Did you know that a Borivali apartment that today commands nearly ₹56000 per sq ft, cost just ₹25,000 for the entire 453 sq ft unit almost five decades ago? Unbelievable! Read on for more
The figure seems almost unrecognisable against Mumbai real estate market’s property values today. The suburb has come a long way since the 1970s, when it was still undergoing rapid suburbanisation. A 1976 property advertisement that recently went viral offers a rare glimpse into Borivali’s housing market at the time and shows just how dramatically property values have changed over nearly five decades.
Today, apartments in Borivali command around ₹32,000– ₹35,000 per sq ft on average, according to real estate experts. Premium projects have recorded transactions at ₹40,000– ₹54,000 per sq ft. Across Mumbai, meanwhile, luxury apartment prices have climbed to nearly ₹3 lakh per sq ft.
The advertisement, recently shared by a user on X, has sparked interest in Mumbai’s real estate prices in the 1970s. Dated 1976, it offered a residential property in Borivali for ₹25,000. The apartment was described as having two rooms, a kitchen, a bathroom, and a WC, with a built-up area of around 453 sq ft. While such a configuration would commonly be described as a 1 BHK today, terminology in newspaper property advertisements in the 1970s was not standardised.
The advertisement stated that payments would be accepted by cheque and that possession would be handed over within 10 months. It invited prospective buyers to visit the site on January 4, 1976, between 10 am and 2 pm.
Netizens react on social media
The X post triggered a range of responses, with several users recalling property purchases made by their parents and grandparents during the 1970s and 1980s, when homes across Mumbai could be bought for prices remarkably low today.
Others pointed out that ₹25,000 in 1976 had considerably greater purchasing power than it does today. Discussions also centred on historical salaries, inflation, property prices and how Mumbai’s suburbs have changed over the decades.
Manik Shah (name changed), recalled his father buying a 1 BHK with a carpet area of 480 sq ft on SV Road in Dahisar, near Borivali, in 1973 for around ₹28,000, roughly ₹60 per sq ft. The building was under construction at the time, with possession handed over in 1976.
Today, the building has undergone redevelopment, and the family is set to receive a 600 sq ft 2 BHK apartment. “If we go to sell it by the time it is ready, we would get ₹28,000 per sq ft, which is around ₹1.60 crore,” Shah told Hindustan Times Real Estate.
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Borivali: From villages to a sought-after Mumbai suburb
Borivali’s history stretches back several centuries. The names Borivaḻī and Boriyli-gram appear in the 15th–17th-century Marathi text Mahikavatichi Bakhar. According to Wikipedia, the name is derived from bor, the Marathi word for the Indian jujube tree.
Modern-day Borivali evolved from a cluster of smaller villages and agricultural settlements, including Eksar, Poisar, Vazira, Shimpoli, Mandpeshwar, Dattapada, Kanheri, Tulsi, Magathane and Gorai, located around Mount Poinsur between the Dahisar and Poisar rivers.
The area was once largely rural, with agriculture and rice cultivation forming an important part of local life. Its proximity to the Sanjay Gandhi National Park and the Kanheri Caves also shaped its identity.
Borivali’s transformation into a residential suburb gathered pace during the 20th century as Mumbai’s suburban railway network expanded and road connectivity improved. By the 1970s, it was emerging as an important residential destination, although property prices were a fraction of today’s levels.
Over the decades, Mumbai’s northward expansion, better connectivity and expanding civic infrastructure transformed Borivali from a collection of villages into a densely developed suburb, now characterised by established housing societies, redevelopment projects and premium high-rises.
(Disclaimer: This report is based on user-generated content from social media. HT.com has not independently verified the claims and does not endorse them.)
