Mumbai is set to emerge as India’s ‘waterfront capital’ with the upcoming Bandra Bay project near Bandra–Kurla Complex (BKC), which offers Rs 1 trillion in development potential through ultra-luxury residential and retail projects, according to a report by Lighthouse Luxury and CRE Matrix.

Spanning 140 acres, the master-planned waterfront development will feature nearly 8 million sq ft of premium real estate. About 11 leading developers — including Adani Realty, Hiranandani Communities, Oberoi Realty, Godrej Properties, L&T Realty, and The Wadhwa Group — are already involved, with more expected to join the project through mixed-use developments.

The report identifies nine key growth drivers for Bandra Bay’s ascent, including strategic location, exclusivity, sea-facing design, global appeal, sustainability-led planning, and luxury amenities. Mumbai’s existing waterfront homes command a 15–20 per cent price premium, and Bandra Bay, with its limited inventory and elite positioning, is projected to outperform the city’s overall luxury housing market.

Luxury home sales in the area have already surpassed those in Juhu and Worli. BKC recorded a compound annual growth rate (CAGR) of 3.6 per cent, higher than Mumbai’s average of 2.2 per cent. Bandra Bay is expected to command prices of around Rs 120,000 per sq ft, with strong prospects for further appreciation.

The report attributes this momentum to infrastructure investments worth over Rs 2.63 trillion since 2002, spanning 649 km of transport projects, including the Coastal Road, Bandra–Worli Sea Link, Atal Setu Bridge, Metro Yellow and Aqua Lines, Western and Eastern Expressways, Mumbai International Airport, and the Bullet Train corridor.

Dr Niranjan Hiranandani, Chairperson of Hiranandani Group, noted, “Bandra Bay’s proximity to the Sea Link, Coastal Road, and BKC makes it one of the most strategically placed destinations in the country.”

The report adds that BKC’s office segment is set to expand by 7 million sq ft over the next five years, creating a shortage of luxury homes near workplaces. By 2030, an estimated 8,000 CXOs will require premium residences in the vicinity, fuelling demand and price escalation.

Sanjeev Jaiswal, Vice President and CEO of MHADA, said, “Planned under a cluster development framework, Bandra Bay is not just a real estate initiative — it’s a sustainable, world-class township. The upcoming tunnel to the Bullet Train station and direct waterway links will further enhance its connectivity.”