Mahalaxmi enters May 2026 with 39 active listings and two Lodha Bellevue phases handing over keys this June. At the same time, Raheja Modern Vivarea and Godrej Avenue Eleven are being absorbed into the secondary market's consciousness as buyers weigh under-construction prices versus completed-premium. Property Butler tracks the full Rs 5.04 Cr to Rs 45 Cr spectrum across seven Mahalaxmi projects. The market is bifurcating sharply between ready-to-move liquidity and long-pipeline positioning — and the discount you get for the wait has never been more transparent.
Mahalaxmi Market Snapshot — May 2026
39 active listings across 7 projects. PSF: Rs 53,504 (Sky 7 Collection, Jan 2031) to Rs 103,448 (Raheja Modern Vivarea 3 BHK, Mar 2028). Two Lodha Bellevue phases deliver June 2026. Piramal Mahalaxmi OC received. Godrej Avenue Eleven (Dec 2028) and 25 Downtown (Dec 2031) are the only live inventory above Rs 15 Cr. The racecourse redevelopment catalyst keeps long-term buyers anchored to this address.
The June 2026 Handover: Lodha Bellevue Delivers
Lodha Bellevue in Mahalaxmi is simultaneously completing two phases this June. The earlier-phase towers have been OC-received for several months and are trading as resale. The newer phase adds villas and premium 4 BHK units to the ready supply in a market that has seen relatively few large-format completions in 2025–26.
Property Butler tracks the full Lodha Bellevue Mahalaxmi range: 3 BHK from Rs 5.04 Cr (877 sq ft, Rs 57,469/sqft) to Rs 6.30 Cr (1,111 sq ft, Rs 56,706/sqft), 4 BHK at Rs 9.36–10.71 Cr (1,603–1,960 sq ft), 5 BHK at Rs 15.66–16.70 Cr (2,749–2,961 sq ft), and villas at Rs 14.40 Cr (2,400 sq ft sea view) and Rs 16.90–17.80 Cr (2,762–2,965 sq ft).
The Lodha Bellevue newer delivery phase adds: 2.5 BHK at Rs 5.26 Cr (877–879 sq ft), 3.5 BHK at Rs 6.77–6.99 Cr (1,162–1,206 sq ft), 4 BHK at Rs 9.61–11.76 Cr, additional villas. This phased structure means buyers can enter the same branded campus at multiple price points and delivery timelines — a feature unique in the Mahalaxmi market.
At Rs 56,700–57,500/sqft for the RTM 3 BHK units, Lodha Bellevue Mahalaxmi sits at a significant discount to Piramal Mahalaxmi (Rs 79,800–86,200/sqft) and a premium to Sky 7 Collection (Rs 53,504/sqft, under-construction to 2031). The value sits in the ready-premium-not-inflated zone.
The Seven Projects at a Glance
Lodha Bellevue Mahalaxmi (RTM + Jun/Dec 2026): The most liquid project in Mahalaxmi right now. Multiple configurations, established brand, OC received on key towers. Entry at Rs 5.04 Cr (3 BHK, 877 sq ft). Widest buyer pool.
Prestige Jasdan Classic (RTM, OC received): Prestige Estates' South Mumbai debut. 3 BHK at Rs 7.50 Cr (1,245 sq ft, Rs 60,241/sqft), 4 BHK at Rs 12–14.50 Cr, 5 BHK at Rs 15.50 Cr. Prestige's brand carries strong secondary liquidity, particularly with South Indian buyer communities. A modest premium over Lodha Bellevue for comparable configurations.
Piramal Mahalaxmi (RTM, OC received): 2 BHK at Rs 5.50 Cr (774 sq ft), 3 BHK at Rs 9.20–12.50 Cr (1,152–1,450 sq ft), 4 BHK at Rs 14.70 Cr (1,860 sq ft). PSF of Rs 79,800–86,200/sqft is the highest among ready-to-move options in Mahalaxmi — a 40% premium over Lodha Bellevue for broadly similar build quality. Justified only if the specific configuration or view is irreplaceable to the buyer.
