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TNNDevelopers are reportedly offering up to Rs 1 lakh per sq ft for prime residential buyouts, depending on location and redevelopment potential. Once known for its chaotic traffic and bargain stores, Mumbai’s Linking Road is now transforming into one of the city’s most expensive real estate corridors — with land rates soaring to an eye-watering Rs 1 lakh per sq ft.The road is now being dubbed as Mumbai’s answer to London’s Oxford Street and New York’s Fifth Avenue, as top luxury brands jostle for a retail address along the four-kilometre stretch from Bandra to Santacruz. Even top actors like Salman Khan have now invested in properties there.According to a report in the Times of India, such is the craze that a 14-flat Brindaban Society in Santacruz West was sold for nearly Rs 170 crore to Mohit Kamboj, founder of Aspect Realty and a former BJP functionary known to be close to CM Devendra Fadnavis.“It’s not a redevelopment,” Kamboj told the Times of India. “We paid each member Rs 12 crore for their 1,500-sq-ft flats — that’s Rs 85,000 a sq ft, well above the current market rate of Rs 60,000.” Residents were even allowed to stay rent-free for six months while they searched for new homes.Aspect Realty, in joint venture with JSW Realty, plans to turn over three acres on Linking Road into a mixed-use development of a mall, commercial spaces, and high-end residences.Live EventsCalling itself Mumbai’s largest land orchestrator, Aspect has reportedly acquired or negotiated over 156 apartments across 14 societies, with total investments nearing Rs 1,600 crore. Smaller apartments — around 1,000 sq ft — fetched residents roughly Rs 8.5 crore each.“This entire stretch is turning into Mumbai’s Oxford Street,” said architect Reza Kabul, who has multiple projects in the area. “Big brands want visibility here — and they’re ready to pay premium.”The frenzy has led to wild offers: one Bandra shop owner claims he turned down Rs 7.5 crore for his tiny 135-sq-ft store. Developers are reportedly offering up to Rs 1 lakh per sq ft for prime residential buyouts, depending on location and redevelopment potential.The surge is fuelled by a high floor space index (FSI) — which can go up to 6.75 for commercial projects — allowing builders to construct 17-18 storey buildings despite airport height restrictions.Even actors are buying in. In December 2024, John Abraham purchased a bungalow on Linking Road for Rs 75 crore, while Salman Khan already owns a four-floor commercial property there worth Rs 120 crore. Retail rentals have crossed Rs 800 per sq ft, making it one of India’s costliest high streets.Real estate veteran Anuj Puri, Chairman of ANAROCK Group, says the transformation is inevitable: “Mumbai’s western suburbs are ripe for reinvention. With limited land and higher FSI for commercial projects, developers are willing to pay above market value. The commercial upside here easily outpaces even luxury residential projects.”The result? A once-cluttered shopping street is fast turning into a luxury corridor, with soaring buyouts, record-breaking deals, and a vision to make Linking Road Mumbai’s most glamorous retail address — a rival to the world’s most famous shopping streets.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onMumbai Linking Road real estateluxury retail Mumbaireal estate investment MumbaiLinking Road land pricescommercial property MumbaiMumbai property marketMumbai retail spacesalman khanDevendra Fadnavis (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onMumbai Linking Road real estateluxury retail Mumbaireal estate investment MumbaiLinking Road land pricescommercial property MumbaiMumbai property marketMumbai retail spacesalman khanDevendra Fadnavis(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless
