Ashish Raheja.
Ashish Raheja has seen Mumbai's idea of a "good address" evolve significantly over the decades. There was a time when luxury in Mumbai came with a fairly established map. South Mumbai represented legacy and old-world prestige. Bandra and Juhu brought glamour and social currency. Worli emerged as the address for those seeking modern luxury, spectacular views and proximity to the city's business districts. These addresses continue to hold immense value. But what is changing today is the way Mumbai's affluent homebuyer defines luxury.
People are now questioning, "How does living here make my life better?"
That may sound like a subtle shift, but for Mumbai, it is a significant one. This is a city where time has become one of the greatest luxuries. A two-hour commute is no longer something many successful professionals and entrepreneurs are willing to accept simply to own a home in a traditional location. Connectivity, proximity to workplaces, access to airports, social infrastructure and the overall quality of everyday life are beginning to influence buying decisions as much as a prestigious pin code.
That is why Mumbai's luxury housing map is gradually expanding. New infrastructure is playing an important role in this transformation. Better roads, metro connectivity, coastal road, and the emergence of new business districts are changing how people perceive distance. Locations that once seemed disconnected from the city's established centres are increasingly becoming attractive. But infrastructure alone does not create a luxury destination.
What ultimately makes a location desirable is the life it enables. Today's luxury homebuyer looks at the complete ecosystem. They consider privacy, green spaces, schools, healthcare, restaurants, workplaces and the community around them. They want a home that offers comfort, but also convenience.
Raheja also believes that the profile of Mumbai's wealth creator has changed. The city today has a generation of entrepreneurs, professionals and business leaders who have travelled extensively and experienced global cities. They certainly understand the value of a legacy address, but they are also willing to create new preferences.
For them, luxury is becoming more personal - more space, greater privacy, reduced travel time, or simply the freedom to live in a neighbourhood that fits their lifestyle.
This does not mean Mumbai's traditional luxury addresses will lose their charm. Their history, scarcity and social significance cannot be recreated. But the next chapter of Mumbai's luxury housing story will not be written by history alone. Some of the city's most sought-after addresses of tomorrow may be places that are still finding their identity today.
And that, Raheja believes, is what makes Mumbai's real estate story so fascinating - the city is constantly changing, and with it, the definition of what an aspirational address should be.
Ashish Raheja, Managing Director & CEO, Raheja Universal (Pvt) Ltd
