Mumbai: Borivali apartment lists for Rs 8.5 crore, netizens say ‘shift to Dubai, get a golden visa, start a company and live tax-free’

A 5 BHK apartment in Mumbai's Borivali suburb has been listed for resale at over Rs 8.52 crore, triggering a strong reaction on social media. Spanning more than 2,300 sq ft, the apartment is priced at around Rs 35,000 per sq ft. The listing, posted on real estate platform 99acres.com, reflects a wider trend of surging residential prices in the area after the pandemic.

Apartment listed within 1 km of Borivali railway station

The apartment, located within a kilometre of Borivali railway station, is among the more expensive resale listings in the suburb. While some users on social media expressed disbelief at the price, others pointed to economic growth and inflation over the years as justifications.

"Borivali sells 5 BHK apartments for Rs 8 crore++ can't believe.. 20+ years ago, during my childhood: 2 BHK was available for Rs 15-20 lakh in Borivali and 5 BHK didn't exist certainly," one user wrote on X.


Another user commented, “Rs 1.5 crore with 10% inflation for a BHK over 20+ years... Rs 8 crore for a 5 BHK today isn’t surprising.”

Borivali’s highest deal touched Rs 14 crore

In 2024, Borivali recorded one of its highest-ever residential deals. A 4 BHK luxury apartment measuring 2,497 sq ft was sold for Rs 14 crore at a rate of Rs 56,000 per sq ft. According to IndexTap.com, the apartment is located in a Grade A building called Aquaria Grande, constructed by the Wadhwa Group.

Real estate experts noted this deal placed Borivali in the same price league as Mumbai locations like Andheri, Vile Parle, Dadar and Mahim.

Social media reactions include Dubai comparisons

The listing also prompted a range of responses on X. Some users suggested that buyers with a budget of Rs 8 crore could consider relocating to international destinations like Dubai.

“If you have Rs 8 crore, it’s better to move to Dubai. Start a company in a free zone, get a 2-year resident visa, earn tax-free income, and invest Rs 4.5 crore in property to qualify for a golden visa. Plus, home loan rates there are down to 3.5%,” one user wrote.

Local brokers say price growth is in line with demand

According to local property agents, residential prices in Borivali currently range between Rs 25,000 and Rs 40,000 per sq ft, depending on the project and location. Dhiren Joshi, a Borivali-based real estate consultant, said, “Residential apartments in Borivali are typically fetching Rs 30,000 to Rs 35,000 per sq ft across most projects. In some luxury projects, prices have touched Rs 40,000 to Rs 45,000 per sq ft, and the highest so far has been Rs 56,000 per sq ft.”

Borivali still cheaper than Mumbai’s prime localities

Despite the recent surge, Borivali remains more affordable than Mumbai’s high-end areas like Pali Hill and Worli, where rates can exceed Rs 1 lakh and go up to Rs 2.84 lakh per sq ft, according to brokers.

Redevelopment and connectivity drive property market

Borivali, along with neighbouring Goregaon, recorded property sales worth Rs 40,083 crore in FY25. According to media reports, this marks a 39% growth year-on-year, driven by a wave of redevelopment and increasing demand from both end-users and investors.

The introduction of Metro Line 2A, improved access via the Western Express Highway, and the planned Mumbai-Ahmedabad bullet train terminal have all contributed to better connectivity, making Borivali more attractive to homebuyers.

Historical roots and evolving landscape

Borivali gets its name from the 'bor' bushes—known for their sweet berries, that once grew in abundance in the area. The name derives from the Marathi term bori-vali, meaning "place of berries." Today, while the landscape has changed, the area’s identity continues to evolve along with its real estate market.