Mumbai Rains: ₹10 Crore Apartments in Financial Capital Turn into ‘River-Facing’ Properties After Intense Downpour

Five hours of intense rainfall in Mumbai, India’s financial capital and the most expensive real estate market in the country, where apartments are priced at nearly ₹1.50 lakh per sq ft and higher, took citizens by surprise as they returned from work. The downpour resulted in extensive waterlogging and significant traffic disruptions.

While the monsoon is expected to retreat by the first half of October, the Indian Meteorological Department (IMD) has issued a red alert for Maharashtra, Konkan and Goa predicting heavy rainfall.

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Heavy Rains Cause Disruption in Mumbai, Impacting Commuters and Property Values

On September 25, five hours of around 200 mm rainfall resulted in water logging in several areas of the city that disrupted traffic and railway services. Several people returning from the office were left stranded.

Heavy rains in the city throw life out of gear every monsoon season. This, say some property experts, impacts both property values and rentals in the city.

Several commuters returning from offices located in BKC, the city’s most expensive central business district (CBD), were caught unawares after heavy showers disrupted life in the financial capital.

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BKC: A Prime Location with High Rental Rates and Major Corporate Presence

BKC commands rental rates ranging from ₹300 to ₹500 per sq ft, with some instances exceeding ₹500 and reaching up to ₹700 per sq ft, as reported by local brokers.

The area is home to several government offices, including the GST office, Reserve Bank of India, Income Tax Department, and Family Court. The US Consulate is also situated in BKC, close to the Jio Convention Centre. Additionally, luxury hotels such as Sofitel and Trident are located in the area.

Prominent multinational companies with offices in BKC include Jio, Apple, Netflix, Google, Facebook, Amazon, the National Stock Exchange, Standard Chartered Bank, WeWork, CISCO, Pfizer, Spotify, and Blackstone, among many others.

“There are 3 and 4 BHK apartments that are being sold in Goregaon for ₹10 crore and above and ₹3 to ₹5 crore in Borivali, but a few hours of heavy rainfall has disrupted traffic and led to waterlogging. I took four hours to reach home yesterday, which usually takes me two hours on a bad day from BKC. No matter how much budget you have or how much you are ready to pay to buy an apartment in Mumbai, you cannot guarantee that you would reach home safely after heavy showers,” said Arora.