The SKY 7 Collection (Jan 2031): 3 BHK at Rs 6.94–7.94 Cr (1,297–1,484 sq ft, Rs 53,504–53,500/sqft), 4 BHK at Rs 11.12 Cr (2,079 sq ft). The newest entrant in Mahalaxmi at the sub-Rs 12 Cr bracket. PSF of Rs 53,500 is the lowest in Mahalaxmi — but the Jan 2031 delivery is the furthest out. For investors with a five-year horizon who want the Mahalaxmi address at the lowest PSF, Sky 7 is the only current option.
Godrej Avenue Eleven (Dec 2028): 4 BHK configurations from Rs 15.07 Cr (2,105 sq ft, open view) to Rs 17.60 Cr (2,459 sq ft, open view) and Rs 17.03 Cr (2,379 sq ft, sea view). PSF of Rs 71,592–75,714/sqft. A Godrej Properties project with a strong delivery record — the premium under-construction option for buyers who want large-format 4 BHK and can wait 2.5 years.
Raheja Modern Vivarea (Mar 2028): 3 BHK at Rs 18 Cr (1,740 sq ft, Rs 103,448/sqft), 4 BHK at Rs 24.50 Cr (2,259 sq ft, sea view), 5 BHK at Rs 26.10 Cr (2,889 sq ft). The Rs 103,000/sqft PSF on the 3 BHK is the most expensive per-sqft 3 BHK in Mahalaxmi by a significant margin. K Raheja Corp's Vivarea brand is the point here — for ultra-high-net-worth buyers for whom the address is the purchase.
25 Downtown by Hubtown (Dec 2031): 4 BHK at Rs 31 Cr (3,400 sq ft, sea view), 5 BHK at Rs 45 Cr (5,000 sq ft, sea view). PSF of Rs 91,176/sqft. An ultra-luxury proposition at the edge of South Mumbai's price ceiling. The 5.5-year wait and Rs 45 Cr price point make this a UHNW family or NRI generational-asset purchase rather than an investment-grade decision.
| Project | Entry Price | PSF (Rs) | Delivery | Status |
|---|---|---|---|---|
| Sky 7 Collection | Rs 6.94 Cr | 53,504 | Jan 2031 | Under Construction |
| Lodha Bellevue (RTM) | Rs 5.04 Cr | 57,000 | Ready | OC Received |
| Prestige Jasdan Classic | Rs 7.50 Cr | 60,241 | Ready | OC Received |
| Godrej Avenue Eleven | Rs 15.07 Cr | 71,592 | Dec 2028 | Under Construction |
| Piramal Mahalaxmi | Rs 5.50 Cr | 79,861 | Ready | OC Received |
| 25 Downtown (Hubtown) | Rs 31 Cr | 91,176 | Dec 2031 | Under Construction |
| Raheja Modern Vivarea | Rs 18 Cr | 103,448 | Mar 2028 | Under Construction |
The Racecourse: Why Buyers Hold the Mahalaxmi Address
The Mahalaxmi Racecourse — 225 acres in the heart of South Mumbai — is one of the most scrutinised redevelopment prospects in Indian urban real estate. Property Butler tracks sustained buyer inquiry specifically mentioning the racecourse as a long-term catalyst. What differentiates this from other Mumbai "future catalyst" stories is the irreplaceability of the land and location.
Properties with racecourse or western-facing views in Raheja Modern Vivarea and Godrej Avenue Eleven carry a premium of Rs 5,000–12,000/sqft over internal-facing units in the same projects. This gap is entirely driven by the view factor and the racecourse optionality. For long-term holders, this is a legitimate asymmetric bet: confirmed view today, potential redevelopment premium over a 10–15 year horizon.
