MUMBAI: Marketed as Mumbai’s equivalent to London’s Oxford Street and Manhattan’s Fifth Avenue, Linking Road has become a hotspot for builders eager to acquire entire housing societies, making jaw-dropping offers that are shaking up the real estate landscape.
The mantra seems to be “Take the money and move on,” with most families readily accepting these lucrative deals.
Take Brindaban Society on Linking Road in Santacruz West, for example. Developer Mohit Kamboj from Aspect Realty, known for his ties to the BJP and CM Devendra Fadnavis, has spent approximately Rs 170 crore to buy all 14 apartments in the Brindaban. “This isn’t redevelopment; we compensated each resident Rs 12 crore for their 1,500-sq-ft units,” he told TOI, explaining that this equates to Rs 85,000 per square foot, surpassing the current market rate of Rs 60,000.
“We’ve also provided them six months of free living after payment to help them transition to alternative housing,” he added.
Kamboj, who has partnered with JSW Realty, plans to redevelop over 3 acres along Linking Road into a commercial space, a mall, and residential units.
Describing his company as the “largest land orchestrator in Mumbai,” Kamboj mentioned that they have already secured or negotiated for 156 apartments across 14 societies for a total of Rs 1,600 crore. “This will be the largest cluster development project along Linking Road,” he asserted, highlighting that families with 1,000-sq-ft homes received around Rs 8.5 crore each.
According to architect Reza Kabul, “Linking Road has transformed into a sought-after destination for top brands. This 4km stretch from Bandra to Santacruz is set to rival London’s Oxford Street.”
Interestingly, one local businessman rejected an offer of Rs 7.5 crore for his small 135-sq-ft shop on Linking Road, citing booming business and reluctance to sell despite the tempting offers.
Market insiders report that this trend ignited about two years ago, particularly along the Linking Road corridor between Khar, Santacruz, and Vile Parle.
The inflated valuations stem from a high floor space index (FSI) for commercial projects, which can reach up to 6.75—signifying potential building capacity on a plot. Although certain sections near the airport have height restrictions, structures of 17 to 18 stories can still be erected.
Kabul noted that developers have even offered up to Rs 1 lakh per square foot to acquire properties. “For those holding 1,000-sq-ft apartments, compensation often considers up to 1,500 or even 2,000 sq ft, depending on the site’s prestige,” he explained.
Another active player in the area, Krishna United Developers from Raipur, has taken over five societies, acquiring about 60-70 apartments. Developer Sanjay Devnani remarked, “While major firms like Aspect are securing entire land blocks, outside developers are now diving into this market.”
Devnani adds, however, that this demand is mostly limited to the high street areas of Linking Road, leading to significant price disparities. “While flats in older buildings on Linking Road are trading at Rs 1 lakh per sq ft, properties in quiet lanes struggle to attract buyers even at Rs 50,000 per sq ft. Newly built flats in redeveloped buildings are priced around Rs 65,000 per sq ft,” he noted, calling the area’s transformation an unprecedented boom.
Recently, a society located at the corner of Linking Road and 8th Road in Khar reportedly turned down an offer of Rs 225 crore, insisting on redevelopment instead.
In December 2024, actor John Abraham purchased a bungalow on Linking Road in Khar for Rs 75 crore, while Salman Khan owns a four-floor commercial space on Linking Road, Santacruz, acquired for Rs 120 crore over a decade ago. High street retail rentals on Linking Road now exceed Rs 800 per square foot, making it one of India’s priciest retail markets.
Anuj Puri from ANAROCK Group stated, “Mumbai’s premium western suburbs are ripe for such a reinvention, given the land scarcity. Prime residential areas will benefit immensely from well-planned commercial establishments, as commercial real estate generally offers superior returns compared to residential properties, even in the ultra-luxury sector. Additionally, the available FSI for commercial ventures is considerably higher than that for residential developments in Mumbai’s suburbs.”
He concluded, “This aggressive land aggregation strategy requires buyout offers that acknowledge both current property values—over Rs 1 lakh per square foot in Bandra—and the potential transformative commercial opportunities within these locales.”
