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n a record-breaking deal, a 4 BHK luxury apartment in Borivali's suburb was sold for ₹14 crore, with the per sq ft rate reaching an astonishing ₹56,000. This is the highest price ever paid for a property in Borivali and matches rates found in other prime locations like Andheri, Vile Parle, Dadar, and Mahim. The apartment, located on the 27th floor of the Grade A residential building Aquaria Grande, was purchased by a businessman from the Mumbai Metropolitan Region.

    The transaction set a new benchmark for Borivali's property market, with experts attributing the high price to the growing demand for luxury homes in the area. "This deal in Aquaria Grande at 56,000 per sq ft is the highest traded price till date in Borivali west," said Abhishek Kiran Gupta, CEO of IndexTap.com.

    The average price of apartments in Borivali typically ranges from ₹25,000 to ₹40,000 per sq ft, with most projects trading at around ₹30,000. However, prices are rising due to the increasing demand for well-planned gated complexes with amenities. "There is a healthy demand for properties that offer a sense of community and foster a sense of belonging," said Parth Mehta, CMD of Paradigm Realty.

    Prices in Borivali are now comparable to those found in areas like Juhu, Vile Parle, Dadar, and Mahim. Developers believe the rising demand from within the business community and higher spending power of homebuyers are driving up prices. "Properties in Borivali are commanding a good premium due to their high-quality design, excellent amenities, and ample fresh air and daylight," Mehta added.

    In comparison, areas like Pali Hill in Bandra and Worli are still the most expensive locations in Mumbai, with luxury apartments priced over ₹1.50 lakh per sq ft. However, Thane's real estate market is catching up, with premium projects commanding prices almost at par with Borivali.