Mumbai's Luxury Real Estate Boom: Santacruz West Bungalow Sold for ₹164 Crore

The Mumbai real estate market has witnessed yet another high-profile transaction. A bungalow in Santacruz West, known as Dwarka Bungalow, recently sold for a staggering ₹164 crore, highlighting the city’s booming luxury real estate sector. This deal is significant not only for its value but also for its potential to reshape the neighborhood through redevelopment. With prime locations commanding ever-increasing prices, Mumbai continues to attract developers and investors who seek premium residential opportunities.

Dwarka Bungalow is strategically located on Linking Road, Santacruz West. The property spreads over 1,266.7 sq m (around 13,629 sq ft) and includes a ground-plus-one structure, a garage, and auxiliary sheds. Its size, location, and design make it ideal for luxury redevelopment projects. The bungalow’s heritage and architectural appeal add a unique charm, making it more than just a piece of real estate; it’s an asset with long-term investment potential.

The buyer, ZYJ Estates LLP, is a well-known luxury real estate developer. The acquisition was executed through partner Zafar Yunus Zaveri, associated with Yunus Jhaveri Architects. ZYJ Estates specializes in high-end residential projects, such as Sequoia on 16th Road, Santacruz West. With this purchase, the company aims to transform the bungalow into a premium residential development, catering to affluent buyers seeking exclusivity, comfort, and prime urban locations.

This ₹164 crore transaction is a testament to Mumbai’s luxury property boom. Large standalone bungalows are rare, and their redevelopment potential attracts developers willing to pay a premium. Such deals indicate that the city’s high-end residential segment continues to thrive, driven by scarcity, location advantage, and strong demand from wealthy buyers. Analysts suggest that prime areas like Santacruz West will continue to see such iconic property sales, influencing prices across the market.

This isn’t the first monumental bungalow sale in Mumbai. Earlier this year, the Kapadia family sold Laxmi Niwas on Nepean Sea Road for ₹276 crore. Other notable deals include purchases by Uday Kotak’s family on Worli Sea Face and the acquisition of multiple housing units by Radhakrishna Damani’s associates. These examples show a trend where prime heritage properties and sea-facing locations command record prices, reflecting the city’s exclusive real estate appetite.

The Dwarka Bungalow transaction included a stamp duty payment of ₹9.8 crore, which is part of the legal formalities in property registration. The deal was registered on November 17, 2025, with all legal documentation verified through Zapkey, a property analytics firm. Transparency and proper registration are crucial in Mumbai’s high-value real estate market, ensuring both parties have legal protection and compliance with urban development regulations.

Given its location and size, Dwarka Bungalow is expected to be redeveloped into a high-end residential complex. ZYJ Estates’ ongoing project, Sequoia, exemplifies the type of modern, luxury living spaces likely to emerge on this site. Redevelopment is not only profitable but also addresses urban demands for vertical housing solutions, blending convenience with exclusivity. Developers aim to retain the charm of the original structure while offering state-of-the-art amenities for future residents.

This sale sends a strong signal to investors about the profitability of luxury real estate in Mumbai. High-value bungalows and heritage properties, when strategically redeveloped, can yield significant returns. It also underscores the city’s continued real estate resilience, attracting both domestic and international investors seeking safe yet lucrative avenues. For investors, such transactions highlight the importance of location, size, and redevelopment potential in determining property value.

Mumbai’s real estate landscape is evolving rapidly. Large bungalows in prime areas are becoming increasingly rare, driving up land prices and prompting redevelopment. The market is leaning toward luxury apartments and vertical complexes in well-connected neighborhoods like Santacruz West. With developers willing to pay premium amounts, high-value transactions like the ₹164 crore deal are expected to continue. This trend ensures a steady supply of exclusive properties catering to the city’s elite population.

The sale of Dwarka Bungalow for ₹164 crore highlights Mumbai’s booming luxury real estate market and the rising demand for premium residential developments. Located in Santacruz West, this bungalow’s redevelopment potential makes it a valuable investment for ZYJ Estates LLP. The deal exemplifies the city’s trend of acquiring heritage and prime properties for modern luxury projects. As Mumbai continues to attract high-value buyers and developers, such landmark transactions will define the future of the urban real estate landscape.