by THO
Tarun Makhija (name changed) has for long aspired to buy a sea-facing luxury condo in Mumbai but did not have enough money to buy one. Recently, a real estate developer offered him a deal for a sea-view flat that suited his budget. While this seems to be a great opportunity to buy a house of his dreams, he’s not sure if it’s actually a good deal because he’s confused between a sea-facing and a sea-view home.
While he’s sure about the fact that there is a premium attached to an apartment overlooking the sea, a forest or, for that matter, a golf course, he’s not aware of the difference between a sea-facing and a sea-view apartment and which is likely to command a higher price.
Several real estate developers in Mumbai market luxury projects, as those with a sea view, and charge a hefty premium for them. The value of the view of an apartment is factored into the cost of the apartment and often buyers are ready to pay to own the coveted view.
What’s the difference between a sea view and a sea-facing apartment?
Marine Drive in Mumbai is a perfect example of sea-facing apartments in Mumbai. On the other hand, sea-view apartments are those that are located around Churchgate station. Most of these structures are taller than the sea-facing buildings along Marine Drive and offer a great view of the sea.
Having said that, the ‘sea view’ offered by these buildings is not permanent as there’s always a likelihood of the ‘view’ being obstructed by a taller building that may come up in front of it in the future.
Rekha Jhunjhunwala, widow of the late billionaire stock investor Rakesh Jhunjhunwala, was in the news earlier this year for having purchased almost all the units in a south Mumbai residential building to ward off any obstruction to the vista of the Arabian Sea from her Malabar Hill home.
Jhunjhunwala’s RARE Villa residence is located right behind the sea-facing Rockside CHS which was up for redevelopment. Sensing that the redevelopment could potentially restrict the prime sea view from her villa, she reportedly purchased 19 of the 24 apartments for ₹118 crore.
Sea-view and sea-facing apartments are located across the west coast of Mumbai, including areas such as Marine Drive, Malabar Hills, Walkeshwar, Colaba, Cuffe Parade, Peddar Road, Worli, Dadar, Mahim, Bandra, Juhu, Vile Parle, Andheri, Malad, Kandivali and Goregaon.
“Sea view is something that is far from the sea but offers a view of the sea. But sea view is temporary. If a tall structure comes up in front of an existing building, the sea view can go for a toss. On the other hand, a sea-facing apartment, as the name suggests, faces the sea and offers uninterrupted view of the sea,” explains Sharan Babani, promoter of Satguru Builders, who has both sea-view and sea-facing projects in the Bandra area of Mumbai.
Sea facing apartments don’t come cheap
“In terms of pricing, sea facing apartments are offered at a premium of almost ₹50,000 per sq ft to ₹1 lakh per sq ft, depending on the age of the building. However, there should be no premium attached for a sea view apartment because it is temporary. But when it comes to sea- facing units, one can charge a premium as these offer an uninterrupted view of the ocean for times to come,” Sharan added.
Also Read: Properties worth ₹50 lakh: Here’s what you can buy in Mumbai and MMR
Green view and forest view apartments
Several luxury apartments in Mumbai are also marketed as those with a green view or forest view. These are typically units that face a garden or a forest.
Most housing units that are located close to the Sanjay Gandhi National Park (SGNP) in the suburbs offer a forest view. Green forest view is available for apartments located in areas like Dahisar, Borivali, Kandivali, Malad, Goregaon, Bhandup, Mulund in suburban Mumbai.
According to the Maharashtra government’s data, Mumbai on an average registers around 10,000 properties. Of this, the share of luxury properties is 7%. These include apartments that are priced ₹5 crore and above.
