Mumbai's luxury housing market is evolving beyond large apartments and premium addresses. As affluent homebuyers increasingly seek convenience, connectivity and quality of life, developers are being pushed to rethink what luxury truly means in one of the world's most densely populated cities.
For Rakesh Setia, CEO of Runwal Enterprises, luxury today extends far beyond premium finishes or panoramic views. It is increasingly defined by time, accessibility and the ability to enjoy a calmer lifestyle without sacrificing urban convenience.
"In Mumbai, luxury means connectivity, space and the ability to enjoy life away from the daily grind," Setia says. "People want to spend less time commuting and more time with their families."
Luxury Is Becoming More About Lifestyle Than Location
According to Setia, international cities such as Singapore and Dubai have demonstrated that luxury is no longer measured only by architectural scale or exclusivity. It is equally about serenity, green spaces and thoughtfully planned environments that enhance everyday living.
While Dubai offers modern infrastructure and a global lifestyle, and Singapore is known for its integration of nature with urban development, Setia believes the common thread is creating homes that allow residents to experience comfort, privacy and peace.
He says Runwal is attempting to bring those principles into its own developments through integrated communities where residential, commercial and retail spaces coexist.
Mixed-Use Communities Are the Future
Runwal's strategy increasingly revolves around large mixed-use developments that reduce commuting time while offering a complete urban ecosystem.
The company's township in Dombivli, spread across nearly 250 acres, combines affordable housing, mid-income residences, premium apartments, upcoming villas, commercial spaces
and retail within a single development.
A similar approach is being adopted at its 36-acre project in Kanjurmarg, where residential and commercial spaces are being developed together.
"Mumbai especially benefits from mixed-use developments because they allow people to live closer to where they work," Setia says.
The company's latest luxury project, 7 Mahalaxmi, is expected to become one of Mumbai's tallest residential towers, rising approximately 306 metres. Setia believes its location and connectivity will be among its strongest differentiators.
Managing Risk in Large Luxury Projects
Developing large-scale luxury projects comes with significant financial and execution risks, particularly in a sector influenced by economic cycles, geopolitical developments and capital availability.
Setia says disciplined financial planning remains central to the company's strategy. "Real estate requires a steady flow of capital and consistent sales over several years. We only undertake projects when we are confident about both funding and execution," he says.
Drawing on the group's five-decade legacy, he adds that demand-side, supply-side and financing risks are evaluated before construction begins to ensure projects are delivered on schedule.
Why Luxury Housing Continues to Attract Buyers
Despite increasing competition from other investment options, Setia believes residential real estate continues to occupy a unique position in Indian households.
He argues that homeownership in India remains relatively low, particularly in metropolitan cities such as Mumbai, leaving significant room for long-term growth. "A home is much more than an investment. It offers security, social standing and the freedom to live on your own terms," he says. "For most Indians, owning a home remains a lifelong aspiration."
Sustainability Moves Beyond Compliance
Environmental responsibility is becoming an increasingly important aspect of premium housing, but Setia believes sustainability must go beyond regulatory compliance.
Runwal's 7 Mahalaxmi project is being developed with a target of achieving IGBC Platinum certification, the highest sustainability rating awarded by the Indian Green Building Council for residential developments.
The project incorporates measures related to water conservation, sewage treatment and environmentally responsible construction practices while aiming to deliver healthier living environments for residents.
A Consumer-First Approach
Setia says customer-centricity remains the foundation of the company's decision-making process. "Our organisation is driven by consumer-centricity. Every decision begins with the customer, and everything else is built around that," he says.
He believes successful developers must consistently deliver on promises while creating long-term value for both homebuyers and investors.
Looking Beyond Buildings
As Mumbai's skyline continues to evolve, Setia hopes Runwal will be remembered not only for constructing landmark developments but also for creating communities where residents genuinely enjoy living.
Personally, he says success will not be measured only by sales or completed projects.
"If people remember me as someone who contributed, even in a small way, to their growth and happiness while helping build a stronger organisation, that would be a meaningful legacy," he says.
As India's luxury housing market matures, developers appear to be moving beyond selling premium residences towards creating complete living environments. For Runwal, that future lies in combining connectivity, sustainability and mixed-use planning to redefine urban living in Mumbai.
