Worli realty: No sea-view? Property rates can crash 30 percent

A sea-facing apartment in Mumbai is considered a trophy asset and if the flat is in South Bombay, it’s considered gold mine. Even in times of a downturn, an apartment in the area is always sold at staggering prices. A case in point is thetony Samudra Mahal in upmarket Worli at which apartments have consistently been sold at record prices, but its high profile residents are now an upset lot.

The biggest USP of this building is the sea-view and residents of Samudra Mahal are up in arms now that builder K Raheja Corp Universal’s arm Aryaman Properties and Investments is planning to a high-rise adjacent to the 28-storey tower which is likely to hinder the view for many residents.

According to a report in the Economic Times , theSamudra Mahal Premises Co-operative Housing Society moved the Bombay High Court on Tuesday, alleging that the proposed construction does not have the required permissions and is violating safety norms.

““The ongoing construction is in violation of CRZ regulations, Mumbai heritage rules and Development Control Regulations, 1991. We are praying, through our writ petition, that this illegal construction be stopped immediately,” the ET report said, quoting PY Shankar, the counsel representing the Samudra Mahal society.

Corporate bigwigs who own an apartment in the building include Infosys’s Narayana Murthy, Vedanta’s Anil Agrawal,Yes Bank’s Rana Kapoor and industrialist Harsh Goenka.

Alreadyseveral marquee apartment buildings in South Bombay have seen a price depreciation of around 30 percent in the last year as views from the buildings have been blocked by relatively new structures. For example, the Lodha Bellissimo with three 48-storey towers at Mahalaxmi promised exclusive views of the race course below and the sea to its residents, but now the view of the race course has been blocked by 82-storey towers that Lokhandwala Infrastructure is developing.

A good view is among the most important components when it comes to luxury housing in the city. While the address and quality are also important, buyers are at times willing to pay a premium just for a better view.