UltraRich Broker Spills secrets on Mumbai Real Estate? | ft. @rk.ravikewalramani Business Podcast
Executive Summary
Think School's Indian Business Podcast episode, sponsored by Odoo, in which host Ganeshprasad speaks with Mumbai luxury broker Ravi Kewalramani about Mumbai real estate. Kewalramani explains why a single street like Altamount Road can cost more per square foot than Manhattan, how luxury buyers judge value over price, and why he tells ordinary investors to buy in the micro-market they know or to follow infrastructure spending. He compares Mumbai, Navi Mumbai and Mumbai 3.0 as three different decades of the same city, with very different entry prices, and walks through redevelopment feasibility, slum rehabilitation and buyer red flags such as missing RERA certificates and commencement certificates that allow fewer floors than are being sold. PARTIAL COVERAGE: the captions cover most of the conversation, but this summary highlights the pricing logic, the three-city comparison and the buyer checks only, so some property walk-throughs are not summarized. These are the guest's own views and figures, not independently verified, and nothing here is financial, investment or legal advice.
Key Takeaways
Why Altamount beats Manhattan
Kewalramani says a tiny supply of homes on one prestigious street meets demand from the country's richest buyers, who pay whatever it takes.
Value over price
He says luxury buyers first ask what a price gets them - view, parking, neighbors, security - and only then look at the number.
Know your micro-market
He advises ordinary investors to buy where they already live and understand every building, rather than hunting jackpots across the city.
Follow the infrastructure money
He suggests tracking where government and top developers spend, since appreciation follows projects like sea links and airports, though over a decade or more.
Three cities, three decades
He frames Mumbai as mature, Navi Mumbai as the city 20-25 years ago, and Mumbai 3.0 as the city 50 years ago, with entry prices falling accordingly.
Redevelopment is not automatic
He says roughly half of Mumbai buildings are not feasible for developers under current rules, so societies should commission their own feasibility report before waiting.
Check the paperwork
He lists buyer red flags: no RERA certificate, and a commencement certificate allowing fewer floors than the one being sold, which he calls buying air.
The Conversation Breakdown
Why Altamount beats Manhattan
⏱ Untimed topicKewalramani says a tiny supply of homes on one prestigious street meets demand from the country's richest buyers, who pay whatever it takes.
Value over price
⏱ Untimed topicHe says luxury buyers first ask what a price gets them - view, parking, neighbors, security - and only then look at the number.
Know your micro-market
⏱ Untimed topicHe advises ordinary investors to buy where they already live and understand every building, rather than hunting jackpots across the city.
Follow the infrastructure money
⏱ Untimed topicHe suggests tracking where government and top developers spend, since appreciation follows projects like sea links and airports, though over a decade or more.
Three cities, three decades
⏱ Untimed topicHe frames Mumbai as mature, Navi Mumbai as the city 20-25 years ago, and Mumbai 3.0 as the city 50 years ago, with entry prices falling accordingly.
Redevelopment is not automatic
⏱ Untimed topicHe says roughly half of Mumbai buildings are not feasible for developers under current rules, so societies should commission their own feasibility report before waiting.
Check the paperwork
⏱ Untimed topicHe lists buyer red flags: no RERA certificate, and a commencement certificate allowing fewer floors than the one being sold, which he calls buying air.
Core Frameworks & Ideas
Three-decade city map - Kewalramani's framing
Mumbai, Navi Mumbai and Mumbai 3.0 as the same city at different stages, which sets both risk and entry price.
Feasibility first - the developer's test
A building gets redeveloped only if a developer can still make money after costs, so owners should verify feasibility before holding on.
Noise flip - residential vs commercial
Near the metro but not touching the tracks wins for homes, while for offices the closest walk to the metro wins.
Actionable Next Steps
- ✓Learn one neighborhood deeply before considering a purchase anywhere else.
- ✓Verify a project's RERA registration and commencement certificate before paying anything.
- ✓Ask a society for a third-party feasibility report before betting on redevelopment.
- ✓Treat any doubling-your-money pitch as a lie, as the guest puts it.
Notable Quotes
“do not fall within the trap of buy land today and double your money tomorrow”
“There's a difference between price and there's a difference between value.”
“You cannot and you should not predict the future but you can always make your calculated risks.”
The One Thing to Remember
Broker Ravi Kewalramani argues that Mumbai property rewards buyers who know their micro-market and check a building's paperwork, not those chasing doubling schemes.