Who Should Buy in Mahalaxmi Right Now
Buyers at Rs 5–8 Cr: Lodha Bellevue Mahalaxmi (RTM, Rs 5.04 Cr, OC received) or Sky 7 Collection (under-construction, Rs 6.94 Cr, Jan 2031). Lodha suits end-users who want to move in immediately; Sky 7 suits investors with a five-year horizon at the lowest current PSF in Mahalaxmi.
Buyers at Rs 8–15 Cr: Prestige Jasdan Classic (RTM, Rs 7.50–14.50 Cr, OC received) is the best value in this bracket — Prestige build quality, immediate possession, strong resale liquidity. Piramal Mahalaxmi is also RTM but at 30% higher PSF — justified only if the specific configuration or view is irreplaceable.
Buyers above Rs 15 Cr: Godrej Avenue Eleven (Dec 2028, Rs 15–17.60 Cr, 2,100–2,500 sq ft) is the most rational large-format choice — credentialed developer, reasonable PSF for the configuration class, 2.5-year wait. Raheja Modern Vivarea at Rs 18 Cr+ suits ultra-high-net-worth buyers for whom the Raheja Vivarea brand is the goal.
Mahalaxmi Active Price Range — May 2026
Rs 5.04 Cr — Rs 45 Cr
39 listings tracked by Property Butler across 7 projects
Frequently Asked Questions — Mahalaxmi Property Market 2026
What is the cheapest flat in Mahalaxmi in 2026?
Lodha Bellevue Mahalaxmi 3 BHK at Rs 5.04 Cr (877 sq ft, RTM, OC received) is the most affordable credentialed entry in Mahalaxmi. For under-construction with a lower cost-of-entry PSF, Sky 7 Collection offers 3 BHK from Rs 6.94 Cr (1,297 sq ft) at Rs 53,504/sqft — the lowest PSF in Mahalaxmi — but with January 2031 delivery. There is no sub-Rs 5 Cr product from a credentialed developer in Mahalaxmi today.
Is Piramal Mahalaxmi worth paying 40% more than Lodha Bellevue?
Both Piramal Mahalaxmi and Lodha Bellevue have OC and are ready-to-move. Piramal's Rs 79,861–86,207/sqft versus Lodha's Rs 57,000/sqft represents a 40% premium. The Piramal premium is justifiable if you specifically value Piramal Realty's finish standards, a garden-view or open-view configuration only available at Piramal, or prefer a smaller, quieter building. Pure financial analysis favours Lodha Bellevue at current ask.
Will the Mahalaxmi Racecourse redevelopment lift property prices?
It is already doing so, speculatively. Racecourse-facing views carry Rs 5,000–12,000/sqft premiums over comparable non-view units within the same buildings. The actual redevelopment remains a 10–15 year horizon event. Buyers should treat it as an asymmetric optionality play — you get a premium view today, and potentially a structural demand driver over time. It is not a near-term catalyst to price into a purchase decision.
Which Mahalaxmi project offers the best capital appreciation potential?
Sky 7 Collection at Rs 53,504/sqft (Jan 2031) offers the widest discount to Mahalaxmi's established ready-market pricing tier (Rs 57,000–80,000/sqft), suggesting meaningful appreciation as it approaches completion. Godrej Avenue Eleven at Rs 71,592/sqft (Dec 2028) combines the Godrej brand premium with a clear 2.5-year delivery runway. For RTM appreciation, Prestige Jasdan Classic's brand drives above-average secondary market velocity based on Property Butler's transaction observations.
Related Reading
→ Mahalaxmi Property Buying Guide 2026 → Lodha Bellevue Mahalaxmi — Complete Review → Sky 7 Collection vs Lodha Bellevue — Mid-Budget Comparison → Mahalaxmi Racecourse Redevelopment — Property Impact Analysis → Mahalaxmi Rental Yield Investor Playbook 2026Looking for the right flat in Mahalaxmi?
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