Luxury Property Transactions In Mumbai Have Increased Significantly
Luxury Property Transactions In Mumbai: With exorbitant stamp duties, exorbitant price tags, and VVIP names, India’s ultra-elite class of investors is betting big on luxury properties in Mumbai. Two such transactions have been complete in the last week. While actor Janhvi Kapoor’s family paid Rs 65 crore for a plush duplex, Sajjan India’s Madhav Aggarwal paid Rs 153 crore for a home in Worli. See the table below for more information.
Property transactions have increased in Mumbai’s affluent micro-markets of Worli, Juhu, and Bandra. Bollywood actors, industrialists, and corporate figures have all made investments in Mumbai’s real estate market. Despite rising interest rates, Mumbai’s luxury property market is reaching new heights. It is one of India’s largest and most expensive residential real estate markets.
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Madhav Aggarwal has purchased a luxury duplex in Worli.
Madhav Prasad Aggarwal, owner of Sajjan India, has purchased a sea-facing duplex in Worli for Rs 153 crore in one of Mumbai’s largest housing deals this year. The apartment is located on Dr. Annie Besant Road in the 360 West housing project. The house is 15,337 square feet and is located on the 24th and 25th floors of the housing tower. The transaction price per square foot is more than Rs 1 lakh, making this one of the most expensive home purchases in India this year.
Aggarwal purchased the property from Oasis Realty, a subsidiary of the Oberoi Developers Group. His wife is listed as a joint owner of the property, for which they paid stamp duty of more than Rs 9.18 crore.
Jahnvi Kapoor and her family purchase a sprawling Bandra duplex.
Jahnvi Kapoor, her father Boney Kapoor, and her sister Khushi Kapoor have purchased a 6,421 square foot home in Pali Hill for Rs 65 crore. The apartment is on the first and second floors of a building and has its own entrance. There is also a garden and a swimming pool. The Kapoors will also have access to five parking spaces.
The cost of the deal is Rs 75,000 per sq ft based on built-up area. The transaction required a stamp duty of Rs 3.90 crore. The buyers will also receive a 15.2 percent undivided share of the land on which the building is built.
Recent luxury real estate transactions in Mumbai
IGE India Pvt Ltd, one of the Dabriwala family’s investment vehicles, recently purchased two sea-facing apartments in Worli for Rs 151 crore. A few days later, Agarwal Holdings paid Rs 332 crore for approximately 2 acres of land in Juhu. The land parcel is 1.72 acres in size and contains a structure of over 4,300 square feet. The company paid approximately Rs 20 crore in stamp duty and registration fees for the transaction.
Luxury Property Transactions In Mumbai: Popular Mumbai luxury property deals
In June 2022, Ravi and Neel Raheja of K Raheja Corp paid Rs 183 crore for a 25,000-square-foot bungalow on an acre of land in Juhu. Bollywood celebrities have also purchased luxury homes in Juhu and other prime areas of Mumbai.
To name a few, Rajkummar Rao paid Rs 44 crore for an uber-luxe apartment spread across 3,000 sq ft in Juhu, while Ranveer Singh paid Rs 119 crore for a sea-view luxury quadruplex apartment in Bandra West, Mumbai.
Luxury Property Transactions In Mumbai: How will the real estate market perform in 2022?
With pandemic conditions mostly receding from the country, the residential real estate sector appears to be bullish in 2022. According to industry reports, approximately 306 upscale housing units worth Rs 4,877 crore were sold in Mumbai during the first quarter of the calendar year 2022. Transactions by eminent personalities such as Radhakishan Damani, Motilal Oswal. And Jiten Doshi were among the luxury apartment deals recorded in Mumbai in 2021.
What are the prime factors driving luxury housing demand in India?
The ultra-rich have been the most active buyers of luxury homes in India. They majorly invest in real estate to optimise capital gains. Section 54F of the Income Tax Act allows for tax savings on capital gains if the proceeds are reinvested in real estate.
President of India Sotheby’s International Realty (India SIR). Ashwin Chadha, says, “India SIR facilitates luxury property transactions, including Hayath’s recent purchase. To avoid capital gains tax, promoters are increasingly incline to sell their stakes to funds and institutions and invest in residential properties.”
What are the prime factors driving luxury housing demand in India?
The ultra-rich have been the most active buyers of luxury homes in India. They majorly invest in real estate to optimise capital gains. Section 54F of the Income Tax Act allows for tax savings on capital gains if the proceeds are reinvested in real estate.
President of India Sotheby’s International Realty (India SIR), Ashwin Chadha, says. “India SIR facilitates luxury property transactions, including Hayath’s recent purchase. To avoid capital gains tax. Promoters are increasingly incline] to sell their stakes to funds and institutions and invest in residential properties.”
Furthermore, rising consumer demand for better amenities and low mortgage rates have been key contributors to the sales of high-end projects. Despite two consecutive hikes in repo rates this year, home loan interest rates in India remain lower than pre-COVID levels. Which is a major driver of the trend.
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