has emerged as a foreign investment destination, with several domestic and Non-Resident Indians intending to invest in the country to keep an eye on their origin.
Read Also: 10 Most Common First-Time Home Buyer Mistakes to Avoid
Differences Between High-Rise and Low-Rise Properties
| Particular | High-Rise Properties | Low-Rise Properties |
| Definition | Skyscrapers or commercial structures with greater than 7-10 stories | Residential buildings that have not more than 4-5 floors |
| Views | Frequently panoramic, mainly on higher floors | Limited perspectives, closer to the ground |
| Vertical Transportation | Elevators required | Typically walk-up |
| Amenities | Variety (e.g., gyms, pools, sky lounges) | Usually more limited |
| Construction/Maintenance Costs | Higher in comparison to low-rise properties | Lower in comparison to high-rise properties |
| Number of Units | More units, diverse community | Fewer units, close-knit community |
| Privacy | Potentially less private as people can share some facilities | Often more private |
| Connection to Ground Level | Less connected to ground level. | Proper connection to street-level |
| Safety Regulations | Tighter fire precaution and evacuation measures | Standard safety measures |
| Outdoor Space Access | Restricted to balconies or shared roof terraces | More frequent possibilities of going out to a garden or yard |
Sea View Homes: The Versova Experience
Advantages of Living Near the Beach
- It is scientifically proven that people living close to the sea experience a decrease in stress by as much as 20%. Negative ions, also known to be present in sea air, enhance mood and sleep.
- Versova Beach’s 4.5-kilometre stretch provides sufficient room for recreational activities.
- Sunset scenes of the Arabian Sea are shown daily. The sound of waves creates a natural and soothing background, ensuring a pleasant stay for every visitor.
- Air pollution and overall environmental pollution are comparatively lower in the coastal belt than in the inner city points. On average, Versova’s air quality index is 20% better than that of central Mumbai.
How Sea View Homes Affect Real Estate Prices
1. Premium Pricing:
Sea-view properties in Versova attract a 30-40% premium compared to their non-sea-view counterparts. The average price per square foot for sea-facing apartments is ₹45,000 to ₹60,000 (as of 2024).
2. Appreciation Rates:
Over the last five years, the number of sea-view properties in Versova has grown by 8 to 10% annually, which is slightly higher than the 5 to 7% average growth rate for premium properties across Mumbai.
3. Rental Yield:
While sea-view properties are in demand in Versova, they attract 3-4% rent per apartment instead of 2-3% for other areas without sea-view apartments. The strong market is driven by short-term stays, particularly from tourists and moviemakers.
4. Investment Stability:
Sea-view properties exhibit 25 per cent less price fluctuation during a market crisis. Due to their location peculiarities, they are commonly believed to be ‘recession-proof’ assets.
Rental Market in Versova
Rental price trends for 2 and 3 BHK homes:
- 2 BHK: ₹60,000 – ₹1,30,000 per month
- 3 BHK: ₹1,00,000 – ₹1.5 Lakh per month
Tips for Buying Property in Versova
Key Factors to Consider
1. Builder Reputation:
- Research developer’s previous projects and work accomplishment, delivery time, and construction standard.
- Search for the developer’s record on the RERA website and look for any complaint against the developer.
- Some of the most famous builders in the Versova area reportedly have a 5-year delivery performance of 95%.
2. Property Age:
- Newer Properties (< 10 years): These are characterised by the availability of modern facilities, and at the same time, they are relatively expensive.
- Older properties (> 20 years): Bigger units may be available, but the maintenance requirements must be evaluated.
- Houses in Versova older than 10-20 years are seen as middle-class in terms of both value and quality.
3. Amenities and Infrastructure:
- Companies that invest in their tenant’s comfort by establishing a security measure such as perimeter fencing gain a 5-7% increment in rental revenue.
- The new connectivity of the Versova-Bandra Sea Link is expected to uplift values by 20-30% shortly.
Read Also: What are the Tax Benefits on Under Construction Properties?
How to Assess Resale Value Potential?
- Analyse Price Trends: Versova’s property prices have appreciated 6.6% and 77.9% in the last 10 years.
- Evaluate Recent Trends: The market’s stability is evidenced by a 0.1% annual change in the last year.
- Rental Yield: The average rental yield in Versova is 2%. Consider this when evaluating and estimating long-term financial returns in long-term investment projects.
- Supply-Demand Dynamics: In Versova, most properties consist of flats, while a few are houses. Evaluate demand patterns, especially from essential consumer groups like the film industry.
Residential property in Versova remains the epitome of luxury and investment potential in the Mumbai market. With its beautiful landscapes and all the comforts of city life, projects like Rustomjee Ocean Vista are becoming the highlight of the area’s best outlook.
With Versova as the next booming property hotspot, this is the best time to own your paradise on the beach. Do not let this opportunity slip by; make Rustomjee Ocean Vista your home. Come, visit, and experience the best of seaside living today.
FAQs About the Versova Real Estate Market
1. What is the average property price per square foot in Versova?
The current market price of Versova, Mumbai property is between ₹35000/- to ₹36000/- per sq ft, and some properties are listed at ₹36,720 per sq ft depending on the property type and location in Versova, Mumbai.
2. How does the Versova-Bandra Sea Link impact real estate prices?
Due to the likely improved accessibility and connectivity provided by the sea link, specifically the Versova-Bandra Sea Link, real estate prices are expected to appreciate in and around Versova.
3. Is Versova a good location for long-term property investment?
Versova in Mumbai, India, should be listed as an excellent long-term investment area due to its tranquillity, infrastructure, and capital appreciation ability.
4. What types of properties are available in Versova?
Versova in Mumbai, India, has various properties for sale, including apartments, houses, villas, and buildings.
5. What are the top residential projects in Versova?
Several top residential projects are in Versova, Mumbai, including luxury developments and other popular buildings, such as Kanakia Hollywood, Seabliss, Lotus Unity, Pegasus Tower, Express Apartment, Ocean View, Platinum 53 West, Rustomjee Ocean Vista, etc.
6. How is the rental market performing in Versova?
Versova is one of the most prestigious and luxurious localities in Mumbai. The rental market is competitive. It also offers a variation in price ranges, so there are options for every purse and pocket.
