Mahalaxmi is a notable locality in South Mumbai, famous for its historical landmarks like the Mahalaxmi Dhobi Ghat and Mahalaxmi Racecourse. The area is a blend of residential and commercial spaces, including luxury apartments, corporate offices, and retail shops. With major roads and the Mumbai Suburban Railway providing excellent connectivity, Mahalaxmi offers a peaceful environment with tree-lined streets and open spaces. This combination of convenience and tranquility makes it a prime real estate destination for affluent residents and businesses seeking a prestigious address in Mumbai.
In May, the real estate market in Mahalaxmi saw significant activity. Piramal Mahalaxmi – South Tower led the market with seven deals, followed by Piramal Mahalaxmi North Tower with five deals. K Raheja Vivarea and Lokhandwala Minerva Mahalaxmi each registered two deals, while Godrej Avenue Eleven closed one deal. Developer sales were more prevalent than resale transactions, with six developer deals compared to two resale deals. The highest sale was an apartment in K Raheja Vivarea, sold for INR 27.11 crores, while a more affordable option in Piramal Mahalaxmi – South Tower was available for INR 3.68 crores, appealing to budget-conscious buyers.
The apartments varied in size, with the largest being 2,597 square feet in K Raheja Vivarea and the smallest being 736 square feet in Piramal Mahalaxmi – South Tower. This variety caters to a wide range of buyers, from families seeking spacious homes to individuals preferring compact living spaces. Prices per square foot ranged from INR 29,212 to INR 1,04,390, averaging around INR 59,821. Most apartments sold were between 500 and 1,000 square feet, making up 47% of the total sales. About 30% of the apartments were between 1,000 and 1,500 square feet. There was one transaction each for apartments between 1,500 to 2,000 square feet and 2,000 to 2,500 square feet. Two transactions exceeded 2,500 square feet. Around 40% of the apartments were sold for INR 4 to 6 crores, nearly 30% were sold for INR 6 to 8 crores, two deals were between INR 2 to 4 crores, and one deal was between INR 8 to 10 crores. Two apartments in K Raheja Vivarea were sold for over INR 25 crores.
Mahalaxmi continues to be a premier destination in South Mumbai, offering a mix of historical charm and modern luxury. The active real estate market in May, driven by developments like Piramal Mahalaxmi and K Raheja Vivarea, highlights its appeal among affluent buyers. With its central location, serene ambiance, and diverse housing options, Mahalaxmi remains a sought-after choice for those seeking prestige and convenience in Mumbai.