Mumbai, March 13 : Worli, one of Mumbai's most sought-after luxury real estate hubs, has seen a remarkable surge in property transactions and price appreciation in the last two years, a new report said on Thursday.

According to the report by Anarock, the area recorded ultra-luxury home deals worth Rs 4,862 crore in the last two years, reflecting its growing demand among high-net-worth individuals (HNIs) and investors.

The real estate market in Worli has undergone a transformation, with property prices soaring by 30 per cent between 2022 and 2024.

The average price per square foot in the area has now reached Rs 75,000. The dominant price range for luxury homes in Worli is between Rs 6 crore and Rs 12 crore, accounting for over half of the available inventory.

The demand for ultra-luxury residences continues to rise, with 30 transactions for homes priced above Rs 40 crore recorded in the last two years.

In 2024 alone, the area saw 10 transactions for homes valued at over Rs 100 crore, a significant increase from just four such deals in 2023.

Worli's growing appeal is driven by its prime location and strong connectivity to key business districts like Bandra-Kurla Complex (BKC), Lower Parel, and Nariman Point.

Major infrastructure developments such as the Bandra-Worli Sea Link, Mumbai Coastal Road, and the upcoming Metro Line-3 are further enhancing accessibility, making the area even more attractive to investors and homebuyers.

Alongside high-end residences, the area is also seeing a steady redevelopment of older properties, ensuring a continuous supply of modern luxury housing, as per the report.

Worli's commercial real estate market is also expanding, with 2.98 million square feet of new office space expected to be added between 2025 and 2026.

Rental values in the area range from Rs 170 to Rs 280 per square foot per month, the report said.

'Today, Worli is characterised by towering skyscrapers offering panoramic sea views, premium amenities, and some of the highest real estate prices in Mumbai,' said Anuj Puri, Chairman, Anarock Group.

/IANS