In recent years, Mulshi, a locale equally famed for its breathtaking natural beauty and serene vistas as its convenient location that is under two hours away from Mumbai and merely 30 minutes away from Pune—two of the busiest hubs in Maharashtra—has emerged as the latest sensation in the luxury real estate landscape. Mulshi is home to several prominent landmarks, including the expansive Mulshi Lake with its azure waters, the mist-swathed Tamhini Ghat that nestles the thunderous Devkund Waterfall, and the rolling Sahyadri hills that burst alive with glorious flora and fauna during the monsoon months. Key to the area’s moniker as a ‘hidden gem’ is its irresistible combination of a lake, a forest and the hills, which ensconce it in a serene canopy of calm. To have access such pristine natural beauty that is typically associated with exotic destinations without venturing beyond state lines or too far from city limits is what makes Mulshi especially desirable for those seeking a quiet escape from their busy city lives without committing to an elaborate.
But more than a holiday destination or even a weekend getaway, Mulshi is gaining popularity among foresighted holiday-home buyers and property investors. In fact, of the 19,000+ property registrations worth Rs 712 crore stamp duty revenue recorded in Pune in the month of February 2025, West Pune – which comprises Mawal, Mulshi and Velhe – contributed a whopping 12 per cent, revealed data from the Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra.
An investment gem
At a time when HNIs in the country are increasingly regarding property purchases as a more secure investment alternative and also a reliable way to diversify their portfolios, the demand for holiday homes has begun to gain momentum. Typically located a short drive away from the city of their residence, holiday homes not only offer their owners respite from urban weariness, but also can be a smart investment option, especially for younger investors—many of the latter are preferring to rent properties in the city of their work (in view of soaring prices) and investing instead in a holiday home that can offer them more value for their money. This is in stark contrast to former years when holiday homes were considered a privilege earmarked solely for HNIs and Ultra HNIs. The burgeoning demand for holiday homes from buyers in Mumbai and Pune has led to neighbouring areas such as Alibag, Lonavala, Matheran and even Mahabaleshwar nearing saturation, with weekend crowds of holidayers soaring to near-city levels. As these destinations begin to lose their exclusivity, Mulshi rises alone like an emerald star on the horizon, still swathed in relative privacy, still untouched by the urban spoils, and still offering nature-lovers quiet respite without having to look too far from home. Growing interest in Mulshi is also evident in the steady appreciation in property values over the past decade in this area, with an average annual appreciation of 8-12 per cent for residential properties, as per leading property search engine CityAir.
Geater connectivity with deeper connections
The Indian real estate market has been extremely responsive to planned and thematic luxury developments located beyond city limits. As per the India Luxury Residential Outlook 2025 report, 54 per cent of HNIs are keen on owning a holiday home in the hills or by the beach. Up to 55 per cent of these prefer properties within a four-hour drive from their primary residence. Mulshi stands out as the perfect getaway hotspot with its convenient location and proximity to both Mumbai and Pune. Road connectivity to and within Mulshi is further improving with several ongoing and planned infrastructure projects, which include upgrades to existing roads and the construction of new ones. Specifically, existing roads connecting Mulshi to Pune and other major cities are being upgraded to improve travel time and reduce congestion. The Pune Ring Road project, which is scheduled for completion by December 2026, will improve overall road connectivity, as well the Mumbai-Pune Expressway upgrade that will significantly reduce travel time from both metros.
A restorative upgrade
For the city-weary buyer, Mulshi offers several ways to unwind and relax. From nature trails, to explorative hikes, to adrenaline-pumping adventure sports—there’s something here for everyone. Mulshi’s restorative calmness that is cloaked with fauna-rich canopies makes it especially well-suited to luxury holiday homes. Forward-thinking developers have quickly tapped into this trend in Mulshi, creating spaces that are inspired by and blend into the environs, and offer easy access to the best of the region. With ample scope for growth, developers are creating innovative housing concepts and master-planned townships, including gated communities that place a strong focus on nature. Many of these projects are being positioned as premium second homes for buyers and investors from Mumbai and Pune. All of these bode well for Mulshi’s continued growth as the next luxury getaway hotspot, a gorgeous patch of untamed beauty that is developed just enough to retain what makes it so special, while also making it accessible and desirable.
As India’s dynamic real estate sector continues to grow and evolve, buyers and investors will continue to seek out rooted-in-nature destinations that go beyond conventional luxury to offer restorative benefits. This will further reinforce Mulshi’s standing with luxury realty-seekers in Mumbai and Pune, boding well for first-movers who lay claim this space before the swell.
