The price for an acre of land has as much as doubled in four years to $120,000 according to Mihir Thaker, an architect who designs holiday homes in the area that's considered a weekend getaway for Mumbai's newly minted millionaires.

It’s even more expensive in Alibag, a coastal resort known as Mumbai’s Hamptons, where some buyers have been willing to spend almost $5 million on weekend homes, complete with touches like aquarium-style pools and large decks for parties.