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Latest Land Prices in Mumbai MMRDA Region

Tuesday, April 01, 2014

The land parcel being sold by Tata Steel is located in Borivali (a western suburb of Mumbai). The total land size is 25 acres with a development potential of 2.5-4msf depending on the availability of public car parking. If the bidding settles at the current price of Rs11.55bn, and assuming a selling price of Rs12,000/sf, cost of construction of Rs4,000/sf and sales cycle of 5 years, we estimate IRRs for the project to be 12% (if saleable area is 2.5msf) or 23% (if saleable area is 4msf).

Paucity of clean title land in Mumbai has been keeping bidding prices high. Even in this deal, six developers like Tata Housing, Indiabulls, Lodha, Kalpataru, Peninsula Land and Oberoi have been participating. The last few land deals in Mumbai (details on pg2) indicate that land prices continue to rise across the city. The physical market in Mumbai continues to remain weak due to high prices and uncertain macroeconomic environment.

Map showing Mumbai residential property prices at various locations
The Land Prices are Benchmarked Against the Prices in South Mumbai's Commercial Business Disctrict - Price = US$1700/sq ft. USD to INR In Our Calculation is at Rs 60 / $.

In Parel the Ruling Land Prices are Price = US$500/sq ft, distance from CBD = 15km
In Bandra, Land Price = US$500/sq ft, distance from CBD = 20km
In Ghatkopar, Land Price = US$250/sq ft, distance from CBD = 25km
In Andheri Land Price = US$350/sq ft, distance from CBD = 25km
In Goregaon, Land Price = US$250/sq ft, distance from CBD = 32km
In Thane, Land Price = US$180/sq ft, distance from CBD = 40km
In Borivili, Land Price = US$200/sq ft, distance from CBD= 40km
In Kalyan, Land Price = US$90/sq ft, Distance from CBD = 70km

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