Mumbai, The Sale Of Luxury Properties Has Increased Significantly

Luxury homes worth Rs 9,492 crore were sold in Mumbai. Sale Of Luxury Properties volumes increased to 1,214 units from 548 units the year before, according to the study. According to a joint report by India Sotheby’s International Realty (SIR) and CRE Matrix, sales of luxury residential properties priced at over Rs 10 crore each in Mumbai increased by more than two times in 2021 to Rs 20,255 crore, driven by rising demand for bigger homes with better amenities & low mortgage rates.

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Recent strategic investment in CRE Matrix, a deep analytics platform for residential & commercial real estate, has allowed India Sotheby’s International Realty to further develop its PropTech-driven offering. Luxury homes worth Rs 9,492 crore were sold in Mumbai. Sales volumes increased to 1,214 units from 548 units the year before, according to the study.

Worli, Lower Parel, Bandra, Tardeo, Prabhadevi, and Andheri are some of Mumbai’s best upscale micro markets. According to the report, Worli alone accounts for 20% of Mumbai’s luxury market.

Two-thirds of sales in Mumbai were primary (new sales), and the remaining one-third was secondary (re-sale). Data shows that in 2021, 848 units were sold in the primary market for Rs 13,549 crore as opposed to 349 units for Rs 6,275 crore. In the previous year, 366 units in Mumbai’s secondary market were sold for Rs 6,706 crore, as opposed to 199 units for Rs 3,217 crore in 2020.


Why are these properties so expensive?

Gandhi bought the property from S Raheja Realty, a reputable developer. The apartment is located on the project’s top floor, new light. This high-end building has two 12-story residential towers built on top of four levels of podium parking & ultra-lifestyle facilities. It is a 16-story development. The apartment is 5,555 square feet in size, while the overall project is 2, 00,000 square feet. The price paid for the duplex exceeds Rs 90,000 per square foot.

Hayath’s property is just two kilometres from Khar and covers about 4,000 square feet. On the 13th floor of Rustomjee La Fontaine on Turner Road in Bandra, it is a sea-facing apartment built by Rustomjee Constructions Private Limited. The luxurious home is expect to cost Rs 41 crore. With a total built-up area of more than 50,000 square feet, the opulent project includes a basement, a ground floor, and six podium parking places. There are 15 levels in the project, of which eight are for living space.


What is the anticipated course of the real estate market in 2022?

The residential real estate market appears positive in 2022 as the pandemic circumstances have largely left the nation. According to industry statistics, Mumbai has already seen the sale of 306 luxury homes totaling Rs 4,877 crore during the first quarter of 2022. Several 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 mortgage 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.





Luxurious 2 bhk Flat In Mumbai 

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