Luxurious Real Estate Deals Have Increased Significantly In Mumbai
Luxurious Real Estate Deals in mumbai- The ultra-elite class of Indian investors is placing a large wager on luxury houses in Mumbai despite high stamp taxes, extravagant price tags, and VVIP titles. Two similar acquisitions have been completed in the past week. While the family of actor Janhvi Kapoor paid Rs 65 crore for a lavish duplex, Madhav Aggarwal of Sajjan India paid Rs 153 crore for a house in Worli. Full Details are provided below.
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The price of real estate has increased in Mumbai’s upscale micromarkets of Worli, Juhu, and Bandra. Bollywood actors, businessmen, and corporate figures have all invested in Mumbai’s real estate market. Despite rising interest rates, Mumbai’s luxury real estate industry is expanding to new heights. It is one of India’s biggest and most expensive residential real estate markets.
Jahnvi Kapoor and her family own a large Bandra duplex.
The actor Jahnvi Kapoor paid Rs 65 crore for a 6,421 square foot home in Pali Hill with her father Boney Kapoor & sister Khushi Kapoor. The apartment has a private entrance and is situated on the first & second floors of a building. A garden and a pool are also include. Also, the Kapoor family will have access to five parking spaces.
The price of the contract works out to Rs 75,000 per square foot on a built-up area basis. 3.90 crore of stamp duty was paid for the transaction. Also, the purchasers will receive an undivided 15.2% share of the land’s rights for the building’s location.
Purchasing a magnificent duplex in Worli is Madhav Aggarwal
Owner of Sajjan India, Madhav Prasad Aggarwal, paid Rs 153 crore for a sea-facing duplex in Worli, making it one of the largest real estate transactions in Mumbai this year. On Dr. Annie Besant Drive, the apartment is part of the 360 West housing development. On the 24th & 25th floors of the housing tower, the residence occupies 15,337 square feet. One of the costliest property purchases in India this year, with a per-square-foot transaction price of above Rs 1 lakh.
Aggarwal purchased the property from Oasis Properties, a builder and member of the Oberoi Developers Group. They have paid more than Rs 9.18 crore in stamp duty for the property, for which his wife is designate as a joint owner.
Recent agreements for luxurious homes in Mumbai
IGE India Pvt Ltd, one of the Dabriwala family’s investment entities, recently paid Rs 151 crore for two sea-facing residences in Worli. Agarwal Holdings paid Rs 332 crore for almost 2 acres of land in Juhu a few days later. The structure on the 1.72-acre tract of property measures more than 4,300 square feet.
Popular Mumbai luxury real estate deals
K Raheja Corp., owned by Ravi & Neel Raheja, paid Rs 183 crore in June 2022 for a 25,000 square foot home situated on an acre of property in Juhu. Bollywood actors have also purchased opulent mansions in Mumbai’s affluent neighbourhoods like Juhu. A few examples include Rajkummar Rao, who spent Rs 44 crore on a 3,000 square foot ultra-luxury apartment in Juhu, and Ranveer Singh, who spent Rs 119 crore on a luxurious quadruplex apartment with a sea view in Bandra West, Mumbai.
How is the real estate market perform in 2022?
The residential real estate market appears positive in 2022 as the pandemic circumstances have largely left the nation. Industry records show that during the first quarter of 2022, Mumbai saw the sales of 306 luxury residences for a total of Rs 4,877 crore. Many high-end apartment transactions involving renowned figures like Radhakishan Damani, Motilal Oswal, & Jiten Doshi were noted in Mumbai in 2021.
What are the main factors influencing the demand for luxury housing in India?
The majority of those who purchase luxury residences in India are extremely wealthy people. They spend heavily in real estate in order to maximize capital gains. If one reinvests the earnings from this earning in properties, Section 54F of the Income Tax permits saving on capital gains.
The increased customer demand for superior facilities and cheap Home rates have also been major factors in the sales of high-end buildings. The interest rates on home loans in India are still lower than they were prior to COVID. Which is a key factor driving the trend despite the two straight increases in repo rates this year.
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