In 2001, a diplomat moved to Madhuli Apartments in Worli from Carmichael Road. Expats prefer Bandra, Khar, Powai, Worli. BFSI sector, Sunteck Realty, ASB are significant. Market trends monitored by Jaisons Property Management, Knight Frank.
MUMBAI: Way back in 2001, a top diplomat posted in the city temporarily shifted his residence from his Carmichael Road bungalow to a duplex condominium in Worli’s posh Madhuli Apartments.
Nothing unusual, one would think, until news filtered out that the lease rent for the sprawling property was Rs 12 lakh a month, an astonishing amount 23 years ago.

In Mumbai’s booming residential lease market, expats form only a niche clientele, but industry sources said some of the plushest apartments in tony localities are snapped up by them. From diplomats, bankers, senior MNC staff to engineers, architects, business people and teachers working at international schools pay top bucks for housing in the city.
In the early 2000s, the preference was for Mumbai’s golden triangle--Altamount/Carmichael Roads, Nepean Sea Road, Malabar Hill and Breach Candy. Now, most of them have shifted north to Bandra, Khar, Powai, Worli and Prabhadevi. For senior staff and top officials, who opt for spacious flats, the monthly rent could range from Rs 6.5 lakh to Rs 14 lakh.

Large 4BHK, 5BHK and duplexes with private decks in premium projects in BKC are especially popular among expat families with leases happening around Rs 7-8 lakh a month to Rs 15-18 lakh a month for duplexes.
Rajeev Jain of Jaisons Property Management, a property consultancy firm, remembered the devastating effect on the market during the Covid lockdown in early 2020. ``It was an exodus. People were just dropping off their apartment keys and getting out. Most flats became vacant. Flat owners lost out on rent. Only the critical staff of corporates and diplomatic missions stayed back,’’ said Jain. According to him, rentals fell by 20% to 30%. But as the expats started trickling in, the market picked up and today there’s a shortage of quality apartments, he added.
Gulam Zia, senior ED – research, advisory, infrastructure and valuation at Knight Frank, said Mumbai has traditionally been the epicentre of financial activities in India, attracting expatriates to the BFSI sector. However, recent infrastructure developments have also drawn expats contributing to engineering and technology sectors related to infrastructure. Projects like multiple Metro lines, the trans-Harbour connector, and coastal roads are attracting global talent to the Mumbai metropolitan area.
``With the real estate sector booming, an increasing number of global equity players and developers are entering the Indian market, deploying expatriates to oversee their business interests here. A significant portion of Mumbai's expat population comprises Asians from Japan, Singapore, Korea, and Mainland China. Most prefer peaceful and socially engaging neighborhoods close to their workplace. Among these, the top preference for accommodation is the Bandra to Juhu belt due to its proximity to BKC. The next preferred area is the Lower Parel to Worli belt, with some also favouring Powai,’’ said Zia.
In Powai, a private hospital has a separate help desk for Japanese nationals living in this eastern suburb.
Industry sources said new luxury residential developments in Bandra (East) and BKC command premium prices. Buildings such as Rustomjee Seasons, Oriana, Kalpataru Sparkle, Signature Island, Signia Pearl and Signia Isles have several expat families. Sunteck Realty, which has three premium buildings in the BKC, said there were as many as 70 expat families staying in its properties. ``For families, proximity to reputed schools and educational institutions like American School of Bombay (ASB), Dhirubhai Ambani School 1&2, Ascend International, and Mount Litera is crucial. This accessibility to quality education is a vital consideration for residents with children,’’ said Kamal Khetan, chairman & MD of Sunteck Realty.
Added Jain of Jaisons Property, ``Expats, especially the diplomats, are concerned about security. They also require quality apartments with sufficient sunlight, wet and dry bathrooms in pet-friendly buildings.’’
Chetan D Narain, president and CEO, Narains Luxury Properties India, observed that arrivals of new expats in Mumbai have reduced substantially, barring for new set-ups where few expats in the leadership team or at the top level come in sporadically. ``MNCs, finance and technology corporations in India have seen a rise of 'Overseas Citizens of India' being appointed at top positions, perhaps because of their origin and better understanding of the country and its people,’’ he said.