The skyscraper culture has grown in the major metro cities of India. Nowadays, wherever you look, many people prefer living in high-rise apartments. However, in cities like Hyderabad, the wealthy, as well as prominent figures from the film, political, and business sectors, tend to prefer owning private homes or luxury villas. In contrast, in India’s financial capital, Mumbai, the trend is different. Leading business tycoons, Bollywood stars, and political leaders mostly reside in apartments.
With a few exceptions, most people in Mumbai prefer apartment living. If they want a slightly larger space, they simply buy an additional flat. Investments by celebrities, business magnates, and political figures are largely concentrated in apartments. A common question arises: why do even the wealthiest avoid living in private houses, villas, or bungalows? Many years ago, only a few of the super-rich who had settled in the city owned the large bungalows in Mumbai.
Mumbai is the financial capital of India. People from all over the country, as well as from around the world, reside here. The wealthiest Indians, Bollywood celebrities, and especially business magnates prefer to live in Mumbai. Land and residential spaces in this city are extremely expensive. Apartment flats often cost hundreds of crores. This is largely because Mumbai is like an island city, covering only 603 square kilometres. Due to the extreme scarcity of land, building independent houses or villas is very costly.
As a result, high-rise apartments fulfill the city’s housing needs. In key areas such as South Mumbai, Worli, Bandra, and Juhu, land prices per square foot run into lakhs of rupees. Mumbai is a fast-paced city, and business tycoons, celebrities, and high-income groups prefer to live in or near the central city. Mumbai also has a very high population, with a population density of around 21,000 people per square kilometre — the highest in the country. Due to this population pressure, constructing multi-storey buildings in Mumbai became essential to use land efficiently.
As a result, wealthy residents are compelled to look for luxury in apartments. These apartments typically range from 3 BHK to 5 BHK units. Flat prices in Mumbai range from Rs 5 crore to Rs 50 crore and even higher, catering to the lifestyle of the affluent. Moreover, luxury and premium apartments in Mumbai have become status symbols. Living in high-rise luxury apartments is considered a mark of social prestige. That is why even the wealthy have become accustomed to apartment living in Mumbai, according to real estate experts. It’s not just residences—large office spaces are also increasingly located in apartment-style buildings in Mumbai.